To set up a successful art supply store in Dubai, you must know arts and crafts materials. This will enable you to talk to customers and wholesale sellers. Having a common knowledge of the subject may help you a lot. You can read a few books or attend an introductory workshop at your local college. If you are an artist, this will help you establish your business.
Research the standard rates:
Art supplies can range from pennies to hundreds of dollars. You need to research your products’ standard rates and profit margins before setting up your own business. Depending on the nature of the art supplies, you might not make a lot of profit if you sell common items. However, you will make a 30% profit margin if you sell more expensive items. To succeed in this business, you will have to source from different wholesalers.
Establish a legal business entity:
Establishing a legal business entity as a small business is very important. This will protect you and the business from legal proceedings. Alternatively, you can seek the help of an LLC provider. You can also use the services of an independent lawyer or a certified public accountant. The key to a successful art supply business is to understand art supplies, including materials and equipment thoroughly.
Invest in inventory:
Once you’ve decided to start an art supply business, you’ll need to invest in inventory. This includes paint, pencils, brushes, canvases, sketchbooks, easels, and sculpting supplies. You’ll also need to invest in operational equipment, such as a cash register, computer, copier, and telephone. Once you’ve mastered the basics, you can focus on your product offering and attract customers.
The location of your art supply store is critical:
The right location will give you an edge over competitors. You’ll need to be well-connected to attract customers. Ideally, your business should be located in a large town or city with an established art college. Moreover, it would help if you were near a school or college, ensuring high traffic. Besides, you’ll need to have a parking space and a car to accommodate your customers.
While you’ll need to be able to afford a high-quality inventory of art supplies, you’ll also need to be aware of the prices of these products. Since these supplies range in price from pennies to hundreds of dollars, it’s important to determine how much profit you can make from selling them.