Startup Costs: $10,000 - $50,000
Franchises Available? No
Online Operation? No
Starting a craft supply retail store is a fantastic new business enterprise to set in motion. This is the kind of retail business that will require a substantial initial startup investment, but the profit potential can easily justify the investment. Ideally, this type of business enterprise will be located in a highly visible and easily accessible location within the community. Furthermore, be sure to carry a wide variety of craft supplies. The key to successful retailing is to build repeat clientele, and the best way to ensure this happens is to have the store well-stocked with products and supplies that represent all areas of the craft industry. Marketing this type of enterprise would be by way of traditional advertising media like newspapers, fliers and radio. An innovative approach to generate more income would be to hold instructional seminars after business hours on different crafting techniques such as painting or silk-flower arrangements. Locating wholesalers and distributors for products won't be difficult, and the profit potential is tremendous as product markups can be 100 percent or more.