How to Start an Audio Book Rental Business

An audio book rental business provides people with the opportunity to listen to books on tapes or CDs.

Although many people enjoy reading books, some people prefer to listen to books on tapes or CDs since they can do this while performing other tasks such as cooking, driving or exercising. While bookstores and libraries both offer audio books for customers to purchase or checkout, these are often expensive or limited to local demand. To meet the needs of frequent audio book listeners from a variety of different literary genres, you can start an audio book rental business.

Instructions

1. Create a business plan. Conduct a SWOT (strengths, weaknesses, opportunities and threats) analysis of your community and the surrounding area to determine if a significant want or need exists for an audio book rental business to be successful in your current location. Write a business plan that discusses the results of your analysis by capitalizing on the strengths and opportunities while diminishing the weaknesses and threats. Include specific goals for your audio book rental business as well as a plan for how you are going to finance, promote, staff and operate it.

2. Seek out funding. Apply for loans from a local credit union or bank to finance the start-up of your audio book rental business. Be prepared for them to review your business plan and check your credit score before approving you for the loan. Check with the Small Business Administration to learn about guaranteed loans specifically designed for small businesses starting out. Find out if any grant funding exists to help fund a portion of your start-up costs. For example, a grant may be available to purchase some of the audio books you'll rent out if you offer free rentals for individuals with visual impairments.

3. Find a facility. Search for a commercial or retail location in your community with enough space to house your audio book rental business. Check that the location has an office where you can store financial records and maintain an inventory list of the audio books in your business. Outfit the facility to meet your needs by bringing in furniture as well as putting up shelves to organize the audio book collection.

4. Purchase supplies. Find a wholesale supplier whom you can purchase your audio books from, or get used copies from the Internet or a local library book sale. Obtain cataloging software similar to a system used by a library, since this allows you to determine what person has rented out the audio book. Buy office supplies needed to manage your day-to-day operations such as pens, paper, paperclips, a phone and a computer.

5. Hire staff. Run a help-wanted ad online or in local publications to find a person willing to work in your store helping customers. Train them in how to check out audio book rentals as well as help customers find the exact books they're looking for. Add on additional employees as your business grows.

6. Advertise your business. Use advertisements in mass communication formats such as television, radio and newspaper to promote your audio book rental business. Network with local nonprofit organizations and agencies that provide assistance to people with visual impairments, and encourage them to refer their clients to your business. Consider placing a billboard advertisement on major highways that attract commuters during the morning and evening hours, as many people listen to books on tapes or CDs when commuting.

References

• Small Business Administration: Small Business Loans

Resources

• LoopNet: Listing of Commercial Properties Across the U.S.