Do you need help starting a bookshop? If YES, here is a sample bookstore business plan template.
A lot of people are hindered by their inability to put together a clear plan for their business. We have provided a bookstore business plan sample for you to work with. It is intended to provide you with a working template as well as with a general structure of how your plan should look like.
To increase the chances of success in your chosen path, you should know that a lot of work is required. How so?
In this post, I intend showing you how you can turn your love for books into a lucrative business that will continue to make money for you for a life time.
BOOKSTORE BUSINESS PLAN SAMPLE TEMPLATE
Starting a bookstore gives you the opportunity to educate yourself with the books you will be buying and still put those books for sale after consuming them.
If looking at it from a business side, it is a wise decision to make. Because you don’t only get to buy the books and read, but sell them at a higher price than you bought them. You gain knowledge from the book and also make profit from selling them too.
Here is a sample business plan for starting a bookstore cafe.
These are six steps that will guide you into starting a bookshop in your city or community and ensure you achieve success in the business.
It is business-wise that before venturing into any business, the entrepreneur should conduct a research on the business idea. Talk to other bookstore business owners and study the retail market in your city or community, specifically booksellers or publishers for pricing information.
Know the type of books to sell by focusing on niche books such as business, personal finance, motivational, relationship, or genres, and also decide whether you wish to sell used books or new books or both.
After conducting your research, use the information you have gather to structure and decide on how best it will be.
- Have a Good Business Plan
Having a business plan is a must for starting a bookstore cafe. A business plan is like road map that will be your guide on how you intend running your business. A business plan is a proposal stating your goals and why you think those goals are achievable.
Aside that, if you will be needing finance in starting your bookstore outfit, the possibility of investors or financial institutions granting you loan will depend on you putting together a solid business plan for them.
A good business plan must have an executive summary which is just an overview of the propose business and should be just one page. It should also highlight a solid marketing and operational plan.
Your target market should be stated and other important note like cost of operation, number of employees etc.
- Find the Best Location for your Store
A suitable location is one factor that determine the success of any business. Finding a rental space is very important for running a successful bookstore. Look for a large store with plenty windows and a large space for shelving and thereby ensuring your customer can comfortably walk into your store and have a room to move around without obstruction.
Don’t focus on the building itself just make sure you locate your bookstore investment in a busy area such as business or shopping district
- Obtaining Finance
It is not compulsory that you must start a bookstore center with your own capital. If you really love to start a bookstore but you don’t have the capital, this is where your business plan also become useful in getting loan from investors and financial institutions.
Conclude on the capital needed to start the business and create a plan on how you intend getting the money and also have it in mind that you must invest into the business, it shows you will not default on your loan.
Create a budget that will cover each expense you will incur from salary to rent, and for purchasing the books.
- Stock your Bookstore
After all is set and down, it is now left for you to start ordering books from suppliers or publisher or distributor and start shelving them. Be sure to include books that will be welcoming to a wide audience, if you are running a used bookstore look for deals on book collections online, contact local libraries wanting to get rid of old books and show interest to buy them.
- Advertise your Bookstore
If you don’t advertise your business nobody will know if your business exists and why they should patronize your bookshop. Take advantage of social media to spread the word about your bookstore.
You must make sure your surrounding community know about your bookstore, then consider using fliers to get college students at local campus near you interested to visit your bookstore.
It can be challenging to start a business and compete with bigger retailers but following this few steps will teach you how to start a successful bookstore.
BOOKSTORE BUSINESS PLAN EXAMPLE
To plan adequately, you need to put in extra effort in finding out details about this business. This knowledge will be of tremendous help in producing a quality plan at the end.
- Executive Summary
Leaders Book Store is a new bookstore that will be located in Atlanta’s inner cities. We are a business that will be directly involved in encouraging a reading culture among the vulnerable groups in society. This consists mainly of teenage school girls and kids. We will be working with county officials in promoting the advantages of reading.
Over the last two years, there has been an awakening among Atlanta’s Latino and African American communities.
The demands for library services have grown but there has been no corresponding response to these demands.
Available libraries are underfunded and lack new books. We have seen this as an opportunity to establish a bookstore.
Our books will include educational materials, magazines, novels, textbooks and newspapers. Others include writing materials, stationery and Christian and business literature.
- Vision Statement
At Leaders Book Store, we will offer a great selection of retail sales of books and other reading materials. We have a model of business in place that will soon drive our expansion across different locations within the city.
- Mission Statement
Our mission is to help the young and vulnerable get access to quality literature that will change their lives and make them more valuable to their community. We seek an improvement in the reduction of crime and prostitution. This will improve on the successes achieved due to an increased demand for books over the last 2 years.
Leaders Book Store is a sole proprietorship. The founder Sue Mathews will raise the needed amount for this start-up through savings. So far, she has set aside the sum of $200,000.00. This will be spent on renting a suitable location for our store as well as purchasing books from major suppliers.
- SWOT Analysis
We see this project as a test-run. The successes will be replicated all across Georgia. Identifying opportunities and threats allows us to fully utilize these opportunities and reduce our risk exposure to such threats. Our SWOT analysis shows the following;
We have chosen an area where book store services are poor. Many bookstores prefer to pass on this opportunity.
However, we have identified a huge potential in this market. The growing interest to read has birthed a demand for reading materials which we will be making available. This demand is expected to grow significantly in the coming years. We are strategically positioned to consolidate our position within this time.
The size of our bookstore business is small. This will limit our reach. Because we have not yet established a hold on this market, a financially strong competitor that comes in will take immediate control of this market.
The rising demand for books within this area makes it a strategic opportunity we will not let slip by. We have identified this opportunity and are determined to fully exploit it by fulfilling these demands with quality reading material.
A new and formidable competitor will likely take away business from us. Another more serious threat is in the form of an economic recession. Under such circumstances, there will be a total breakdown of our business as both supply and demand will dry up.
- Sales Projection
With the opportunity available to us, we have drafted a sales projection covering a three year period. It shows a steady climb in sales. This is good news to us and will mean increased profits within this period. A summary of this projection is shown below;
- First Financial Year $150,000.00
- Second Financial Year $250,000.00
- Third Financial Year $550,000.00
- Target Market
Although our primary targets consist of teenage girls who are the most vulnerable, we will also target other customer categories. These include spinsters and bachelors, schools within the area and students, business people and sports men and women.
- Competitive Advantage
Our location gives us a greater control of the market. There are few bookstores around this area. A lot of bookstore businesses have not yet caught on to the impending boom in book sales. We are using this opportunity to establish our brand. This will allow us compete favorably with bigger bookstores in future.
In addition to these, we are centrally located and easily accessible from all parts of the city. We have entered into an agreement with major suppliers where books will be made available to us at attractive profit margins. This allows us have competitive prices and still achieve profitability.
- Marketing Strategy
To promote our new book store business, we are adopting effective marketing strategies. This will include the distribution of fliers and also the use of word of mouth. These are immediate strategies we will be using. We will adopt more as the need arises.
If you have read through this bookstore business plan sample, then you will have gotten a better understanding of how it should be written. Using the right information for your business, you approach this aspect with caution.
A hastily written business plan will likely fail. Careful consideration of what you want your business to achieve should influence your actions.