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    How to Start and Run a Used Book Store: A Bookstore Owner’s Essential Toolkit with Real-World Insights, Strategies, Forms, and Procedures
    How to Start and Run a Used Book Store: A Bookstore Owner’s Essential Toolkit with Real-World Insights, Strategies, Forms, and Procedures
    How to Start and Run a Used Book Store: A Bookstore Owner’s Essential Toolkit with Real-World Insights, Strategies, Forms, and Procedures
    Ebook162 pages2 hours

    How to Start and Run a Used Book Store: A Bookstore Owner’s Essential Toolkit with Real-World Insights, Strategies, Forms, and Procedures

    By Stephanie Chandler

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    About this ebook

    A Bookstore Owner’s Essential Toolkit with Real-World Insights, Strategies, Forms, and Procedures

    LanguageEnglish
    PublisherStephanie Chandler
    Release dateAug 10, 2010
    ISBN9781452477497
    How to Start and Run a Used Book Store: A Bookstore Owner’s Essential Toolkit with Real-World Insights, Strategies, Forms, and Procedures
    Author

    Stephanie Chandler

    Stephanie Chandler is the author of several books including The Nonfiction Book Publishing Plan: The Professional Guide to Profitable Self-Publishing and The Nonfiction Book Marketing Plan: Online and Offline Promotion Strategies to Build Your Audience and Sell More Books. Stephanie is also founder and CEO of https://NonfictionAuthorsAssociation.com, a vibrant educational community for experienced and aspiring writers, and https://NonfictionWritersConference.com, an annual event conducted entirely online. A frequent speaker at business events and on the radio, she has been featured in Entrepreneur, BusinessWeek, and Wired magazine. See also: @steph__chandler and @NonfictionAssoc on Twitter and Facebook.com/NonfictionAuthorsAssociation.

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      Book preview

      How to Start and Run a Used Book Store - Stephanie Chandler

      How to Start and Run a Used Book Store: A Book Store Owner’s Essential Toolkit with Real-World Insights, Strategies, Forms, and Procedures

      By:

      Stephanie Chandler

      Published by Authority Publishing at Smashwords

      Copyright © 2010 by Stephanie Chandler. All rights reserved.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each person. If you're reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional when appropriate. Neither the publisher nor the author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, personal, or other damages.

      1. Business and Economics: Entrepreneurship 2. Business and Economics: New Business Enterprises 3. Antiques and Collectibles: Books

      ISBN: 978-1-935953-01-2

      Original Copyright © 2006 by Stephanie Chandler

      Revised Edition

      This book is available in print at http://BusinessInfoGuide.com

      Table of Contents

      Introduction

      Section 1: Mapping Out a Plan

      Budget Planning

      Financing Plan Worksheet

      Current Personal Budget Worksheet

      NEW Personal Budget Worksheet

      Startup Costs

      Suggested Shopping List of Supplies

      Startup Supplies Worksheet

      Cash Flow Forecast Worksheet

      Evaluating Market Need and Competition

      Competitor Evaluation Worksheet

      Location, Location, Location

      Location Assessment Worksheet

      Section 2: Business Basics—

      What You Need to Start a Business

      Business License

      Federal Tax ID

      Resale Certificate

      Insurance

      The Business Plan

      Business Plan Outline

      Logo and Business Identity

      Section 3: Learning About Bookselling

      What Makes a Book Collectible?

      Book Valuation

      Section 4: Locating Suppliers

      Library and Archival Supplies

      Office Supplies

      Bookmarks

      Business Cards, Labels, and Rubber Stamps

      Retail Supplies

      Greeting Cards and Gift Items

      Merchant Accounts

      Section 5: Acquiring Inventory

      Library Book Sales

      Classified Ads

      Store Overstock

      Going Out of Business Sale

      Family and Friends

      Book Drives

      Storage Auctions

      Thrift Store Auctions

      Independent Thrift Stores

      Consignment

      Local Authors

      Section 6: Setting Up Shop

      Store Layout

      Book Categories

      New Books: Friend or Foe?

      Inventory Management Software and Scouting Tools

      Section 7: Operations Procedures

      Trade Policy

      Book Condition

      Dealing with Overstock

      Pricing Your Books

      Audio Book Rentals

      Gift Certificates

      Special Orders

      Employees

      Operations Manual

      Sample Operations Manual

      Section 8: Marketing Your Business

      Phone Book Ads

      Publicity

      Tips for Writing a Press Release

      Sample Press Release Outline

      Printed Products and Mailers

      Paid Advertising

      No-Cost and Low-Cost Marketing Strategies

      Furry Mascots

      Book Signing Events

      Sample Book Signing Event Forms

      Section 9: Website and Internet Sales

      Domain Registration and Hosting Services

      Website Design

      Online Sales

      Section 10: Carpe Diem—

      Seize Your Bookstore!

      Tasks to Complete Worksheet

      Additional Resources

      Appendix: Sample Business Plan

      INTRODUCTION

      When I told my colleagues, family, and friends that I was opening a used book store, most of them looked at me as if my hair were on fire. Many mercilessly asked, "How are you going to make a living doing that?" I had worked in the Silicon Valley for a decade and had a successful career in software sales. But the demands of that work gave me an ulcer before my thirtieth birthday and a burning desire (literally!) to find work that I loved.

      I have always been a bookworm and I frequent book stores at every opportunity. While I was desperately searching for ideas to get me out of the high stress of corporate America, it suddenly occurred to me that I would love to run my own used book store.

      I immediately began to research bookselling and found it difficult to locate information. I was taking a big risk and wanted to be completely sure I was making the right decision. I spent countless hours surfing the internet, gathering articles, collecting resources, and consuming information. I spent more than a year writing a business plan (while still working full time). I also began acquiring books and selling them online through Amazon.com and eBay in an effort to learn about the book industry.

      My research prepared me to get started, but reality provided the best education. Throughout this guide I will share my story with you—what has and hasn’t worked for me and how you can follow the same course.

      The Reality of Ownership

      Owning a used book store is a dream of many book-loving individuals, known as bibliophiles in the industry. Some see it as a great option for retirement income or as a laid-back business that is easy to run. While there are many advantages, you may not realize that running a used book store requires a heck of a lot of work!

      The demands of a retail store can be great and the hours overwhelming. A successful shop must keep operating hours that cater to the public. Owners don’t have the luxury of closing up and going home with a headache or calling in sick (unless of course there are employees to cover the shift).

      Customers expect businesses to be open during peak hours and will complain if your store isn’t open when they want to be there. This includes holidays, weekends, and the day after big holidays (the day after Thanksgiving is the biggest shopping day of the year). Holidays can present a challenge with staffing since employees may also want the day off, and often the owner is stuck working on the busiest days. Of course, this is true no matter what kind of business you own.

      Pricing and shelving books is time-consuming work and can be physically demanding. As the owner, you will have to manage other business demands including bills, customer phone calls, vendors, and odd requests. You will also inevitably end up with overstock, whether from books abandoned by customers or when you have too many copies of Tom Clancy paperbacks. This means that you will be hauling books around and storing them until you can donate them to charity (which is a tax write off, so it’s not a total loss).

      The Perks of Bookstore Ownership

      If you like to read, you will have an endless selection of choices and as the store owner, you get first pick of the new inventory that comes in daily from your customers. You will also have a steady flow of regular customers and should quickly get to know them by name. If you are a social person, this can be a fun part of running this kind of business.

      The financial benefits are also possible, though most will tell you that you won’t get rich owning a bookstore. But if big money is your goal, there are many ways to generate revenues in addition to used book sales. You can ramp up your cash flow by selling gifts, greeting cards, music CDs, coffee, or other products. You might also consider offering audio book rentals, selling books on the internet, or opening multiple locations. The possibilities are limitless and the overall success is in your hands.

      The bottom line is that your store is your business and you can run the show any way that you want. If there is a lot of competition where you live, you will need to be at the top of your game. Your store needs to do it different or better than your competitors.

      I read somewhere that it takes a full three years for a used book store to become fully established. At the time I thought that seemed outrageous, but I have found it to be true. Keep this in mind when developing your plan. Once your store is open, you should see a steady increase in sales each month for the first three years. You can accelerate the timeline by marketing the heck out of your store and developing customer loyalty from day one.

      Whether you are interested in running your store as a family business or hiring help and creating a passive income business, a used book store can be a wonderful choice. Your efforts will be helped if you have a true passion for books. If you don’t, the work could end up feeling like drudgery—but this is true for any business you start.

      My best advice for you is to take your time planning your business. You will be surprised by how much fear is removed from the equation when you are fully prepared for what lies ahead. I will never forget the day I quit my job. I was more nervous about letting my boss down than walking away from my paycheck. I was calm with my decision because I had done my homework and felt confident that I knew what I was getting myself into. I drove home from my last day of work in corporate America feeling elated.

      If I had to pick the most important element of your plan it would be money—make sure you have enough of it. Running out of capital is one of the leading reasons for business failure. Have a backup plan for cash, and a backup for your backup plan. Hope you never have to use it, but have it available just in case.

      Every store is different. Yours could be profitable right away, but it may take time—even more time than you expect. I know one bookstore owner who had to take a side job to keep his business afloat during the difficult early years. I’m not exactly sure why this was necessary for him, but my guess is that he didn’t have enough cash built into his overall plan.

      If you’re looking for an easy business, the reality is that there is no such thing. But if you are looking for a demanding and rewarding business, then owning a bookstore definitely fits the profile.

      I hope this book saves you the countless hours of research and planning and gets you prepared for a great adventure.

      Wishing you much success,

      -Stephanie Chandler

      Update: I began writing this book in 2004 and published it in 2006. It

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