Retailing has entered in almost all the business spaces of the time. Businessmen and entrepreneurs see the retail business as secured options as for them ‘Making a Brand’ part has already been done. They just have to carry it forward successfully, without hampering the brand.
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.
Opening a bookstore business is the dream of every booklovers but it is not a cake walk when it comes to actually running a retail bookstore.
Here are a few tips on how to run a bookstore business:
1. Appropriate Location:
A desirable location is very important as well as difficult to find out. A retail bookstore has to be in a place where the crowd is more and should be well aware of the brand.
If one finds a place in malls or uptown market places, only then people will acknowledge the existence, rest all private bookstores ultimately end up as stationary stores.
The crowd, which likes to read books, is generally college students, children, and old people. Now that technology has entered in this space as kindles are available in different colors, dictionaries, light control and changeable font size, books seem to diminish from many shelves but it will take another eternity to wipe them off from the world as ‘Reading paperback books and sniffing through pages is not a hobby but a feeling.’
Thus location is important to get noticed and let the business run steady.
This work demands pure commitment, long working hours, no or fewer holidays and long working weekends.
For a bookstore owner, the holidays are distant dreams because, this business swallows a lot of time in arranging books, billing, talking to people or recommending them best sellers or figuring out how to reach out to the author for some autographed copies and play it through contests.
People expect the bookstore to be open, whenever they feel like walking in and buying their favourite books or books from their favourite authors.
Books are written since time immemorial and budding writers and authors are being born every day. This business will never see a dull day.
3. Hiring capable staff:
There are a lot of work involved in the bookstore, which is why a team of cap[able staffs is required. From arranging the books as per order, because at the end of the day people, who flock into the bookstore, take one book from one corner of the store and then end up leaving it somewhere totally opposite from its place if they choose not to buy the book.
Opening a bookstore demands maximize floor space, where authors can come for book readings or simply to interact with readers.
If there is enough space, it is more likely to work in your favour. Authors will either book the hall for book reading sessions or the readers will have to buy tickets to get their desirable seats.
To maintain the crowd, assist the readers, billing, taxes, feeding them online needs a team of capable staffs.
4. Capture Internet Space:
Do not fall out from the race to capture the internet space; it is the new in. Online space will help you in promoting offers; promote your store in the locality because half the youth is online.
Moreover it will also help in letting the authors and readers know about the store, where they can conduct reading sessions or interactive sessions.
Through the website one can order books as well as you can let them know the discounts and offers for certain festive seasons, about the new books or new bestsellers.