Why do some people choose to do business?
Probably due to the nature of the profession that gives them liberty with responsibility, authority with control, and expansion scope with colossal growth.
Every business comes with its own set of opportunities and challenges. One of the widely preferred businesses with high growth opportunities with decent returns is the Bookstore Business.
Choosing to start your bookstore business is a perfect option. An average bookstore provides books and magazines on various topics and genres. It has something for everyone. From senior citizens to the kids, literature to fiction, biographies to romance, research to poetries, mysteries to self-help, success stories to general knowledge, and many more. It is the single place to get a wide variety of books and Indian Business magazines.
It is an essential treatment of wisdom, knowledge, and entertainment, which cannot easily be substituted with any other forms. Book stores have a loyal set of customers who regularly visit to buy the titles of their favorite authors.
A little survey is essential as you decide to begin the bookstore business. Identify the most crowded, frequented, and happening prime areas of the city. People tend to visit vital marketplaces for the convenience of getting many things in one location.
Sometimes, it becomes essential to be positioned in the heart of the market where already the related businesses are thriving effectively. The market gets developed with the logic of availability and subsequent preference of the customers. Secondly, identify the best feasible retail spaces for your bookstore on the ground floor, on the main road, easily accessible by road, and ample visitor parking facilities.
You will have one ambition in mind: ‘My business bookstore should be a flourishing business.’ Preparing a Business Plan will be the next task. As you write the business plan, you should include numerous important aspects of bookstore location, interior designing, arrangements, labelling and storage, billing and accounting set up, security and surveillance, staff management, purchase and procurement, loan procedure, current bank account, business development, and sustenance solutions.
Identifying the Location
Checking the area of retail space. The basic facilities are available like sufficient parking arrangement and ample seating area with tables in each section for the convenience of the customers. Proper well-set washrooms for gents and ladies separately.
Plan the interiors
Consulting an interior designer would be a feasible decision. The key aspects that require planning are systematic book storage, optimum space utilization, and simple and open arrangements to keep it open and easily accessible. Book storage needs to be designed to accommodate a large number of books. Thought should also be given to ensure easy accessibility to the books for keeping, removing, and cleaning the area.
Arrangements for good lights and ventilation are essential—Plan big, tall windows with glass panes. Installation of the fans and air-conditioning systems is very crucial. The customers should feel comfortable and relaxed. The primary feeling on entering the bookstore should be welcoming and encouraging.
Creating a Business Identity
Many bookstores set themselves with the specialty of the subject to differentiate themselves. Exclusive booksellers are often seen for school books, law books, medical books, novels, religious and spirituality, motivational, historical, business magazines, storybooks, multiple languages, science and research, etc. Choose a good brand name and get a decent logo design for the bookstore business. Focusing on Indian Business Leaders is essential. Remember that the brand name chosen should be in sync with the company. It should have all well-known good titles and include the famous and best Indian business magazines.
Create and confirm the legal status of your business, Proprietorship, Partnership, or an LLP. Register it with the government formally. Register it in the Income-tax department, sales tax department, local municipal corporation, and the publisher’s association. Certain mandatory certifications and memberships are essential as you register your bookstore for the business identity.
Open your current bank account in a nearby recognized bank. Verify the bank’s status, credibility, and facilities it offers to the business start-ups. Get your staff salary accounts with the same bank to get added benefits. Regular transactions can be considered for extra facilities based on the business volumes. Initial loan provision can be made with simple documentation.
Any customer who visits the bookstore should get excited about the décor, ambiance, and the bright environment within the store. It should be appropriately labelled and identified with the topics, subjects, and characters. Walls and sections need to be decorated and painted to suit the issue. Kids section to have nature, animals and cartoon characters from Disney and fairy tales. The Women’s section can have fashion, photography, cooking, yoga, etc. Lifesize cut-outs of the characters will make an amazing impact.
Customizing Your Marketing Strategies
Any business needs sales to generate income. So, in a bookstore business, the service needs to be communicated to the masses. For an effective marketing strategy, reaching out to the people needs to be properly planned and executed. Below are a few steps:
Step 1: Digital marketing
This key platform is the most vibrant and happening marketplace—social media platforms like Facebook, Instagram, Twitter, and YouTube. Your blog articles will inform the masses about the new books launched with their book reviews. The activities should be a series that people should always eagerly follow and get informed about. It will also talk about the best business blogs in India. Your activities include the active engagement of our readers and book lovers in online business magazines and Indian entrepreneurs’ success stories.
Step 2: Direct marketing
Distribution of leaflets in public areas, newspapers, colleges, and nearby housing societies. People in the vicinity of five kilometres should be made aware of the amazing literary opportunity in the neighbourhood through your bookstore. It should also highlight about dealing in used books for the convenience of your customers and helping the needy.
Step 3: Promotional Events
Organize events at the school level, cultural aspects, and national festivals. Events and activities like Independence day, Republic Day, Holi, Eid, Diwali, Christmas, New Year, Women’s Day, Teachers Day, etc. Young children, women, and enthusiastic people will actively participate in drawing competitions, rangoli, cooking, or mehendi. The winners will be given special certificates.
Step 4: Brand sponsorships
Associate with multiple publishers to tie up for co-sponsorship of new book publishing events and book fairs. This will increase the exposure of the bookstore to a broader audience of readers.
Dedicated Customer Service
As we proceed with the activities, the flow of customers needs to be managed very carefully and with enthusiasm. Guiding them with their needs, making them comfortable, and getting their requirements fulfilled will remain the core tasks of the business. Satisfied customers will remain for a long time and bring in more customers through recommendations. Identifying the varied requirements, making suitable changes in the bookstore model, and ensuring a solution for every customer can make the bookstore business into a profitable venture.
Since our childhood, we all have visited the bookstore thousands of times. The pleasure and joy of buying a new set of books and smelling the pages are eternal. Choosing to do the business of having a bookstore will be a great happiness to cherish.