The bookstore industry is not an easy one to break into. Just a handful of large retailers account for the vast majority of sales.
If you are determined to start your own store, your best chance of success lies in targeting a niche. By offering books that are hard to find, you have much less competition. And, your chances of success increase.
As with many retail companies, the most important factor in your success is your store's location. First, it must be located in a high-traffic area with very little crime. The ideal location is near a shopping center, or in a strip mall.
The next step in the battle for success is creating a logo and giving your store a personality. By catching customer attention from the outside, you'll peak their curiosity. When customer curiosity is aroused, they'll be more likely to come into the store.
You might consider using a catchy electronic sign. Other bookstores host artistic or musical events to attract new customers. If you're lucky, you may be able to land a notable local author to do a book signing.
Provide customers with the space needed to read on their own. If they are given more time to sample a product, they are more likely to purchase.
Since bookstores are typically located in fairly expensive areas, you may not have much capital left after rent. Finding the necessary supplies can be difficult. Use creative methods for gaining inventory such as buy-back, trade-in, and donation programs.
Connect with wholesalers who can offer you great prices.
Be sure also to hire staff passionate about reading. They'll interact more positively with customers, creating a better experience. The better a customer's experience, the more likely they are to return.
Or, maybe you've located a bookstore business for sale. You could purchase it and bypass many of the headaches of the startup phase. You would be able to skip all the licensing, banking, and insurance hassles.
Running a bookstore startup is incredibly challenging. If it's too challenging, selling a bookstore business may be the best choice at this time. However, if you are a risk taker, buying a bookstore business may be a great idea.
About the Author
This Wiki was written by Andy White, CEO of Biz Trader .