Business At A Glance
- Startup Costs: $10,000 – $50,000
- Online Operation? No
Business Overview
Starting a craft supply retail store is afantastic new business enterprise to set in motion.
This is the kind ofretail business that will require a substantial initial startupinvestment, but the profit potential can easily justify the investment.Ideally, this type of business enterprise will be located in a highlyvisible and easily accessible location within the community.Furthermore, be sure to carry a wide variety of craft supplies.
The keyto successful retailing is to build repeat clientele, and the best wayto ensure this happens is to have the store well-stocked with productsand supplies that represent all areas of the craft industry. Marketingthis type of enterprise would be by way of traditional advertisingmedia like newspapers, fliers and radio.
An innovative approach togenerate more income would be to hold instructional seminars afterbusiness hours on different crafting techniques such as painting orsilk-flower arrangements.
Locating wholesalers and distributors forproducts won’t be difficult, and the profit potential is tremendous asproduct markups can be 100 percent or more.