| Would you like to open an independent bookstore? | | | | 2. Be prepared to wait for your first pay check. |
| About half of all new bookshop businesses close | | | | Financial success in this sector does not come |
| within the first five years of opening their doors, | | | | overnight. Most new businesses average around 3 |
| largely the result of poor planning and failure to | | | | years to turn a profit. Even if you do most of the |
| recognize in advance the challenges inherent in this | | | | work yourself, you may find there is little left after |
| line of work. However, about half do succeed, and | | | | meeting your monthly obligations to pay yourself for |
| yours can be one of them! | | | | quite some time. You'll want to make sure that you |
| You CAN successfully open an independent | | | | have the resources to proceed before cutting the |
| bookstore and avoid the costly mistakes made by | | | | cord to your current stream of income. |
| those who fail. Here are 3 great tips to help you | | | | 3. Take advantage of the insightful resources |
| start out on the right foot: | | | | available for those wanting to open an independent |
| 1. Recognize that a bookstore business is a retail | | | | bookstore early in your planning. There are many |
| business, and retail is hard work. You may love to | | | | involved in the book selling business who are pulling |
| read, but as a bookshop owner you may have less | | | | for you - authors, publishers, printers, distributors, |
| time to read than ever before! Along with choosing a | | | | consultants and more all need for you to succeed in |
| location, setting up shop, and stocking freshly printed | | | | order to succeed themselves! Although they may be |
| books, you'll need to become familiar with every | | | | very busy people, most would be willing to give you |
| aspect of retail, from scheduling employees and | | | | a few minutes of their time; you can learn a lot from |
| handling payroll to understanding income and sales tax | | | | such conversations. |
| laws. | | | | Organizations such as the American Booksellers |
| Also, don't underestimate how physically taxing retail | | | | Association are also a great source of information as |
| work can be - more than likely you'll be on your feet | | | | you investigate what it really takes to open an |
| all day, lifting, carrying, sorting, and serving your | | | | independent bookstore. With forethought and a |
| customers with a smile in spite of simply wanting to | | | | realistic assessment of this industry, you CAN open a |
| curl up with a good book! | | | | bookshop and succeed! |