Running a business that has something to do with your interest is a dream for many people. Running a local bookstore is one of those dreams but doing so successfully can be challenging. Although there is tough competition in the space, there are still a few things you can do to ensure your bookstore’s success. We look at them below.
Stock the Right Books
If you want to sell more books, you have to stock the right ones for your demographic. Let’s say your store is located close to a neighborhood with young families. Stocking kids’ books would be a good idea for such a store, but it would not be if the store is located close to a retirement home. Bookstores located close to single apartments or colleges will carry different types and genres of books.
Understanding all this, you should track your customer demographics and the books and genres they are interested in. The sales system you use should have this function. It should be programmed to collect this data if it does not.
Create Interesting Bundles and Promotions
Book bundles are a great gift. Think of how great the Harry Potter book series was as a gift for those who love the genre. Creating book bundles, especially around the holidays and when new books in a series are being released, can help you sell more books.
You can offer bundles of books in different genres and for different age levels. Seasonal and holiday events will allow you to catch people’s attention.
Use Insurance to Protect Your Business
Liability is a serious issue for any business, especially physical businesses where customers can get injured on your premises. If this happens, you will have to pay for the liability which can include everything from medical costs to the person’s rehabilitation. Doing so would likely drain your business savings and may lead to you having to close your book store.
Even in cases where you do not close your business, you would be left with little to keep investing which can hurt your bookstore’s ability to survive. General liability insurance can handle such liability, giving you peace of mind so you can continue running and growing your business. To protect your business, you can get a quote here and also learn what general liability insurance covers.
Sell Related Items and Impulse Buys
Although they primarily sell books, many bookshops sell related items and impulse buy items. These items are great for increasing sales as well as the average amount customers spend. These additional items might also attract customers who are not interested in books.
Some items to consider include albums and movies, board games, toys, educational games, bookmarks, notebooks, and journals.
Add an Ecommerce Store
While you may not be able to compete with the likes of Amazon when it comes to selling new books, you can move a sizable volume of used books online. Used books are popular amongst collectors and those who don’t want to pay full price for them.
Starting a bookshop is challenging, but not as challenging as ensuring it is successful. You need to have the right plan, know what people want and be willing to experiment with different strategies to ensure your bookstore’s success.