But like any business, there are many things you need to consider. This article will discuss the actions, time frames and costs you should expect when opening a used book store.
Buying Books
Start collecting books six months to one year before opening your store. Summer is the best time to collect. There are more book sales, garage sales, and people cleaning out their houses than in any other season.
To acquire books, check local listings (like the newspaper or craigslist) for book sale ads or people selling their books. Also, you can post your own ads, offering to purchase people’s unwanted books for a small price ($0.25 to $1.00). Find out about local library book sales. Many libraries sell books without library stickers on them, and they’re generally inexpensive.
Finding a Location
Book stores need storage rooms. There’s just no way around it. So find a unit that has a room or portion of a room that you can section off to give you storage space.
Also, find a location that is slightly larger than you’re able to fill. In your first year you could double your inventory just from customers bringing you their books. So you need room to grow.
Ensure that your location is affordable. Used book stores are not a profitable business right off the bat. So you need a location that won’t be out of your financial reach.
Keep in mind that some locations, like newer plazas, don’t welcome stores that sell used inventory. Make sure you do your research before signing a lease.
Acquiring a Business License
Every city has different requirements for acquiring licenses. Contact your city for more information on specific details. You will, however, need to purchase a business license, and register your business name.
Signing a Lease
Try to bargain with the landlord. If the space has been vacant for a while, they may be desperate for a tenant. Ask for one or two months free rent in order to get the store set up. Also, try to bargain down the cost per square foot. Usually if you’re willing to sign for a few years instead of just one, the landlord will give you a better deal on the rent. Also, have a lawyer or professional read over the lease to make sure your management fees cover things like snow removal or roof repairs. You won’t be able to afford a sudden bill for $10,000 because of a leaky roof or excessive amount of snow.
Designing a Layout
The layout is important. You need to create a design that will make good use of space and offer distinct sections. Ideally, if you can afford to build your own custom shelves, you’ll be able to make room for more books. Of course, unless you have “connections” to cheap wood and labour, this will be very expensive. Buying shelves can also be expensive because you’ll want to choose shelving that is sturdy enough to withstand heavy books for long periods of time. Your best bet is to find a store that’s closing down and buy their existing shelves.
Covering Your Costs
Used book stores are probably one of the cheapest stores to set up. Inventory will run you anywhere from $2000 to $5000. Shelving could be $1000 to $8000. And other expenses like a cash register, bank machines, window displays, cash desk, signage, and decor could be a couple hundred to thousands depending on the deals you might find. Having $15,000 to $20,000 should cover your start-up costs.
Nicole Skutelnik - Nicole is an avid reader and lover of books, particular teen and young-adult fiction. At an early age, she decided to turn her passion ...
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