Wednesday, September 5, 2012
Nuts and Bolts of Opening a Bookstore
Congratulations! That’s a big decision – it’s a business, after all, which means you have to be business-like. It’s not enough to love books, or love to read; you also have to have a plan. And money.
Let’s start with the plan. It’s easier than the money part….
Open up a Word document and click “new.” That should give you some choices as to types of documents, and you want to pick “business plan.” Then you fill in the blanks and customize the whole thing.
Wait, that’s it? It’s that easy? Oh, no, no, no! You’ll need to think about stuff, and make notes, and find information – research and check figures, look around your area and see what the market is doing, scope out your competition. Make your plan, then change it; fix it; perfect it, and you’re good to go!
Next is money. It’s a necessary evil, for sure! You want good credit, of course, and a healthy bank account, but you also need access. And by that I mean that you need to know someone with money, or have assets yourself on which you can borrow, or…you might have to opt for a high-interest loan because, believe it or not, this can be a risky venture. Oh, and those SBA loans? Banks like to loan you a LOT of money – but they also want you to buy a building so they can, you know, have something to repossess if you default.
Just to give you an idea, in the last year, since we opened, we’ve spent about $60,000. And that’s just the first year, and we’re used to doing things “on the cheap.” You could spend a lot more, but probably not much less. So now you have a goal, right?
Photo Credit: Wikicommons, Creative Commons Attribution