Open a school bookstore, requires that you begin to know all the procedures that correspond to be able to update yourself.
How to open a school bookstore
As with any business, open a school bookstoreAlthough the reality is complicated, your dream can come true and make children good readers.
The best location for your business is around other retailers and where there is a lot of human traffic. However, you should think that the lease of the physical space in this location and since it is the best, will be more expensive than in other places.
You also need to think that your store should be open for long hours, sometimes including weekends and holidays.
You should think about a smart and effective purchase of books by contacting the directors of the schools that are located near your store to keep your bookstore updated, since if you plan to sell school books, updating is a priority.
The inventory: Keep in mind that the profit on the sale of school books is very low, so it is convenient that you expand the inventory by considering auxiliary items such as stationery, gifts and other products that are useful for school age.
The bookstore is a very competitive business, because although that competition is not located near your physical store, nowadays the electronic books of the online stores are sold directly to the general public.
Even if it is a school bookstore, you should keep up to date on bestellers and technologies, since children will always ask you for the latest technological novelty.
In fact, you can sell electronic devices and equipment on demand, as it is also important that you commit to social media marketing technologies to get in touch with customers.
Plan and understand what your business and the market are about. To do this, you must develop your business in a competitive environment and previously know everything your customers want.
You get to know your customers and their consumption habits and in this way you will enhance your entrepreneurship. Then by having this information you will be able to identify which books and school supplies you should offer them.
The assortment of your inventory will be essential to satisfy the demand of your customers, since the success of your business will depend on it.
In turn, you should investigate the suppliers or distributors of the products and consider if their products are of quality, if they offer you special discounts and what is the mode of delivery, since they should supply you according to your demand,
The best thing is that you can get the best price and that you choose to buy in bulk in addition to taking advantage of the offers that they can offer you.
The physical space:
The physical space of your store will be according to the amount of items you plan to sell, since you can think of a small bookstore with the stationery annex, for which 40 square meters may be enough to comfortably house all the inventory, depending on the success of your business, then you can expand it.
In this sense, think that a part of the property should be destined to the attention of the public, another sector with shelves to display the products and another you will reserve for the administration of the business.
Even a part of the physical space of the store must be reserved for the products that are not on display, therefore when you are looking for a commercial premises, keep in mind the need for its division for your comfort and that of the customers.
Keep track of the purchases and sales of your products with a computer system that adapts to what you need, but above all you must inform yourself about the requirements demanded by the government authorities of your state or city to stay within what it requires. the law and you will avoid being fined or closed the store.
Promotion: You can create a Facebook page for your bookstore and regularly send e-newsletters to customers and even Twitter is also important to promote your bookstore, not only in relation to your books but also to events that you can do in your store.
Legal aspects to open a school bookstore
Since you think open a school bookstoreLike any business, within the legal aspects, you must prepare a business plan, since it is a formal document through which you will make a description of your business, indicating the goals to be met and how you will achieve these goals.
Well, in the event that your initial capital is not enough, you will need to visit investors or lenders who will want to read your business plan and in this way you will be able to obtain financing.
The business plan must have an executive summary with the vision of your business so that it impacts the reader and continues reading.
It also includes a marketing plan, since you must show the reader that you have researched your target audience and you know the market with all the details of the products, together with a pricing scheme and the budget you plan to allocate to marketing.
You must obtain a zoning permit, as it is essential when looking for the physical space for your store, since you must comply with all local regulations.
Having created the business plan, you will have considered the necessary initial capital, because if your own capital is not enough, you will present the business plan to the lender and investors and even to friends who can lend you the money, as long as you can convince them and show them security. of the success you expect from your business.
However, think that you must have your own capital, since in this way you will be showing them the security of success.
In turn, you can request a bank loan, since you can qualify for a small business loan, with a low interest rate, but keep in mind that although when requesting the loan from investors or lenders you are not obliged to return the money In the event that the business fails, when applying for the bank loan, you will be obliged to return the borrowed money.
Licenses and permits: Contact the county legal clerk to determine the licenses and permits you need to open your business, because depending on the location of the bookstore you will know the documents and fees.
In turn, it is convenient that you join the American Booksellers Association because you will have access to the Book Buyer’s Manual and you will receive the information about the books you need in your store.
As a bookstore owner you will need to hire employees to help you with customers, therefore you should stay informed about the documents necessary for hiring employees such as forms I-9 and W-4
Form I.9 is the employee eligibility verification form, as it establishes that the employee can work in the United States and the W-4 form indicates how much you must deduct from an employee.
Taxes: You must pay taxes by filling out Schedule C to report income and expenses.