If you love books, opening a bookstore probably sounds like a dream come true. In case you have decided to try this business, it is a good idea to have an idea of how to start.
Here, as with any aging business, before you open the doors of your bookstore, you need to go through a number of legal and administrative procedures. This is a requirement for any prospective trader who intends to run his business legally and in a straightforward manner. In the following lines we will give you some useful tips when opening a bookstore.
Step One: Determine what type of bookstore you want to open
First of all, you need to decide what exactly your bookstore will be – mixed or specialized. Will you only offer books or will you join a wider assortment? You can specialize in a field – science fiction, children’s books, science fiction, esoterics, etc. If you do not want to limit yourself to a particular area, you can choose several types of books, and why not offer used ones. After all, some books are not republished for years.
Step Two: Company registration
Here is the moment when you have to decide what will be the form of your company – Sole Proprietorship; SP.Ltd. or Ltd.?
Once you have chosen the most suitable form for your purposes, the registration of your company follows
Step Three: Choosing a room and finding suppliers
When opening a bookstore, choosing a suitable place is of great importance. The most optimal, of course, would be somewhere there will be a lot of traffic. But the better the location, the more expensive it will be to rent per square meter. Here it is important to take into account the type of your bookstore and to consider the place accordingly.
Depending on the type of literature you will offer, you need to choose the publishers you want to work with. Contact them to negotiate the terms of their publications.
When opening a bookstore, keep in mind …
Retail (ie sometimes long hours) – you pay rent for the location and in most of today’s shopping conditions, customers expect stores to be open when it is convenient for them to shop. This almost always means at least some late nights, weekends and even many holidays.
Effective book buying – When you open a bookstore, the act of buying books each season can be a lot of fun as well as a lot of work. This means reviewing seasonal lists of publishers for upcoming new titles, making judgments about books you’ve never read, and purchasing a mix of titles that appeal to a wide range of tastes (including books, personally as a reader).
Think about the accounting part of your business – For each area of business and business activity, control and accounting are mandatory. If the financial and accounting parts are in complete chaos – success is impossible. Here you can learn more about the benefits of external accounting services.
Think of ways to advertise your business
T&G Consulting – We are ready to assist you in your business endeavors. We have the knowledge, capabilities and professional experience in the field of trade accounting. We will find the right solutions for your company accounting.
