Keys to consider before opening a bookshop
Are you considering opening a used bookstore, or any small retail venture for that matter? It is a lot of work. I’ll share a few tips on things that you need to be wary of. This is mainly about bookshops but should apply to most small retail startups.
You need to understand the difference between a hobby and a business. Just because you love books and love chatting with different folks on the topic of books this does not mean that you will excel in business. All retail business are difficult. They require a lot of hard work, imagination and a bit of luck. One thing that is consistent throughout most small businesses is that you need to be very good at a lot of different things. From location scouting, to buying sorting and storing inventory, to advertising, to building maintenance and cleaning. The list goes on. On top of all that you need to decide whether you will market yourself as an expert in leather bound books, antiquarian books, new fiction, science fiction or something else. Are you ready for a lenghty schooling?
What about income? Are you in a position to live without an income for a few years. Can you secure a loan or save enough startup capital so that you will not require an income for three years? This is the average amount of time it takes for a small, independant bookshop to turn a profit. Even then there will be a lot of items competing for your revenue. You may want to upgrade the cheap shelving that you opened with, you may want to upgrade your bookstock, maybe even expand. If yo have a strong plan in place (one that you follow) then it should prevent you from these money giveaways. A good plan should tell you to start paying yourself at year three then do the upgrades as revenue allows.
It will be very beneficial to find all the information that you can get your hands on. A lot of it can be found for free. Try searching the Net. Also speak with your booksellers association – they can be a huge help. So – ask questions, stockpile information and be prepared to wait before salary comes in. Good luck.
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