I owned a bookstore for a year- the kind of neighborhood bookstore that most towns have, selling new and used books from homemade shelves and with little advertising. It started slowly, picked up, got slow again and then died. I did a lot of things right with that store, but the things I did wrong are the things that turned out to be the most important. Here’s what went both right and wrong:
Right
The store opened without taking out any loans- we saved up and bought everything outright. We found a location that had a lot of drive-by traffic and a low rent. We bought an inexpensive security system and opened in one month with no debt being incurred. The books were largely bought at auctions, some at yard sales and some at thrift stores.
Right
We built the shelves ourselves, my husband and I, and were able to build them to fit the book sizes, so that no space was wasted. In this way, we were able to hold much more inventory than if we bought prefab shelves that had a lot of wasted space. Customers often commented on how large the selection was, given the small space of the store. A good mix of inventory is important to snag repeat customers, and we had it.
Wrong
Displays are pretty much useless. I had a large display table next to the front window showcasing the books that I thought were attractive and unusual. No one cared. People just want to go to the genre sections that interest them. The space can better be used by more shelving or with candy machines.
Wrong
The name was not good. Many people thought that it was a specialty bookstore and stayed away. It was not, but they rarely found that out. The name should be simple and clear- Bob’s Books, Town Books, etc.
Right
We had a large toddler books section catering to the many moms who came in during the day looking for books for preschoolers. A big, bright display shelf drew the kids attention- letting mom go look at books for herself.
Wrong
Our sign was not large enough. The standard, small sign that was mandated by the strip mall was simply not enough to attract people who drove by. People often came in and said, “I live nearby and have never noticed this store. How long have you been open?” Eight months.
Wrong
Drive by traffic is not enough to sustain a business. Our storefront had a high cars-per-hour count, which we thought would be great for business. It wasn’t. For real business success you need foot traffic. Your store should be near a large ‘anchor store’ that will bring the foot traffic near your door. Drive by traffic is just that-people drive by, on their way elsewhere.
Wrong Wrong Wrong
We had almost zero advertising. Few people had any idea that we were there. Any successful business has got to have successful advertising. In hindsight, taking out a small business loan just to pay for commercials or print ads would have been a better idea than opening up with no debt and no advertising. The best solution would be to save up advertising costs for as long as you can before openeing the store, thereby creating the best of both worlds- no loan debt and actual proof that your business exists.
The small neighborhood bookstore is alive and well, just not in my neighborhood. If you are nervous about the thought of opening a store, you should be. It is hard work and is a big financial risk. But all of the risk and hard work can certainly pay off, and you can have the store of your dreams if you are willing to work, plan, build, work, work, and work.
