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Setting up a Bookstore - What the Dickens?

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by Startacus Admin



Planning and development

If you like what you have found through your market research, it’s time to start refining your bookstore idea!Setting up a Bookstore

  • Have you written a business plan? Do you know what a business plan is? Is there anyone who could help you to put one together ?

  • Where do you plan to locate your store? Does the surrounding area have good footfall?  Is it close to any other similar businesses? Is it strategically located for your particular type of book e.g. it would be wise to locate an antiquarian bookshop near to antiques stores.

  • If you plan to sell your books online as well, will this take place from your home or the store?

  • Will you have a website of your own and if so who will design and maintain this for you? How much will this cost?

  • If you plan to sell online or deliver books to customers, how do you plan to distribute them? How much will this cost?

  • Think about the equipment that you will need for the store; a till, a computer to keep track of stock, furniture and enough shelving units to hold your stock

  • Do you plan to work full time in the store from the get-go?

  • Will you need to hire anyone else to assist you? How much will you need to pay them?

  • What will you call your bookstore? Can you think of a name that will make your business stand out from the rest?

  • How do you plan to market and promote your book store? Are there any local papers, journals or websites which may be looking for people to write about their experience of setting up a small business? Startacus would love to hear from you!

  • Do you have any existing contacts with suppliers? If not, how do you plan to create and develop these relationships


Finance

Now for the tricky part, if you are to have a hope of making your bookstore a success, you will need to have a firm grasp of the financial side of the business. Get your head around the figures early to give yourself the best possible chance! Start thinking about:

  • Do you have a general idea of how much money you will need to set up your bookstore? Have you considered applying for a start-up loan or a grant?

  • If you plan to run the online side of your business from home, are there any renovations which will need to be carried out? Will you need to purchase any equipment for this side of the business e.g. a computer?

  • Do you know what your monthly overheads will be? Remember to factor in all costs associated with the business including: rent, salaries, electricity, advertising, council tax, purchasing stock, distributing stock, loan repayments etc.

  • Will you be giving yourself a guaranteed salary each month? Or will you be taking a salary only if and when you can afford it?

  • Chances are that your premises will need to be refurbished or at least redecorated to prepare for opening as a bookshop - so how much will it cost to complete this process?

  • How much money will you need to bring in, in order to break-even or make a profit? Do you have a contingency plan in place in case you miss your target?

  • Are there any certificates/qualifications/society memberships which would add to the integrity of the business? Where can you get these and how much will they cost?

  • Bookstores require a large amount of initial investment in stock to fill up the shelves, so do you have the money to make these initial purchases?

  • Do you plan on managing the business finances yourself or will you be using an accountant? How much will this service cost?

  • Will there be any insurance costs to consider?

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    Published on: 24th August 2013

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