Business ideas to open an "Arts & Crafts"

You have planned to open an Art and Craft Supplies Store. You as a group will come out with a Business Plan to set up this store. However, following are some quick points which could guide you to work on this task.

Preliminary analyses Conduct a market survey to find your target audience Does the project create a good or service that is in demand in the market? What price are consumers willing to pay for the good or service? What are the Products that should go into the store?

Product Range Plan List of your complete product range that you plan to keep in the store Which will be fast moving products and should be kept more in quantity? Plan of stock and inventory How much would do u plan to stock?

Sourcing of Products Plan Supplier list- India, abroad, online/offline How will go about placing orders? Check out the trends in the market

Store Layout plan The size of the store How do u plan to design the layout? How would you make it appealing as store? Let us assume the rental cost per 200 sq. Feet is Rs. 30,000 per month

Competition Analysis Do a quick analysis of your competitors Staffing Plan List down the staffing number, their scheduling, etc. What are the staffing requirements? How many workers/staff members are needed? What other resources are needed?

Financial Plan Where do you plan to source your funds from? If bank loan, which would you go? How much loan would you take? Any other better way to source funds?

Costing Plan List down the costs involved in the entire set up including rent, raw material, staffing, etc

Marketing and Promotions Plan What are your plans and schemes to welcome good footfalls in your store? How would you attract your target audience? What are your promotional plans through the year to keep the business running?

Profit Plan 1. Prepare a projected income statement. 2. What are the possible revenues that the project can generate? 3. When do you think you can breakeven?

Challenges you see Review and analyse the points of vulnerability and challenges that are internal to the project and that can be controlled or eliminated.