Category: Bookstore Central

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Last Bookaneer: Matthew Pearl

Just finished Last Bookaneer.  I didn’t really love it until about the 4th chapter, but then I wanted to keep reading.  If you like reading about books you will like the Last Bookaneer!

Last Bookaneer

Would lose sleep to read – Yes      Unexpected twist – Yes

Historical basis – Yes    Book about books – Yes

Would recommend – Yes

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So You’re Thinking Of Opening A Bookstore. #1

Today was it, final straw.  There was no way I could keep working at my current job.  After working 60-70 hours per week and working 6-7 hours a night in my dreams, it was time.  I was ready to be my own boss and live my dream of opening a bookstore.

Start with research!

Before you do anything go to the experts!

Join the American Booksellers Association as a provisional member so you can get vital information about opening a bookstore.  This is a mandatory investment for success.  Sure, you can google “how to open a bookstore” but I have yet to see all the vital info in one article.  The next 4 blog posts will take you through a very concise process that will give you a fighting chance to succeed.  You may even find out you aren’t quite ready for this project!

I actually looked for retail spaces and drove around to see what locations were available for my store.  Start to envision what your bookstore will be like.  Is there a niche you want to represent?  Children’s books, science fiction, romance books or just used books are some great ideas to explore.

Opening a bookstore - follow your heart book.

Buy a notebook and start writing down all the ideas for the bookstore.  Pay close attention to local news stories and local events.  Go to Pinterest and see what ideas you can get to complete your vision!  Look for Indie Bookstore groups on Facebook.

I actually got a little ahead of myself and bought some stuff BEFORE I did all my homework.  Don’t do what I did!  Follow along as I go through all the steps of preparing to open an Independent Bookstore. Step 2 will get you started.

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Starting A Bookstore? Do The Research! #2

Starting a bookstore is easy right?  After working in the bookstore industry for 30 years, I thought, no problem!  The American Booksellers Association (ABA) membership includes the opportunity for excellent online education. First of all, go to Paz & Associates.  Sign up and spend the time working through the “Owning a Bookstore” modules.

While there is a cost to this training, it is vital to your research and well worth the investment.  The topics are covered thoroughly.

  • Overview of Online Training & Assessing the Skills You Bring to the Job
  • Competitive Advantages for Bricks-and Mortar Booksellers
  • Book Industry Trends
  • Start-up Investment
  • Your Banking Relationship
  • Crowdfunding
  • Financial Dynamics of Retail Bookstores
  • How to Estimate Sales & Owner’s Earnings
  • Assessing the Strength of Your Location
  • Lease Negotiation
  • Opening Timeline
  • Summary & Next Steps

Paz and Associates is a top notch education resource and all their videos are narrated by industry experts.  Hence, the instructors have done the work and know the ropes.  If want to open a bookstore, start here.  I had no idea how much I DID NOT know until I went through this course!

After the modules and homework for each module are completed, go back to the ABA site. Click on the “opening a bookstore” link and get all the financial benchmarking tools they have available to members – invaluable!

Book with glasses.

Take the knowledge that you got from Paz and incorporate the information from the ABA benchmarking report.  Certainly now you can start to see a picture of what your investment might be.

My better half gave constant positive reinforcement.  He sent links to news stories about Independent (Indie) Bookstores and how they are making a comeback.   My favorite story was probably this Harvard Business study.

Read the stories, watch the videos and understand that Indie Bookstores are successful because they support the community.  Furthermore, Indie Bookstores are good neighbors; they entertain and educate.

Continue to write down all your ideas of what you want your store to be.  Remember why you like certain bookstores and make notes to refer to later. Market research is the next important step.

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Market Research Is A Vital Process. #3

Market research is the next logical step on your road to your bookstore grand opening.  Do not skip this step! I alluded to the fact that I purchased some tools.  One of the tools was business plan software.  I used Planbuildr and I spent the additional $$ on market research.
Book in a natural setting.
What I already knew was that I had to compete with the online bookstores (Amazon and Barnes & Noble).  Additionally, I was up against Target, Walmart and Costco for best sellers.  In my area of North San Diego there are 3 Barnes & Noble brick and mortar stores, however, I was not sure about Indie competition.  The market research report gave me info on a bookstore that is about 24 miles from me.  This store was most like what I thought my store would be like. The store is in a tourist area, it has been in business for over 30 years and is a 4th generation family-owned business.  Annual sales are $5.1 million.  Good news about a thriving Indie store!  Most of the other Indie stores within 25 miles are used bookstores. All this information helped me think I was headed in the right direction.  Last step, I hung out at the post office (a very busy spot with long lines) and polled potential customers.  I asked if they read paper books, if they visit bookstores, if they buy books and where they buy them.

Now what?

Here is the conclusion for me.  I know an Indie bookstore would thrive in my neighborhood, but after much analysis and too much common sense for my liking, we decided against the investment. The community fit in my business plan, but I was not finding affordable space in the “zone” that my customer base could access easily.  I learned from all the earlier steps that I needed to find a specific size and lease rate to make this work within my budget. After all the work, all the research and all the dreaming, I was not going to have a bookstore.  Not here, not now.  I want to keep on living the dream, so I created this blog.  I will share my ideas and other best Indie bookstore practices in the hope that others may grow. Now let’s get that store stocked!
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Are You Ready To Sell Books? #4

You have done the work and completed the analysis, are you ready to sell books?  Hopefully, you have decided to move ahead with your dream of an Indie Bookstore.  There are several innovative ideas on how to raise capital in the Paz material and on the ABA site.  Try them all!  Here is where that business plan software comes in handy! After you find your ideal location and ideal size store, you will need to work on design, fixtures, point of sale and inventory.  Additionally, you will need to decide on the bookstore name, what type of company you will be (e.g. Corporation, LLC, C-Corp, etc) and purchase an appropriate URL for your website.   Incfile.com is a reliable online service to help with this. There are several online tools to help you create a logo and order marketing materials.  I used Tailor Brands for the logo below, it is pretty simple, but the sky is the limit with their tools.  
Bookstore Logo
My logo.
  Again, I recommend you figure out how to attend the Paz and Associates workshop retreat so you can get some hands-on training and industry networking. Hopefully, you have determined the specific flavor of your store.  What niche are you going to fill in your neighborhood?  Will you operate a bookstore with a cafe?  Will you have new books and used books?  What kind of gifts will you carry?  Do you have resources to help you cultivate your inventory to match your vision?  These tasks are very important and critical to your success.  Join your regional Independent Bookseller Association and see what resources they can offer.  Find a mentor who can lead you through the process. If you have not done it already, get involved with your community.  Find the local chamber of commerce or business association and start networking. Keep up on the local news/events and start writing down ways to become involved.  This will be very helpful on your road to success.