Have you ever dreamed of turning your passion into a profitable side hustle to enjoy and earn a couple more bucks? It takes more than your love for books to start a bookstore business. But, no worries. You can create your entrepreneurial road while running your bookstore with the proper knowledge and information. This post will provide the guidelines to start your gig with a business plan template to help you get this right.
If you want to start by going through the different parts of the business plan for a bookstore business, here you go…
Download the Bookstore Business Plan Template – In Google Slides
Albusi has developed a downloadable and customizable business plan template for your bookstore gig. The template covers the main sections you need to include to win in this industry. The main parts you must cover include the executive summary, company information, services, competitive advantage, market opportunity, traction, financials, and your investment ask to earn the money you need for your business.
Check out PageTurner, our merger between an actual business plan and a template.
Let’s dig more into the business industry to help you plan this on solid ground.
The more information you understand about operating the business, your plan will be more comprehensive.
Concept, Target, Value
What are you trying to offer with your business? Are you aiming to provide a place to sell books only? Or are you looking to create a space for book signings and other similar events? Search the market to understand what is already out there and the similar services offered to help you develop your vision and mission for the place.
Following this, you must consider who you are opening your bookstore for. Your target market will depend on the concept you’ve chosen. Many people still love browsing the aisles of bookstores more than the many perks that Kindle provides. You should look for those people to know what they are hoping to find in your very own unique bookstore.
Once you understand that, you determine the value and unique selling point, you will add to your business. This will make your target group eager to sign up and become members and regular visitors of your bookstore.
Your Opening Spot
A factor that can either help you succeed or fail in this business.
Choosing the right spot to open your bookstore is a big thing you need to work on intensively. Because you now know your target, you need to be close to them. Consider areas that have a high density of your target population. You also need to consider your competition, visibility, and accessibility through transportation.
Your Bookstore Brand Identity
Because you have a unique concept and specific differentiated services that you are offering, you need to have a strong bookstore name and identity that reflects these. Brainstorm a straightforward name that is relevant to your service offerings and that standout among others. You should also consider adding keywords when choosing your store’s name, such as “books” or “bookstore.” This boosts SEO which is already integral to any business success now. Once you pick your bookstore name and start with the branding, it is hard to change the business name. Therefore, carefully considering your choice before starting a business entity is essential.
Bookstore Business Plan Template – An Overview
Executive summary: This is the introduction to your business, yet all the details about it. Therefore, you might need to draft it last thing since you depend on the other sections to complete it. PageTurner is X; PageTurner aimes to X. Make it simple and clear to engage anyone going through your business plan for the first time.
Company information: Overview of the critical company information, with the concept and mission of the business.
Services: Your USP, value, and feature services that you are offering. Be exciting and promising when listing your features. Some ideas for bookstore service offerings include book signings, author talks, online delivery of books, and good coffee!
Competitive advantage: You then emphasize to your readers why your bookstore business differs from what the market currently offers. Tell your audience how you plan to provide exceptional services and value. This section also proves to readers that you are an industry expert and have done your homework.
Market opportunity: Get some figures and updated diagrams about how the market presents an excellent opportunity for your business to enter.
Traction: Talk about clear indicators of your bookstore’s progress in the market and how well it is performing as a startup business.
Financials: Lastly, you conclude with your financial projections that include your revenues, expenses, and profitability analysis. Income statements, balance sheets, and cash flow statements are also commonly shared here.
Investment asks: mainly if you pitch your business to investors to collect funds.
Bottomline – The Bookstore Business Plan Template Summary
Don’t let Kindle features discourage you from opening a business that gathers bookworms in your area. The market opportunity is available, and you can always think outside the box to deliver services and create desires for people to try.
To conclude our piece on opening and running a bookstore business, you must study the market and your intended target and create a unique concept that helps your business to stand out. Your location is critical to generate visibility and traffic in your store. Couple all this with a catchy and easy name for your bookstore, and you are good to go.
You can always return to the overview section in this article to learn how to fill in the different parts of your business plan. However, if you’re out of time and prefer someone to meet and chat with to help you pull together the perfect business plan and pitch deck, contact one of our freelancers. I highly recommend it.
Meet The Author Of This Article
I’m Jenny Ayman, a project manager in the development field with specific knowledge and experience in capacity building and entrepreneurship programs. I aspire to transfer the hands-on experience I gain in my professional career through writing.
Also, if you need help planning your business, I recommend checking out some of our freelancer’s business plans or pitch decks!
