Expanding Horizons: Scaling Up Our Tattoo Studio
Greetings, readers!
As we look forward to expanding our tattoo studio, we’re excited to share our plans and seek any insights from our community. The goal is to enhance our space to welcome more artists and better serve our patrons. To facilitate this growth, we plan to secure a $75,000 loan through the SBA. These funds will support our relocation to a spacious venue, necessary infrastructure updates—primarily in plumbing and lighting—procurement of essential equipment for our team, and hiring a professional CPA to streamline our financial operations.
During this planning phase, we aim to identify areas in our financial strategy that might need more attention or adjustment in funding. Below is a detailed outline of our financial projections:
Monthly Expenses Overview
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Rent: $3,000
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Utilities:
- Water: $300
- Electricity: $500, leveraging LED lighting for efficiency
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Internet: $200
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Insurance: $700
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Loan Repayment: $900
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Payroll:
- On average, our artists earn between $5,000 and $7,000 monthly, with earnings split 50/50 between the artist and the studio. Thus, each artist takes home $2,500 – $3,500 monthly.
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Financial oversight by our CPA/bookkeeper: $1,000
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Supplies and Equipment:
- Initial investment of up to $10,000, included within the SBA loan, for essential supplies and equipment.
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Ongoing monthly costs amount to $500. Note that individual preferences such as specific inks, needles, and other personal items are artist-provided.
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Marketing Strategies: $300-$500 dedicated to Google Ads and social media promotions.
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Software and Subscriptions: $160
- Vagaro: $80
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QuickBooks: $80
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Tax Obligations: $900-$1,200
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Miscellaneous Expenses: $500
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Total before Payroll: $9,360
- Total including Payroll: $17,500
- Overall Monthly Costs: $26,860
With our team of five artists generating $35,000 in collective monthly revenue, we anticipate a net monthly profit of approximately $8,140.
Your constructive feedback is invaluable as we fine-tune our plans. We
One Comment
Thank you for sharing such a detailed overview of your plans to expand your tattoo studio! It’s inspiring to see you taking proactive steps toward growth.
Considering the significant investment you’re making, it might be beneficial to include a customer feedback loop in your planning process. Engaging your existing clientele can provide insights into what they value most about your current space and services, which can help shape your new offerings. You could consider surveys or feedback sessions to gather ideas on additional services they’d love to see, such as workshops, merchandise, or tattoo care products.
Moreover, while pushing for growth, it’s crucial to maintain a strong brand identity. As you expand, ensure that the new location and any new artists align with the ethos that has likely attracted your current clientele.
Lastly, have you thought about leveraging digital marketing beyond Google Ads and social media? Collaborations with local influencers or hosting community events could greatly enhance visibility and community engagement during your transition.
Looking forward to seeing your studio thrive and hearing more about your journey!