How to Buy a Book Shop

People with a passion for books often think about what it would be like to buy their own book store. But the realities of getting an established store can be difficult and time consuming. Buying and running a store full of new or used books takes a lot more than reading and talking about books. Any store is a business and must be run like one.

Instructions

Difficulty: Challenging

1. Get to know the store by visiting it several times, in busy times and slow. Read over the books kept by the store owner. Find out whether there are used books or new, and whether the business is dependent on used books, which can greatly affect the insurance coverage you will be able to get.
2. Make a business plan. Create a plan for the first five years of business. Have the plan professionally drawn up if you are unable to, or study business plans online to learn how to do it.
3. Apply for financing if needed. You can try for small business loans offered by local banks as well as those that are guaranteed by the Small Business Administration. Use your business plan to demonstrate the profitability of the business.
4. Move in. Make any changes to décor that you want to make before customers come in. Hire a cleaning service if needed as well as a pest control service. Get insurance on the inventory and liability insurance to protect you from lawsuits from customers.
5. Get to know the inventory. Learn about the genres of books you sell and the major authors of each genre. Be able to recommend authors or titles from each genre.

Tips & Warnings

• If you have used books in the store, it can be difficult to get inventory insurance. Keep shopping until you find someone willing to insure the books. If you are unable to get insurance, consider selling new books instead.