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Studio Ink Tattoo & Body Piercing
Studio Ink Tattoo & Body Piercing located in Miami Beach, Florida and will open in late Spring 20__, just in time for the “beach/spring break” crowd. Though body modification has been practiced throughout history by various cultures and civilizations, in the last decade it has become increasingly accepted with Tattoo motifs found on virtually everything these days, from clothes to home decor and even in toy stores (“Start & run a tattoo &
body piercing studio”).
This significant change is attributed to the shift in society‟s perception of an industry
once only associated with thugs and ex-convicts, now made popular and, more importantly, credible through television shows such as Inked, Miami Ink, LA Ink, and London Ink all helping to bring this art form into mainstream society. In the last two decades, the industry has grown exponentially, now attracting millions of customers annually across North America. Today almost one quarter of all women (23%+) and one fifth of men (19%+) have at least one tattoo. This translates into $2.3 billion in revenue annually with 15,000 tattoo parlors across the U.S. alone (“America’s Booming Tattoo Economy: By The Numbers”).
Given the growing popularity among mainstream society, the ideal target market for Studio Ink Tattoo & Body Piercing will be the “Millennial Generation 1 ” (1981-2000). The growth of this
generation is expected to represent 26.7% of the total population by 2015. Nearly four in ten people in the group have a tattoo (and about half of those with tattoos have two to five and 18% have six or more). Nearly one in four people have a piercing in some place other than an earlobe (“Millenials: Pew Research
Also referred to as Generation Y
Studio Ink will be a privately owned corporation with a single owner supported by the best tattoo and body piercing experts in the business. Our mission is to provide expert and exceptionally creative tattoo artists and piercings specialists for customers interested in body art and/or modification. The qualities that will distinguish Studio Ink from other studios in the area will be our exceptionally talented staff as well as our wide variety of jewelry that will appeal to customers with a passion for piercings. Studio Ink‟s unique selling point will be to meet an untapped need in the marketplace by providing a mobile team of specialists who will travel to the clients destination site – a first in this industry. This will provide an innovative means of expanding our business outside of a traditional studio, differentiating itself in the marketplace and expanding its customer base beyond the local area surrounding the shop.
PART 1: INTRODUCING THE CONTEMPORARY BUSINESS WORLD
Business Name: Studio Ink Tattoo & Body Piercing Description of Business Studio Ink will provide customers with exceptionally talented and accomplished tattoo artists and piercing specialists in order to deliver a high quality, professional and creatively-designed product. The company will also offer clients to purchase Tattoo Sleeves, body jewelry as well a limited selection of clothing where the tattoo that is on the body of the client can also be pressed onto an item of clothing. Form of Business Ownership Privately owned corporation. The decision to incorporate is based on the myriad of things that could potentially go wrong in this specific industry; from a simple fungal infection in a piercing to the
contraction of life threatening viruses like HIV (“Health Risks of Tattooing and Ear or Body Piercing”). As a result of the aforementioned hazards associated with this art form, the decision to incorporate will limit personal liability. Ideal Customer
Individuals that share a passion for body modification, that views it as a form of self-expression and art. Seeing as these forms of body modification are no longer limited to “sailors, bikers, and prostitutes any longer.” There is now great diversity in clients, from professionals to grandparents, which attests to the uniqueness of the industry (“Start & run a tattoo & body piercing studio”).
(“Millenials: Pew Research Center”).
While customers will cross age groups, the key target audience will be “Millennials”, 18 to 29 year olds, for both tattoos and piercings, with no preference for race or gender. This art form now attracts the middle to upper class with larger disposable incomes for (more elaborate and expensive) tattoos, while piercings crossing all social classes. Our Advantages The attributes that will distinguish Studio Ink from other shops in the area will be our exceptionally talented staff, thus providing our customers with artists that specialize in various forms of tattooing, fine line black and grey, portraits, biomechanical, Asian-inspired art, tribal, traditional oldschool and new school tattoos (“Tattoo Art Styles”). Furthermore, Studio Ink will offer its customers a limited selection of clothing for tattoo design prints.
Furthermore, our wide selection (design and materials) of jewelry will attract customers with a passion for piercings and related forms of body modification. Aside from its outstanding service, Studio Ink‟s unique selling point is that we will meet an unmet need in the marketplace by providing a team of mobile tattoo artists and piercing specialists able to make house calls in order to convenience customers.
PART 2: THE BUSINESS OF MANAGING
Mission Statement The Studio Ink Tattoo & Body Piercing mission is to provide customers with exceptional service from our accomplished and talented tattoo artists and piercing specialists. Studio Ink presents an innovative way to revolutionize the tattoo industry by providing a mobile tattoo and piercing service to convenience its customers without having to come to the retail store front. Business Goals 1. To have a loyal client base, through which 90% of its clients will return for additional tattoos and piercings and also refer new clients to the expertise of Studio Ink. 2. To demonstrate to its staff and clients that the health and care of our customers is the top priority. 3. To work with the best artists in the industry, enabling their creativity in order to build our reputation across the country, to the end of achieving the status of the top tattoo and piercing shop in the United States. SWOT Analysis Strengths: Innovative ideas (a mobile team of tattoo and piercing specialists), outstanding service, exceptionally talented tattoo artists and skilled piercing specialists with a wide assortment of jewelry
in a country where lawsuits are common. 6 . Threats: o Heavy competition as Miami Beach has a plethora of established tattoo and piercing shops. Doctor Consultant (Part-Time) Positions Full Time Independent Contractors 2 Tattoo Artists 2 Piercing Specialists Compensation CEO: Year 1-3 $50. Weaknesses: Studio Ink is not an established business/brand name and therefore lacks a loyal client base Opportunities: Tattoos and body piercing is becoming increasingly popular and increasingly more mainstream. Lawyer.and a selective assortment of clothing for sale so clients may pay to have their tattoo designs transferred onto clothing. Organization Chart CEO (Founder) First-Line . o Lawsuits – Due to possible negative health effects on a client or dissatisfaction with a tattoo or piercing.Store Manager Full Time Positions Other: Accountant.000 annually until the business is making a healthy profit. resulting in a high growth market. Management: There will be two levels of management.
Doctor: $1. Piercing Specialists: A piercing specialist will receive a maximum salary of $30. Based on the industry2 average in Miami Beach. FL Average pay for a tattoo artist The Average Salary of a Body Piercer 7 .000 per year. Tattoo Artists: A tattoo artist earns on average of up to $50. with the average being 50% with the studio. Store Manager: The store manager will make an annual salary of $22.000 annually3. Florida.000 per/project Employment Incentives In addition to a salary increase and a Christmas bonus. Based on the industry average annual salary of a body piercer. 2.4 Other (Hourly.000 per/visit. as well as a 50% discount on tattoos and the ability to buy merchandise at cost (???????) plus 5% with no charge for piercings – except the cost of the jewelry. the incentives Studio Ink will offer its employees would be flexible hours. 2 3 4 Store Manager Salary in Miami Beach. 3. Per Project) 1. The split may vary from 40% to 60%. and is paid by splitting the hourly fees charged to a client. This is therefore considered to be an independent contractor type relationship and is therefore not accounted for as a fixed expense. 000. Per Visit. but a variable expense that is directly tied to sales. Accountant: $1. Lawyer: $400 per/hour.
000 327. Telephone and Internet Insurance Other (Specify): Server & Website Development Maintenance Other (Specify): Licenses.000 $3. Permits Monthly Cost $8. Furniture.992 $39.870 Total anticipated sales based on actual case studies as detailed and sourced on page 8 8 .000 40.260 4.000 $12. Jewelry.000 152.260 $4.000 Income Statement (Profit and Loss Statement) Business Total Revenue (Sales) Total Cost of Goods Sold Gross Profit Expenses: Rent Expense Salary/Wage Expense Supplies Expense Advertising Expense Utilities Expense Telephone/Internet Expense Insurance Expense Interest from Loans (if applicable) Other Expenses (specify) Total Expenses: Net Profit: $ $ $ $ $ $ $ $ $ $ $ $ $ $ 463.992 $7.600 1. Other Advertising and Other Promotions Utilities: Heat.250 442.000 20.666 $666 $3.000 $151.PART 3: MANAGING OPERATIONS AND INFORMATION Cost of Doing Business Expenses Rent (800 Square Ft. Water.996 $3. etc. Office.750 96. Consultants) Supplies: Medical.333 $300 $105 $335 $500 $250 Yearly Cost $96. Electricity.020 $6.000 3.00) Salaries and Wages (5 Full-Time.020 23.600 $1.880 114. @ $10. CEO.000 8.
Business 9 . ink. will be supplied by the artist at his/her own expense. Tattoo Sleeves.) are needed. An essential material needed. PART 3: MANAGING OPERATIONS AND INFORMATION Total sales based on the following information based from actual feedback from business owners: FIX GRAPH below to fit .Raw Materials and Supplies: In order to run a tattoo shop. Standard Tattoo parlor retail hours will apply (Monday to Sunday 12pm – 10pm). etc. medical supplies. clothing. jewelry. a myriad of supplies and materials (equipment.
00 $25.000 $9.00 $80.000 $6.400 $40.000 $2.00 $ $10.00 $12. T-shirts) Sales Print on Clothing Fee Tattoo Sleeves Jewelery Clothing Resale Items (Posters.500 10 .Tattoos & Piercing Sales Unit Sales Shop-Minimum Tattoos Stock .00 $13. T-shirts) Total Sales 1000 500 300 360 200 2.360 $ $10.000 $350.000 $0 Merchandise Sales Unit Sales Print on Clothing Tattoo Sleeves Jewelery Clothing Resale Items (Posters. T-shirts) Total Unit Sales Unit Prices Print on Clothing Fee Tattoo Sleeves Jewelery Clothing Resale Items (Posters.00 $ $85.000 $160.300 $ $100.000 $90.00 $500.Simple to Medium Tattoos Custom Tattoos Piercings Sales Shop-Minimum Tattoos Stock .00 $50.00 $120.Simple to Medium Tattoos Custom Tattoos Piercings Total Unit Sales Unit Prices Shop-Minimum Tattoos Stock .500 $15.Simple to Medium Tattoos Custom Tattoos Piercings Total Sales 850 750 700 2000 4.
7% of the total population by 2015 (“Millenials: Pew Research Center”). less likely to have served in the military. They are more ethnically and racially diverse than older adults. and are on track to become the most educated generation in North American history (“Millenials: Pew Research Center”). it is not surprising that 4-in-10 have a tattoo (about 50% of those with tattoos have 2 to 5 and 18% have 6 or more). 11 . They are a “social” generation with technology at the core of their everyday lives compared to other generations. 1-in-4 of “Millenials” has a piercing in some place other than an earlobe (“Millenials: Pew Research Center”). They continue to grow in numbers and will represent 26. Furthermore. Immersed in digital technology and social media. They’re less religious. (“Millenials: Pew Research Center”). they treat their multi-tasking hand-held gadgets as a second appendage (“Millenials: Pew Research Center”). they are history’s first “always connected” generation.PART 4: MANAGING MARKETING Target Market The primary target market is “Millenials” (1981-2000). Because they embrace multiple modes of self-expression (including new art forms).
Studio Ink also offers a team of piercing professionals that offer a wide variety of piercing options as well as an impressive display of body jewelry to choose from. as a result. the advertising focus will be through the use of social media used by this age group (as detailed in the Advertising section of this Business Plan) Product Features and Benefits We are offering customers tattoos. performed by a variety of tattoo artists that have mastered various tattoo styles. thus providing customers with a multitude of shops to choose from. The key differentiator will be our team of mobile tattoo artists and piercing specialists offering the convenience of travelling to the client. as it is a door-to-door service. however. thus benefitting the client and facilitating their body modification experience – a first in this industry.As a result. Additionally. 12 . it will offer a myriad of exceptional services including a mobile tattoo and piercing service. an unmet market need. expert piercing specialists and artists offering bold and creative designs. a beautiful piece of permanent artwork. Studio Ink has certain attributes that differentiates it from the other tattoo parlors in the area: excellent service. the mobile service will be premium priced. Product Differentiation Miami Beach offers a vast number of tattoo and piercing parlors. It will incorporate a „price skimming‟ strategy and. however. in-store prices will be competitive. Pricing While Studio Ink is new and un-established.
) along with advertising banners on popular entertainment. However. On the other hand. Facebook. Advertising Studio Ink’s main target market. they are the least likely to have watched an hour of television in the previous 24 hours. we will have a promotion where each new customer will receive 30% off the first tattoo or body piercing in order to expose clients to our experienced and talented staff. Fewer Millennials read a daily newspaper than did those in any other age group.Place (Distribution Issues) Studio Ink is a retail storefront business selling directly to consumer. Pinterest. publicity and public relations in order to create awareness about the new shop. In terms of sales promotion. 58% of Boomers and 73% of those in the Silent generation (“Millenials: Pew Research Center”). social networking websites (Twitter. Promotions We will use sales promotion. two-thirds (67%) of Generation X (1965-1983) watched more than an hour of TV. The added distribution channel will be the Mobile unit in Year 2. As such. etc. our wide variety of jewelry and products. as did 78% of Baby Boomers (1946-1965) and 82% of those in the Silent generation (1927-1945). 13 . is the heaviest consumer of all digital media having been raised with this technology. lifestyle and news websites will run to support both the opening of the store as well as throughout the first year. sports. Millennials. only 40% compared with 50% of Generation X.
phones.000 $98. tattoo books etc.000 $4.000 $24. In doing so. Studio Ink will host an event for the Make a Wish Foundation in order to raise awareness and money for a notable cause. tattoo stencils and consumables etc.000 $15.000 $20.000 $33.000 $141. Multi purpose T-Shirt image press. PC's & software Website Development Grand Opening Advertisements + balance of Year 1 Supplies (medical-sterile tools.000 $38. Studio Ink will send out a press release about the event to local newspapers where we will be displayed for the masses. PART 5: MANAGING FINANCIAL ISSUES Startup Costs The startup costs represent 39% of Studio Ink’s Year 1 investment Business Start-up Expenses Licenses and Permits Business Cards and Flyers Insurance Rent (first 3 months) Salaries (first 3 months) Computer equipment.000 $3.As for publicity.) Supplies: Industry specific-Tattoo Stencil Copier Machine. Total Start-up Expenses Start-up Assets Miscelanious Cash Required Total Assets Total Requirements $3.000 $10. we will have a myriad of games for the children and let them choose and design their own semi-permanent tattoos.000 $8.000 $15. Studio Ink will also look at investigate from a “tattoo star” – someone from one of the very popular programs now on television and web. furnitue.000 14 .000 $1.
not applicable here. 15 . etc.Financing The business will financed through private investment with a bank line of credit if additional monies are required. It will be a privately run business so stocks.
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