How to Start an Art Supply Store

Part 1 - How to start an Art Supply Store business - Background

An art supply store will sell a number of materials for art projects, installations, and exhibits. Some owners choose a specialty (e.g., sculpting, painting, etc.), while others will sell general items to all.

Our guide is in 3 parts:

• Part 1 - How to start an Art Supply Store business - Background
• Part 2 - Our planner tool to see if this idea is the right fit for you
• Part 3 - Action plan to get started

What are the costs involved in opening an art supply store?

An art supply store will need to spend money on the following:

• Rent/mortgage

• Cost of materials

• Staff salaries

• Commercial Insurance

• Registration/business permits

• Office equipment

• Marketing costs

What are the ongoing expenses for an art supply store?

An art supply store will need to account for the following expenses:

• Rent/mortgage

• Store maintenance/cleaning

• Staff salaries

• Marketing/website upkeep

• Restocking supplies

• Commercial Insurance

Who is the target market?

The target market can be anyone from professional artists to the general public. Most people will have some need for art supplies at some point during the year, whether they’re starting a project of their own or helping someone they love. Art supply stores may primarily market to one specific group while reserving a smaller space of the store for different types of artists.

How does an art supply store make money?

Art supply store owners will charge a mark-up on their products based on customer demand and item availability. They may also charge people a fee to attend parties, activities, or networking meetings.

How much can you charge customers?

Art supplies can range in price from a few pennies to hundreds of dollars (or more) for a single item. Look up standard rates both online and in your area before you determine your profit margin for each item.

How much profit can an art supply store make?

Profits will largely depend on the types of items you sell. Common items, such as paints, pencils, and sketchbooks, may only net a small profit margin. However, more expensive items may sell at a 30% or higher margin. Owners may need to source their products from a variety of wholesalers to maximize their profits.

How can you make your business more profitable?

Consider offering classes or events that would be of interest to your customers. They can be professional events where new artists can show their work and meet more influential people in the art world. Or they can be fun nights where attendees drink wine and paint their own masterpieces.

Day-to-Day and Growth

What happens during a typical day at an art supply store?

The majority of the day will be spent dealing with customers, restocking supplies, and researching new inventory. If the store holds events, staff will need to devote time to negotiating contracts, setting up the store, and dismantling the materials. Owners will also need to budget time for marketing, financial planning, and staff scheduling.

What are some skills and experiences that will help you build a successful art supply store?

Owners will ideally have experience with both art and business. They should have enough of a presence in the art world to predict the types of supplies customers want, as well as a background in financial planning, marketing, and store display. Even if you choose to outsource these positions to different members of your staff, you’ll need to know enough to hire the right people and oversee their progress.

What is the growth potential for an art supply store?

The total global revenue for art supplies was close to $64 billion in 2017. However, brick-and-mortar art supply sales have suffered from the introduction of online operators and big-box stores. Owners may choose to offer online sales to grow their customer base, but they shouldn’t give up on the promise of traditional retail. Physical locations give customers a chance to get answers to their questions, which can instantly increase their utility and popularity.

What are some insider tips for jump-starting an art supply store?

Art supply stores can be a pillar for a community, especially if owners can forge a connection with residents. Consider the neighborhood in which you want to open. Are people serious artists who want a place to buy professional supplies? Are they amateurs with a limited budget but a passion for creation? Or are they affluent professionals who purchase supplies for their children and not themselves?
Once you know who you’re going to cater to, you can start finding ways to reach out to them. For example, maybe you gear the store towards professionals and hold monthly meetings for regular customers to come together and share ideas. Or maybe you confer with local schools to better understand the types of art projects they assign to students. If you can find a local university with a thriving art program, consider opening as close to the university as possible.

Before having a grand retail opening, consider offering stock online beforehand. Global art sales have climbed exponentially in recent years, suggesting you can find buyers in the farthest corners of the Earth. Experiment with what you offer and how you market it online. Gather feedback early on and adjust your stock (and goals) as you go.

How and when to build a team

Owners who plan to keep limited or by appointment hours may be able to skip hiring a team until their customer base grows. However, if you’re planning to keep more conventional hours, you’ll need to hire a team immediately. If you’re selling online, you may need to hire someone to keep track of orders, reviews, and questions. Make sure that those who work directly with customers are friendly and knowledgeable about a variety of art subjects.

Part 2 - Is an Art Supply Store business the right fit for you?

Part 3 - Action plan to launch your Art Supply Store business in 90 days