Owning a bookstore can be a dream come true, but for some, it’s also been an eye-opening process that has caught them unprepared to keep their dream afloat. Like with any career transition, it makes sense to get the big picture and compare your dream with reality.
Here are seven critical areas of operating a successful bookstore. Which are you looking forward to? Are there some you dread? Here’s a start to learning the business, understanding what role will be best for you, and what gaps you may need to fill with the staff you hire or the partnerships you form.
1. Selection
What you decide to stock, how you maintain the right quantities of the right topics your customers want to buy, and how it is meaningfully and artfully presented to customers is the lifeblood of the business. Buying, inventory management, and merchandising are part science and part art.
2. Technology
With millions and millions of titles available in a variety of formats and conditions, you will need access to online book industry databases. You’ll also need a bookstore computer system that is tailored to the book business and will help you serve customers, manage your inventory, ring up sales, and run reports. Your ability to interpret your information will be what will guide you in operating your business and will provide the clues to where problems lie when it comes to operating at a profit.
3. People
A bookstore owner is in the people business. Between staff and customers, creating a positive environment means being able to hire the right people and create a culture where people thrive … and pass on the enthusiasm and willingness to help with customers. From training new people, offering ongoing training to keep customer service skill levels high to holding staff meetings and encouraging excellence, you’re the one to lead.
4. Promotions
Marketing your business is never done, but you’ll need to identify the most important ways to reach your market and keep your name visible. Once you’re in business, marketing will mean being in touch with current customers and constantly reaching out in your market to find new customers to grow the business. Yes, you’ll be the chief cheerleader for books and reading in your business.
5. Business Management
If you’ve never before owned a business, it will be up to you to not only file the necessary government forms, but to know how you’re doing. From understanding monthly income statements and balance sheets to paying bills, handling payroll, and using checks and balances with anyone who has anything to do with your bank accounts, understanding and knowing how to improve the numbers will be what keeps you in business.
For most of us, we’re good at some things, but not all things. A successful business owner will understand and build upon her or his strengths and recruit others to the business to ensure that all critical aspects are given the attention they need. What helps is to be honest in your assessment of your own abilities, keep learning new skills, and recruit others to help with the rest.
Donna Paz Kaufman is a parter in The Bookstore Training Group of Paz & Associates. Their next workshop retreat is September 13-17, 2010. For details, visit them online at www.PazBookBiz.com.
