How I Started My Own Book Store at Home

Are you a bookworm? Well, then starting a bookstore provides a chance for you to make the passion for books into a way to earn a living. Independent bookstores which start small win big in the end. Consider how I started my own book store at home. While I was initially feeling very intimidated about competing against big retailers, starting a bookstore was the best thing I have ever done. Here’s how I went about it.

#1 Do Enough Research

The first thing to do is visit the retailers in your area, especially those specializing in books. Assess if the market will support an additional business and niches that have been untapped yet. Talk to other independent bookstore owners and use their insights to create market intelligence about how the new bookstore should be conceptualized, implemented, and marketed.

#2 Put A Business Plan Together

A business plan is essential for starting any venture. This includes your home-based bookstore. I thought about goals and objectives and how to attain these. Financing the endeavour is only possible if you have a solid plan in place. Key components of business plan include the summary, a marketing plan, the financial framework, and a blueprint for implementing the business. Consider details such as the products you will offer, your pricing or fee system, your budget for marketing and scheme for pricing. Cash flow, income statements and projected balance sheets are essential for making sure you are not at risk for default.  

#3 Financing Options

Consider yourself, investors, and lenders. Balance the sources to ensure the continued financial health of your home-based business.  Lenders have personal stake in seeing you repay your loans. Attract money from investors such as friends or VCs and convince them you are a viable proposition. Opt for bank loan if other sources of financing are not viable.  

#4 Business License

I opted for a business license and decided to take on a business form. This ensures personal assets are not at stake.

#5 Stock the Store

Finally, before the marketing and grand opening, you need to order books from suppliers and publishers and fill up those shelves. The stock of books should align with the niche you are looking to corner.

Conclusion

My home-based library worked out well because I marketed it was as exactly that. Giving the bookstore a personal touch has worked wonders for me. It could do the same for you too.