Are you prepared to take risks? You will be your own boss are you prepared to make difficult decisions? Are you independent? Many decisions will need to be made on your own without the help of others. Are you creative? Will you be able to market your bookstore in creative ways that draw people in? How is your social network? Do you know people who can advise you when you start and grow your business?

To get started with market research check out any information provided by government sources. You can examine a specific market by looking at data from the census, statistics from U. S. businesses, small business research and statistics, amongst other sources. Look for markets that fit the bookstore you are thinking about opening. [5] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source Find any business specific market research through trade groups, academic institutions and other third parties. A good source for this is the American Booksellers Association. [6] X Research source Think about an international angle. Are you willing to advertise and ship abroad?

It is important that your location matches the type of store you envision yourself owning. You do not want a used bookstore in an area known for selling sporting goods. Look for competition. How many other used book stores are in the area? Do the other businesses around you complement your business or work against you. Is the area safe? What is the crime rate? You do not want to worry about break-ins or customers feeling unsafe. Big or small? Either way, it’s best to have a place that you can grow into. If your business expands you will not want to relocate. A medium book store is about 3,700 square feet. [8] X Research source As a business owner, you should know who your clients are. They may be between the age group of 30 to 40 or younger. Then position yourself in an area that makes the most sense for them. For example, if your target clients are working mothers, a place near a yoga studio or school might be a good location. It is better to start at a small level before opening a big business.

On the positive side customers enjoy saving time, saving fuel, saving energy, the ability to compare prices easily, the lack of lines and that online shopping is easily searchable. On the negative side online shoppers cannot personally check out their item and they do not get a sense of instant satisfaction after their purchase. Lack of interaction can be a big problem, especially in the used book business.

The traditional bookstore has significant overhead expenses that will cut into potential profits. The biggest cost is the startup, where you will have to think about rent, taxes and other factors.

Regulations vary from state to state, so begin with an internet search for business regulations in your state.

In addition you need to understand condition, print issue, book terminology and what makes books rare or unusual. Research can be done by reading magazines dedicated to books and rare books. You may also consider visiting internet sites that explore the buying, selling and collecting process.

An executive summary that summarizes the document. A description of your company. Analysis of the market. Organization of the store. Information on what you will sell. Your intentions for marketing and sales. Your financial projections. For additional information, you can check out Write a Business Plan.

Hunt for rare books online that can be purchased for a good price. Beware of acquiring low-quality books and/or books in poor condition. This will leave you with low-quality inventory. Cheap books should be avoided. Only buy books you believe you can make money on.

You may want to create business cards or flyers to highlight your new business. Develop an internet presence. Even if you are opening a traditional used bookstore you will want to have a website where people can learn about your store and what it offers. Get your store on social media. Try facebook, twitter, google plus, and more. Talk to friends who own their own business and find out how they market their stores.

Do a quick internet search for upcoming book fairs in your region. Attend them all!

Offer incentives for customers who come back. A ’thank you’ goes a long way!