Starting a craft studio

[beadhead06]

Hi everyone I am in the business planning stages of opening a craft studio.  The basic idea : a craft studio that provides workstations, tools, and project library for beading, scrapbooking/papercrafts, and needlework.  I plan to charge an admission/membership for studio hours.  Customers will either be able to bring in their own supplies or buy from our boutique (if a certain amount is spent admission will be waived).  The target age range is from 20s-30s females.  I would also like to incorporate an area for children/teens.  I would like to hold classes/parties and have staff on hand that specialize in the different craft areas to assist customers.  The town I am moving to has a median age of 25 and a population of approx. 10,000.  I haven't been able to locate any other craft stores/studios in atleast a 50 mile radius.
There is also a university located in this town.
 At the moment I have been trying to get an idea of what type of inventory to have on hand so I can start get figures together for financing.  I thought I should start with inventory and then price other items.
  So I guess I'm asking what other steps should I be taking at this point?  What other research should I be doing?  And how can I set this idea into motion.  I will be working on this plan for a while as I have to save funds to start out.  
  Any information is appreciated and thanks for you help!

[Polly]

That sounds great -- lots of fun for your future customers.
Is one of these craft areas, a specialty of yours?   Or will you need specialists in all the fields?
Every teacher has their favorite tools and supplies -- things they can't live without.  So once you start figuring out what projects you'll be offering, you'll need not just the basics for that field, but also the basics for that teacher.

For both your own reference, and so your customers have something to look through for inspiration, I'd suggest stocking up on magazine subscriptions:  bead&button, BeadStyle, and Lapidary Journal are good magazines for the jewelry field  --  lots of project ideas similar to what you'll be offering your visitors.

If you get a chance, attend a supplier show in each field ... this could get expensive though ...
My votes in the jewelry-related field would be: www.beadexpo.com (this year: May 17-21 in SC) and the Tucson Gem & Mineral Show (going on now through mid-Feb in Tucson, AZ) http://www.tucsonshowguide.com
The Bead Expo has *tons* of great classes to get your (or your teacher's) creativity flowing.

--Polly

[marym]

This site may help you too...
http://www.home-jewelry-business-success-tips.com/index.html

-Although it's geared toward a home based business- it has a lot of great info on marketing PR and how to hold workshops and classes. It also covers some information on stocking items and tools you may need.

-Hope this helps!  Good luck- this sounds like a great idea for your town.

[beadhead06]

Polly~  I would be doing the bead classes.  Unfortunately I just moved 16 hours away from SC  '>   I wonder if the bead expo has anyone of the demos that will be taught that week on dvd?  *Runs off to their website to check*  

I forgot to mention I plan on having a library area also so that gives me an excuse to start stockpiling books and magazines  '>

Marym~ I just love Rena! I don't know how many of her newsletters are saved in my email!  Thanks for reminding me to check back with her site.  I tend to bookmark/save so much information I tend to lose it!  (I'm working on getting organized)

I decided on writing out my first actual tutorial today.  I tried to do something I have never done but it was simple enough, I thought it could go for the children/teen area.  I'm glad you have to try something before you can take pictures of the steps and write instructions!  It sounded simple enough use a paper punch with colored paper, string punched pieces, a little of this and that and tadah beautiful new earrings.  Yikes I poked myself so many times with a needle today!  Trial and error is going to be my middle name for branching out!