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.
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!
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.
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.
