Thinking about opening a bookstore? We tell you what you need to know to get started.
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Creating a First-Rate Bookstore Business Plan
Business plans play a central role in the strategic formation of a startup bookstore.
Accuracy and an eye for detail count when writing a business plan. Fudging the numbers is the equivalent of sabotaging your bookstore's strategic interests.
Instead, commit to creating the most precise business plan possible. As a further guide, consider what the experts say about business plan writing.
Make a Plan for Geographic Expansion
This kind of business typically has a strong local footprint.
Planning early for geographic expansion forces you to standardize processes such that they can be repeated in new locations.
Prior to opening a bookstore in your town, it's a smart move to see how strong the competition is. We've provided the link below to help you get a list of local competitors near you. After clicking on the link, type in your city, state and zip code to get a list of bookstores near you.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
If you are interested in starting a bookstore, you really ought to speak with somebody who is already in the business. It's very unlikely that the local competition will talk to you. The last thing they want to do is help you to be a better competitor.
However, an entrepreneur who owns a bookstore outside of your community can be a great learning resource for you, provided that you won't be directly competing with them. In fact, they are often very willing to share startup advice with you. If you are persistent, you can find a business mentor who is willing to help you out.
Where does one find somebody who runs a bookstore outside of your area who is willing to talk?
Simple. Let your fingers do the walking by using the link below.
Guidelines for a Bookstore Acquisition
It's fairly common for bookstore entrepreneurs to gain entry through a business acquisition.
An acquisition isn't necessarily a bed of roses. You'll need to thoroughly evaluate the factors involved with buying a business. Right away, you'll want to make sure the business is capable of meeting your ownership expectations.
If the business appears to meet your requirements, you'll need to verify your impressions through broker-assisted due diligence and legal research.
Don't Forget About Franchising As an Option
If done right, a small business startup takes months and months of preparations just to lay the groundwork for the first day of business.
That makes franchising an attractive alternative to traditional business startups. Today's franchises make it easy for young business owners to start their companies on solid footing and include a broad range of opportunities that can be found in our bookstore franchising directory (see link below).
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