Introduction
Hart Fraeme Gallery specializes in fine art, custom frames and other services. The cornerstone of Hart Fraeme Gallery’s business is high-quality custom framing. Hart Fraeme Gallery is unique in the field because it offers custom framing within one day or 11 days, as opposed to the industry-standard 21 days. Hart Fraeme Gallery was founded with the goal of offering the Triopolis metropolitan area the most cutting-edge, trendsetting designs as well as unmatched quality and speed.
The Company
Hart Fraeme Gallery S-Corporation is managed by Hart Fraeme. Hart Fraeme is an experienced operator of custom frames shops and another art gallery. Hart Fraeme Gallery was formed by the expertise, contacts and knowledge that Mr. Fraeme accumulated over this time.
The company does not currently have a physical retail location. However plans are underway for acquiring a location at Uptown Mall in September 2005. This location is attractive due the relatively low number of frame shops in the vicinity, as well the area demographics which reflect Hart Fraeme Gallery’’s target market.
Products and Services
Hart Fraeme Gallery will focus its primary attention on custom framing. It is expected that this will generate approximately 75% of their monthly income. The company will offer artwork for purchase, but this will be done primarily as a service to customers and typically will not exceed 25% of monthly sales. The company will still need artwork to be able to model and sell custom framing options. Nearly 500 mouldings will be available, as well as more than a thousand different matboards. Hart Fraeme Gallery also offers a wide variety of decorative mat styles and designs.
Financial Outlook
It is clear that artwork and custom framing are in high demand. 42% say they are likely to make a purchase for art or framing within the next year. Additionally, industry analyses predict a 4-6% growth in custom framing sales for 2006. Hart Fraeme Gallery believes it is able to enter the market and be successful. The company’s financial projections are optimistic and it expects to earn healthy, sustainable income and gross margin in the next three-years.
1.1 Objectives
Hart Fraeme Gallery aims to achieve four key goals. The first two are related to establishing a market presence at the outset, while the third and fourth are ongoing goals.
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- Open a retail location in the Triopolis metropolitan area. The company will be entering into a lease arrangement with Uptown Mall. This lease agreement will allow for a retail space between 1,500 and 2,500 square feet. It will also include a stockroom and workshop area of at most 750 square footage.
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- Marketers can increase awareness of the product and company to consumers. This can be accomplished by advertising weekly in local newspapers, including Pioneer Press and Star Tribune for four weeks prior to and two weeks following the grand opening, and then on alternate weeks thereafter for three months, advertising more or less as results suggest. Additionally, the company will create a website detailing products and services, which will include an online shopping cart for Web purchases.
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- Lead the industry in completion time, with an 11-day time frame for project completion on most orders and same-day framing with selected materials. To achieve this, you will need to purchase the appropriate framing equipment. You also need to have a selection stock materials on hand for any same-day projects. Establishing business relationships with industry leaders such as Roma Moulding or Mouldique is essential, along with maintaining weekly orders and delivery schedules.
- Custom framing is the main focus. This emphasizes high-end and cutting-edge design. The company will keep an eye on the latest design and decor trends to do this. Particularly, staff must follow such trends; therefore, the company will subscribe to several trade magazines, such as Picture Framing Magazine, Decor, and Art Business News.
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2 Mission
Hart Fraeme Gallery was started with the mission to provide the Triopolis with the most innovative, forward-thinking designs and an unmatched product quality.
To achieve this, the company is proud to say that it has three things:
- A strong knowledge base and ongoing study of current and traditional design trends and decorating styles has led to eye-catching and unique frames designs.
- The highest quality craftsmanship and an ongoing commitment to excellence.
- Dedication to work and constant drive to exceed the industry-standard three-week time frame for product completion.
Success Keys 1.3
Hart Fraeme Gallery has four key factors that are integral to success:
- Quality Craftsmanship – Because picture framing is aesthetic in nature, the finished product must be of impeccable quality.
- Innovation and Creativity – Custom framing implies uniqueness, and the customer expects a one-of-a-kind product individually tailored to his preferences.
- Professional, Fast Service 11 days is an amazing change in pace for a business that has a three-week lead time. Furthermore, same-day framing in today’s society is highly sought after.
- Embracing Technologies ‘#8211 The computer has quickly become a necessity in modern framing.