Bookstore is a tasking and complex operation which requires complete understanding of the desires of the readers, publishing industries and the cooperation of the trained professionals.
Running a bookstore and its ultimate success depends primarily on its establishment .proper market survey will automatically lead to growth and your bookstore will grow and thrive.
Steps to follow:
Determine the market
Successful running of a bookstore stems right from its conception and establishment. study the retail area and market. Talk to business owners especially the booksellers and the establish and exploit niches that can be explored.
This comprise of a formal document which describe the proposed venture.it encompasses the plan to achieve the goals of the bookstore to be established. Lenders and investors are primarily concerned with the plan .it will incorporate good executive summary and a solid marketing plan.
It includes details of your product, distribution strategy ,pricing scheme and the marketing budget.
Finding a good rental space is paramount for running a successful business. The business should be situated in an area with a lot of pedestrian traffic for ease of accessing the book store.
Tenant improvement such as installing bookshelves and a counter should be given optimum attention.
This is determined by the amount of startup capital needed. The primary sources of the financing include yourself, lenders and investors. There are plenty of small business loan programs available.
Legalizing the business
This means obtaining a business license and deciding on the legal business form. The business can be run as sole proprietorship or you can incorporate the business.
Stock the bookstore
This involves ordering books from suppliers , publishers and filling the shelves. Stock books which are in line with the market niche you indicated in the business plan.
This will involve creating awareness of the existence of the business to the community about the new bookstore. Printing fliers, putting advertisement and coupons in local newspapers, online advertisement or you can hold a grand opening sale.
Offering other services
This is geared to increasing the revenue generated by the business as well as increasing the sales. Small café at bookstore, schedule book readings and signings. Offer seminars on topics which are appropriate at the bookstore’s niche.