Content

• Steps
• Tips
• What do you need

Starting your own bookstore can turn your hobby into a stable source of income. A small independent store can prove to be quite a successful business, which, among other things, will also enrich the social life of the local population. Starting a business can be a little scary due to the competition from big stores, however, following the advice can help you learn how to run your business the right way.

Steps

1. 1 Study the information. Find out more about how the retail market works, especially booksellers. Find out if the market is ready for additional business, if there are unexplored niches. Talk to owners of other small businesses in the selected area; use the knowledge gained to decide how best to organize a profitable business. Ask friends or do a poll with local people to find out what they would like to see in the new bookstore.
2. 2 Make a business plan. This is an official document that describes all the upcoming expenses. In a business plan, you should outline your goals, why you think they are real, and how you can achieve them.You have to show this document to potential creditors and investors, so the success of your enterprise and its financing will depend on how correctly and competently everything is drawn up. There are several mandatory points in a business plan.
   • Be sure to write a good resume. It needs to briefly describe the essence of the business (about 1 page). If you fail to attract the reader's attention with your resume, then he is unlikely to view the rest of the text.
   • Include a solid marketing plan in your document. This is arguably the most important part of a business plan. The sales plan demonstrates that you have analyzed the target market and understand how it works. Also include details about your product, marketing fundamentals, pricing, and marketing budget.
   • Don't neglect the financial aspect of your business plan. Lenders and investors look primarily at this part of the document. Make a plan of projected income and expenses for three years in advance. Prove to investors that they will soon get their investment back, and show creditors that you are not going to bankrupt.
3. 3 Find a suitable place. A good rented space is the beginning of a successful business. Make sure your store is located in a busy, pedestrianized area. Your premises must comply with all operating rules and be suitable for commercial use. Pay attention to how much improvement will be required (for example, installing bookshelves or a counter).
4. 4 Get funding. Calculate how much start-up capital you need and then formulate a plan. Money can come from three sources: your own savings, lenders, and investors. Striking a balance between these three will help drive healthy business development.
   • Get ready to invest some money out of your own pocket. Lenders prefer to see that you are interested in the business rather than wasting their money.
   • Attract investors. Convince friends or a venture capital fund that your business is a promising investment. When investors give you money, they become equity owners. You are not obligated to pay them money if the store goes bankrupt, but they are hoping for high profits in exchange for such a risk.
   • Take out a bank loan. There are many small business programs out there. A loan is cheaper than an investment (interest rates are lower than the investor's expected profit), but it must be repaid.
   • Remember the fact that sometimes there is too much start-up capital. If you have a lot of money, you will spend it mindlessly, regardless of market signals.
5. 5 The business must be legal. This means that you need to obtain the appropriate license and official documents. If you become a legal entity, then nothing threatens your capital, however, you will pay taxes as a legal entity and an individual. If you are the owner of an individual private enterprise, then you risk losing even personal property (for example, a house or a car).
6. 6 Fill the store with books. Order them from suppliers and publishers and start filling the shelves. If you are opening a used book store, keep an eye on sales online or even on the streets. Make sure the range of books matches your chosen niche that you specified in your business plan.
7. 7 Advertise your business. Before you open a store, tell people about it. Print flyers, advertisements, advertisements in local newspapers or online. You could have a huge opening sale. Use all possible methods to make yourself known.
8. 8 Arrange events such as book readings or meetings with authors. Offer lectures or seminars on interesting topics related to your niche. You can also open a small cafe right in the store. These methods will help you differentiate yourself from the competition.

Tips

• You can open an online store.This will save you money on rent as you only need a warehouse.

What do you need

• Business plan
• License
• Books
• Flyers