Museum Store Association - The New Store Workbook, Revised Edition: MSAs Guide to the Essential Steps from Business Plan to Opening Day

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The New Store Workbook

THIRD EDITION

Museum Store Association

Celebrating 58 years, the Museum Store Association is a nonprofit, international association organized to advance the success of nonprofit retail and of the professionals engaged in it. By encouraging high standards of professional competence and conduct, MSA helps nonprofit retail professionals at museums and cultural institutions better serve their organizations and the public. MSA supports museum stores and vendor affiliates through publications, annual meetings, regional chapters, networking, and professional resources.

Titles available from the Museum Store Association

The New Store Workbook, Third Edition, revised with new content in 2015 by Susan DeLand, DeLand Consulting, Long Beach, CA.

Museum Store: The Managers Guide, Fourth Edition, revised with new content in 2015 by Susan DeLand, DeLand Consulting, Long Beach, CA.

Museum Store Association Retail Industry Report, 2014 Edition

Marketing Cultural and Heritage Tourism, Rosemary Rice McCormick

Numbers by the Book, Gwen Benner, Lauren Chapin Salazar, Susan DeLand, David A. Duddy, Mary Hele, Laura Murphy, Sallie Stutz, Valerie Troyansky

The New Store Workbook

The Essential Steps from Business Plan to Opening Day

THIRD EDITION

Museum Store Association 3773 E. Cherry Creek Dr. North, Suite 755 Denver, CO 80209 www.museumstoreassociation.org

First published 2015 by Left Coast Press, Inc.

Published 2016 by Routledge

2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

711 Third Avenue, New York, NY 10017, USA

Routledge is an imprint of the Taylor & Francis Group, an informa business

Copyright 2015 Museum Store Association

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:

Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging-in-Publication Data:

The new store workbook : the essential steps from business plan to opening day / Museum Store Association. Third edition.

pages cm

ISBN 978-1-62958-033-3 (pbk. : alk. paper) ISBN 978-1-62958-034-0 (consumer ebook)

1. Museum stores--Management. 2. New business enterprises--Management. I. Museum Store Association (U.S.)

HF5469.65.N485 2015

658.87--dc23

2015001559

Text design by Lisa Devenish

ISBN 978-1-62958-033-3 paperback

Contents

Go to www.museumstoreassociation.org to access all sample forms and spreadsheets.

Note: In this edition, museum is used as a generic term for all types of nonprofit cultural stores.

Who are you and how do you begin?

Elements of the business plan

You are about to become a planner and a visionary. Its a powerful combination built of research, knowledge, metrics, and imagination. This book will be a valuable tool in building your store; each chapter will break down essential steps into manageable tasks. There are many ways for a store to be new, but this book primarily approaches the planning as a new project, built from the ground up. You will be able to pull applicable information as it meets your needs. Regardless of the size and complexity of your new store project, consider this book a toolbox.

What Is a New Store?

Never existed: museum and store are being built from the ground up

Never existed: store is being added to a museum that has been in operation

Relocated: from one space to another onsite

Remodeled: major renovation to an existing store

New: building a satellite shop within the museums footprint

New: building a branch in a different location away from the museum

New: temporary pop-up shop

New: online store

Who Makes the Plan?

Your organization has people in place in every department busily making plans to support the overall mission and goals of the museum from their specific perspective. You have one of those perspectives. When it comes to your business plan, begin meeting early with other internal planners.

All of the planning will be more accurate and supportive when you collaborate with other departments.

The exhibition, education, communications, and visitor services departments will be especially important sources of planning information for the new store.

Exhibitions can give you the subjects and schedule of planned exhibitions in the stores opening year.

Education will tell you the programming plans for collections and exhibitions and school group tour planning.

Communications will share the media schedule and emphasis on exhibitions and areas of collections, present the graphics to promote the opening and beyond, and provide language for and timing of store promotion in the museums overall advertising efforts.

Visitor Services will project daily and yearly attendance numbers, visitor traffic patterns, plans for targeting tour groups, visitor demographics, and hours of operation.

A business plan is critical to the successful opening of a new store or the expansion of an old one. The business plan tells the story of the store and provides a map to a successful business. This is where all the concepts, strategies, and ideas are committed to paper. Ideas are fuzzy and incomplete; putting them in writing brings it all together. You might say that a store without a business plan is like a play without a script.

Key components of a good plan include:

Executive Summary (placed first, but written last)

The Story: a description of your parent organization and the vision for the new store, including mission and vision statements and the core values that will guide the business

Market research within your industry and geographic location

Sales plan

Marketing strategy

Financial projections

Business plans have many applications, but this book is about opening a store, so the plan will be tailored to that purpose. This plan is the solidification of ideas that must precede any actual construction, purchasing of inventory, or hiring of staff. Business plans in the museum store industry are usually necessary to obtain funding. In most cases, the funding comes from the museums capital budget, and a logical and reasonable case must be made to access the money. The board of directors and/or trustees will expect to see a comprehensive and realistic plan to approve the expenditure of the money. Since the store is one of the few revenue-generating departments, there will be an expectation of a detailed cost analysis through the entire project and beyond. Being a revenue generator is a strength. The store, unlike some departments, has the potential of recouping the start-up monies and then contributing beyond the investment. Essentially, the board of directors is like a bank; you have to sell them on the benefits of making the investment.

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