Paint and Sip Business Plan
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Below is a template to help you create each section of your Paint and Sip business plan.
Executive Summary
Business Overview
Picasso’s Paint & Sip is a startup painting experience company located in Pierre, South Dakota. The company is founded by Danielle and Carrie Gartner, sisters who have managed a local paint and sip franchise business for the past five years. During that time, they realized their customers want a higher level of painting challenges and more time in which to paint during advanced sessions. As a result, Danielle and Carrie Gartner have expanded and enhanced the franchise model to include various works of classic and modern art, along with optional “repeat performance” sessions for painters who want a multi-segment painting experience. They’ve also created a unique session, “painting-and-pairing” for couples.
Picasso’s Paint & Sip will provide a comprehensive array of painting choices for consumers. The location will provide private, themed parties for casual groups of ten or more, or will travel to corporate events to host larger groups of up to 25 employees in entertaining sessions. All paint and sip sessions will include at least five various artwork pieces from which consumers can choose to imitate in their own work. Wine selections will be offered at no additional charge and charcuterie boards will be provided at an additional cost. Customized parties will be accommodated any day of the week and during evening hours, as well.
Product Offering
The following are the services that Picasso’s Paint & Sip will provide:
- Painting sessions that vary according to customer preferences
- Multiple artworks from which to choose
- Unique “painting-and-pairing sessions” for couples
- Unique “repeat performance” sessions for individuals or groups
- Wine selection at no additional charge
- Charcuterie trays at a reasonable additional charge
- Corporate events and private parties with transportation included
Customer Focus
Picasso’s Paint & Sip will target all adults in the Pierre city and outlying communities. They will target corporations in need of special events and businesses that require transportation service to set up an artwork event. They will also target neighborhood and community groups to offer painting experiences that are unique and can be used as auction prizes or gifts. No matter whether the client is an individual or a large corporation, Picasso’s Paint & Sip will fulfill an enjoyable and highly-satisfying painting experience for their customers.
Management Team
Picasso’s Paint & Sip will be owned and operated by Danielle and Carrie Gartner, sisters who have managed a local paint and sip franchise business for the past five years.
While co-managing the franchise business, Danielle and Carrie Gartner realized customers often seek a higher level of painting challenges and more time in which to paint during advanced sessions. As a result, Danielle and Carrie Gartner have expanded and added unique features including various works of classic and modern art, along with optional “repeat performance” sessions for painters, entertaining “painting-and-pairing” sessions for couples, and charcuterie boards as appetizers upon request.
Success Factors
Picasso’s Paint & Sip will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly qualified team at Picasso’s Paint & Sip
- Painting sessions and packages that offer multiple options for individuals, couples, and groups up to 25 individuals
- Wine selections at no additional charge
- Unique “repeat performance” and “blindfold painting-and-pairing” sessions
- Unique charcuterie boards at modest additional cost
- Picasso’s Paint & Sip offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Download the Paint and Sip business plan template (including a customizable financial model) to your computer here <–
Financial Highlights
Picasso’s Paint & Sip is seeking $200,000 in debt financing to launch its company serving customers in an artwork and painting capacity. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph outlines the financial projections for Picasso’s Paint & Sip.
Company Overview
Who is Picasso’s Paint & Sip?
Picasso’s Paint & Sip is a newly established full-service painting experience in Pierre, South Dakota. Picasso’s Paint & Sip will be the most enjoyable, unique and entertaining choice for adults in Pierre and the surrounding communities. Picasso’s Paint & Sip will provide a comprehensive menu of painting services, accompanied by wine and charcuterie appetizers, for any individual, group, or corporation to utilize. Their full-service approach includes a comprehensive array of individual and group packages from which to choose.
Picasso’s Paint & Sip will be able to offer individual, couple and group experiences in painting, along with wine and reasonably priced charcuterie appetizers. The team of professionals are highly qualified and experienced in operating and managing a paint and sip company. Picasso’s Paint & Sip includes unique experiences and expanded appetizer offerings while ensuring customers receive the best service and exemplary painting experiences.
Picasso’s Paint & Sip History
Since incorporation, Picasso’s Paint & Sip has achieved the following milestones:
- Registered Picasso’s Paint & Sip, LLC to transact business in the state of South Dakota.
- Has a contract in place at a busy retail location and will manage to set up its painting and office space within 10,000 square feet.
- Reached out to numerous contacts, including corporate event planners and HR management teams.
- Began recruiting a staff of part-time employees and office personnel to work at Picasso’s Paint & Sip.
Picasso’s Paint & Sip Services
The following will be the services Picasso’s Paint & Sip will provide:
- Painting sessions that vary according to customer preferences
- Multiple artworks from which to choose
- Unique “painting-and-pairing sessions” for couples
- Unique “repeat performance” sessions for individuals or groups
- Wine selection at no additional charge
- Charcuterie trays at a reasonable additional charge
- Corporate events and private parties with transportation included
Industry Analysis
The paint and sip industry is expected to grow over the next five years to over $130 million.
The growth will be driven by consumer trends and the growing interest in leisure activities.
Consumer interest in drinking and eating in small bite provisions instead of full meals.
Consumer interest in various forms of artwork and imitating that artwork.
Corporate events that can be accommodated in paint and sip studios.
Consumer confidence growth in trying new or foreign activities
Costs will likely be reduced as additional studios are opened; consumer growth will increase
Costs will likely be reduced as supply chain issues decrease in the next two years
Download the Paint and Sip business plan template (including a customizable financial model) to your computer here <–
Customer Analysis
Demographic Profile of Target Market
Picasso’s Paint & Sip will target adult consumers in Pierre, South Dakota and the surrounding regions. They will target adult individuals, adults who enjoy appetizers, wine aficionados, companies, private special-occasion parties and couples.
The precise demographics for Picasso’s Paint & Sip are:
| Total | Percent | |
|---|---|---|
| Total population | 1,680,988 | 100% |
| Male | 838,675 | 49.9% |
| Female | 842,313 | 50.1% |
| 20 to 24 years | 114,872 | 6.8% |
| 25 to 34 years | 273,588 | 16.3% |
| 35 to 44 years | 235,946 | 14.0% |
| 45 to 54 years | 210,256 | 12.5% |
| 55 to 59 years | 105,057 | 6.2% |
| 60 to 64 years | 87,484 | 5.2% |
| 65 to 74 years | 116,878 | 7.0% |
| 75 to 84 years | 52,524 | 3.1% |
Customer Segmentation
Picasso’s Paint & Sip will primarily target the following customer profiles:
- Adult individuals
- Adult couples
- Consumers who enjoy unique experiences
- Adult private party groups
- Corporate event coordinators/planners
- Community group planners
- Fundraising groups/planners
Competitive Analysis
Direct and Indirect Competitors
Picasso’s Paint & Sip will face competition from other companies with similar business profiles. A description of each competitor company is below.
Nilsson’s Deli & Liquor Store
Nilsson’s Deli & Liquor Store is a direct competitor of Picasso’s Paint & Sip. It is based in Pierre, South Dakota and occupies 10,000 square feet of space within a busy commercial district in the center of the capital. Workers from county, city and state buildings heavily utilize the deli for meals and the liquor store for parties or private events within the buildings. The major source of revenue is found in sales of goods. The owners have occupied the retail space for ten years and have made a practice of opening early on weekdays at 5 am, closing at 6pm, and remaining closed during the weekends when the busy commercial businesses are closed, as well. The yearly gross revenue of this Nilsson’s Deli & Liquor Store averages 300K, with receipts from state-funded activities bringing in thirty-five percent of the gross revenue. Nilsson’s Deli & Liquor Store has a significant advantage over competitors within this 1-mile geographic section of the city for two reasons: ease of travel within walking distance of the state buildings, and low cost options for dessert plates and trays of menu items for takeout purposes.
Tiny’s Paint Shop
Tiny’s Paint Shop is a retail paint and paint supply shop housed in 5,000 square feet within the city of Pierre, South Dakota. The mid-city store is a direct competitor, offering paints, paint supplies, canvases, and painting accessories that are available for purchase. In addition, Tiny’s Paint Shop offers painting classes for all ages, including children and adults. Classes are limited in size to 8 students each and art subjects vary according to age.
Costs for painting classes are reasonable, as each individual is charged after making choices for a canvas, paints, and other optional items. Package pricing includes multi-sessions in art history and painting, along with birthday parties for children or adults. The owners, Marty and LaRae Preston, have owned Tiny’s Paint Shop for ten years and have added painting classes for groups over time.
Carlson Art Supply
Carlson Art Supply is an indirect competitor, offering brand name paints and painting accessories throughout the small retail store. Paint samples and paint chips are included in the services offered, custom paint mixing and paint matching are additional services. The owner, Bob Carlson, is a retired electrical engineer from North Dakota, who decided to enter the retail paint market in Pierre, South Dakota after demographic studies indicated there was a limited supply of paint stores that offered brand name paints and customized paint services in that region. Clients are loyal to the store and many have remained throughout the ten years of service the company has offered.
Download the Paint and Sip business plan template (including a customizable financial model) to your computer here <–
Competitive Advantage
Picasso’s Paint & Sip will be able to offer the following advantages over their competition:
- Friendly, knowledgeable, and highly qualified team at Picasso’s Paint & Sip
- Painting sessions that vary according to customer preferences
- Multiple artworks from which to choose
- Unique “painting-and-pairing sessions” for couples
- Unique “repeat performance” sessions for individuals or groups
- Wine selection at no additional charge
- Charcuterie trays at a reasonable additional charge
- Corporate events and private parties with transportation included
- Picasso’s Paint & Sip offers the best pricing for both painting classes and the optional services provided for their customers. Their pricing structure is reasonable and unique experiences are offered at low-cost entry points.
Marketing Plan
Brand & Value Proposition
Picasso’s Paint & Sip will offer the unique value proposition to its clientele:
- Highly-qualified team of skilled employees that is able to provide painting experiences that offer unique attractions, such as “painting-and-pairing” sessions for couples and “repeat performance” sessions for individuals
- Charcuterie boards, at additional cost, as accompaniments to free wine selections
- Artwork that varies according to the audience requests
- Group and corporate rates for up to 25 participants in specialized painting sessions
- Mobile services for painting experiences
- Reasonable pricing and modest optional charges upon request
Promotions Strategy
The promotions strategy for Picasso’s Paint & Sip is as follows:
Word of Mouth/Referrals
Danielle and Carrie Gartner, sisters who have managed a local paint and sip franchise business for the past five years, have built a significant clientele from those who enjoyed their special attention to service for customers. As Danielle and Carrie have mentioned their new business to former customers, eighty percent of those customers expressed interest in visiting and painting at the new Picasso’s Paint & Sip location. The extensive list of contacts created by Danielle and Carrie will help spread the word of the new Picasso’s Paint & Sip company to other interested customers.
While co-managing the franchise business, Danielle and Carrie Gartner realized customers often seek a higher level of painting challenges and more time in which to paint during advanced sessions. As a result, Danielle and Carrie Gartner have expanded and added unique features including various works of classic and modern art, along with optional “repeat performance” sessions for painters, entertaining “painting-and-pairing” sessions for couples, and charcuterie boards as appetizers upon request.
Professional Associations and Networking
While managing their former franchise business, Danielle and Carrie Gartner joined community groups within Pierre and have maximized their engagement with each group. They will approach their association members with offers to provide special events for members and offer discounts for future visits by community members. In addition, national trade shows will become a target to reach new corporate clients for Picasso’s Paint & Sip company.
Print Advertising
Print advertising for Picasso’s Paint & Sip company will be placed in local and regional newspapers and community journals, with announcements about the launch to include discounts for the first few months of the launch. In addition, all corporations and large businesses within the region will receive direct mail pieces with inviting offers to secure group spaces for special painting events.
Website/SEO Marketing
Picasso’s Paint & Sip will utilize their website as a significant means of marketing and operational management. The website will be well organized, informative, and list all the services that Picasso’s Paint & Sip is able to provide. The website will also list their contact information and available dates/times for individuals and groups. SEO marketing tactics will be employed so that anytime someone types in the Google or Bing search engine “Paint & Sip company” or “Painting company near me”, Picasso’s Paint & Sip will be listed at the top of the search results.
Pricing
The pricing of Picasso’s Paint & Sip will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.
Operations Plan
The following will be the operations plan for Picasso’s Paint & Sip.
Operation Functions:
- Danielle and Carrie Gartner will co-manage Picasso’s Paint & Sip, splitting the administrative and operational tasks between them. They have recruited the following staff members to join them:
- Stacy Wessett – Customer service representative who will manage customer expectations and experiences.
- Andre Rousseau – Staff Artist who will oversee all painting sessions and assist customers in their painting projects.
- Candy Adams – Part-time Marketing Manager who will target corporate contracts for parties and other events.
Download the Paint and Sip business plan template (including a customizable financial model) to your computer here <–
Milestones:
Picasso’s Paint & Sip will have the following milestones completed in the next six months.
- 5/1/202X – Finalize contract to lease paint location and office space
- 5/15/202X – Finalize staff employment contracts for Picasso’s Paint & Sip
- 6/1/202X – Finalize contracts for 5 Picasso’s Paint & Sip corporate clients
- 6/15/202X – Begin networking at industry events
- 6/22/202X – Begin moving into Picasso’s Paint & Sip location
- 7/1/202X – Picasso’s Paint & Sip opens its location for business
Management Team
Picasso’s Paint & Sip will be owned and operated by Danielle and Carrie Gartner. Danielle and Carrie, sisters who have managed a local paint and sip franchise business for the past five years.
During the past five years, Danielle and Carrie have built a significant clientele from those who enjoyed their special attention and service for customers at the franchise and those customers have now indicated a desire to follow them to the new business. With special attention to customer care and detailed attention to the supplies and artwork offered, Danielle and Carrie have approximately fifty customers moving their business to Picasso’s Paint & Sip.
Danielle recruited Andre Rousseau, the Staff Artist, six months ago, while Andre was working at an Art Studio in Chicago, Illinois. Andre is an experienced art instructor who will oversee all painting sessions and assist customers in their painting projects.
Financial Plan
Key Revenue & Costs
The revenue drivers for Picasso’s Paint & Sip are the painting fees and optional charcuterie board offerings they will charge to the customers for their standard services, unique painting experiences and other items.
The cost drivers will be the overhead costs required in order to fully staff Picasso’s Paint & Sip. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.
Funding Requirements and Use of Funds
Picasso’s Paint & Sip is seeking $200,000 in debt financing to launch its Picasso’s Paint & Sip business. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
Download the Paint and Sip business plan template (including a customizable financial model) to your computer here <–
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Customers Per Month: 130
- Average Revenue per Month: $39,500
- Office Lease per Year: $100,000
Financial Projections
Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
| Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
| Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
| Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
| Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
| EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
| Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
| PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
| NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
| Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
| Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
| Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
| Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
| TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
| Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
| Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
| Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Investment | ($180,950) | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
| Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
| Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Paint and Sip Business Plan FAQs
What Is a Paint and Sip Business Plan?
A paint and sip business plan is a plan to start and/or grow your paint and sip business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Paint and Sip business plan using our Paint and Sip Business Plan Template here.
What are the Main Types of Paint and Sip Businesses?
There are a number of different kinds of paint and sip businesses, some examples include: Paint and sip retail shop, Mobile paint and sip bar, and Paint and sip custom parties.
How Do You Get Funding for Your Paint and Sip Business Plan?
Paint and Sip businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Paint and Sip Business?
Starting a paint and sip business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Paint and Sip Business Plan - The first step in starting a business is to create a detailed paint and sip business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your paint and sip business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your paint and sip business is in compliance with local laws.
3. Register Your Paint and Sip Business - Once you have chosen a legal structure, the next step is to register your paint and sip business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your paint and sip business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Paint and Sip Equipment & Supplies - In order to start your paint and sip business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your paint and sip business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.