Like Money in the Bank: Other People's Mistakes

The ABA's publication Bookselling This Week has a fantastic article in this week's issue:

If I Only Knew Then... What Not to Do When Opening a Bookstore

Here are some highlights:

1) Don't be undercapitalized.
Check. My business plan requires more capital than I think I'll actually need at first -- one of the reasons why I haven't jumped in the water yet.

2) Take your time.
Several booksellers said they wish they would have not rushed to be open before Christmas, or waited to find a better location. Better to do it right than to do it right now. Got it.

3) Don't expect that everything will be perfect on the first day.
As you learn your customers and your own systems, things will adapt and change. This is one I've struggled with, but it makes so much sense!

4) If you have a business partner, put everything in writing and make it legally binding.
Sad stories of broken friendships and financial disaster result if you don't. This one is definitely on my mind.

5) Don't think you need to have everything.
Not ever book or section anyone recommends, not a ton of inventory to start with in any category. You'll fill things appropriately in as your store evolves. Good to keep in mind, especially as I'll be trying to save money during startup.

6) Don't forget publicity!
Not paid advertising, but press releases to local media, business cards (and gift certificates!) to local businesses, etc. Make sure by the time you open people already know you're there. I'm already working on that one.


There's more there -- it's a deep well when you go to smart booksellers for advice, especially when they had to learn the hard ways. I feel pretty comfortable with all of this advice, and I'll definitely be keeping it in mind. I'm sure I'll make my own mistakes, but it's great to avoid some of the worst!