Tag: Analyze

Posted on

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.

Posted on

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.