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Hart Fraeme Gallery

Company Summary

Hart Fraeme Gallery is a new art gallery and custom frame shop, servicing Triopolis. Hart Fraeme Gallery is unique in that it offers same-day and 11-day framing, in contrast with the industry-standard 21-day framing.

2.1 Company Ownership

Hart Fraeme Gallery is a State-based S-Corporation, owned and operated by Hart G. Fraeme. Hart is 27 years old and holds a B.A. in Mathematics and Spanish from the University of St. Thomas in Pleasantville. Hart has three years experience as senior manager for Metropolitan Art and Frame, overseeing daily business operations, designing and building frames, ordering artwork and materials, establishing trade relationships, designing advertising materials, and managing human resources, including employee training, review, and recruitment. He also has experience in sales and service industries, including both retail and construction environments.

2.2 Start-up Summary

The start-up costs for this company can be broken into five major categories:

  1. Framing Equipment – Much of the necessary equipment for framing (saws, mat cutter, underpinner, chopper, press)  requires supporting equipment (vacuums, air compressors, computers). Additionally, there are many hand tools required for framing that add up to a significant expense. The total cost for the equipment required by a modern frame shop is estimated in the following table.
  2. Retail Equipment and Fixtures – Expenses such as cash registers, computers, bookkeeping software, desks, filing cabinets, break room furnishings, as well as other fixtures and furniture are shown below.
  3. Inventory – The company must purchase a significant amount of artwork, some of which will be framed and some of which will not. Additionally, materials must be purchased for the artwork that will be framed.
  4. Working Capital – Working capital will be needed for day-to-day operations, including payroll and other various expenses.
  5. Other – The business will also require additional cash to cover other costs, including legal expenses, remodeling, advertising, rent, and creating a website.
Art sales custom framing business plan, company summary chart image

Start-up Expenses
Legal $1,000
Stationery etc. $500
Insurance $1,000
Rent $4,000
Computer $4,000
Advertising $4,000
Remodeling and Signage $5,000
Total Start-up Expenses $19,500
Start-up Assets
Cash Required $15,000
Start-up Inventory $23,000
Other Current Assets $3,500
Long-term Assets $39,000
Total Assets $80,500
Total Requirements $100,000