I haven't yet owned a business - successful or otherwise - but I think about owning one a lot. There are a few things I need to work out -- location is one. We live near Hammonton, a small town with a strip that frequently has at least one space available, and I'd like to own a business there at some point. It's nearby, and it's reasonably convenient. I'd rather own than rent if possible - simply because if I owned it, then I wouldn't have to worry quite as much about losing it if things get tight - and I've had a few ideas on what sort of business I'd like to run. Coffee shops, arcades, Internet cafes... but what our area really needs is a good music or poetry venue... which is apparently a difficult concept, but one I want to see happen.
So what I want to do is to combine a few concepts -- a bookstore, a poetry / music venue, and a hint of coffeeshop (at least enough for microwaveable treats and coffee, but not enough to require a food license). I want BiblioPhoenix as an actual bookstore -- selling (and perhaps even buying) used books to the masses. And let's face it -- as far as crime risks go, I don't think a used bookstore rates highly on the list of places to rob.
So why am I thinking about this when our country is in economic crisis? Simply put, it won't be there forever; either things will continue to decline to the point where I can eventually get a building for a trivial amount, or things will stabilize and improve (and hopefully I can get my business before the prices go back up.) I figure it's a good business to have -- I know I can sell most of the goods, one way or another; I know I can stock the bookshelves sooner or later at less than I plan on selling them; and I think that if it also convinces people to actually be poetic, or maybe even someday becomes a venue where rock stars get their start, that would be awesome.
Now I just have to work out a few things -- what I need, and how I'm going to get the money.
So what I want to do is to combine a few concepts -- a bookstore, a poetry / music venue, and a hint of coffeeshop (at least enough for microwaveable treats and coffee, but not enough to require a food license). I want BiblioPhoenix as an actual bookstore -- selling (and perhaps even buying) used books to the masses. And let's face it -- as far as crime risks go, I don't think a used bookstore rates highly on the list of places to rob.
So why am I thinking about this when our country is in economic crisis? Simply put, it won't be there forever; either things will continue to decline to the point where I can eventually get a building for a trivial amount, or things will stabilize and improve (and hopefully I can get my business before the prices go back up.) I figure it's a good business to have -- I know I can sell most of the goods, one way or another; I know I can stock the bookshelves sooner or later at less than I plan on selling them; and I think that if it also convinces people to actually be poetic, or maybe even someday becomes a venue where rock stars get their start, that would be awesome.
Now I just have to work out a few things -- what I need, and how I'm going to get the money.
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Comments: 26
Your dream business sounds great! I have no idea where Hammonton is, but if you get it off the ground, I'm sure plenty of Gatherites will help you out. :)
As Darlene says, do your market research ahead of time. You also need to focus on why people should do business with your store rather than somewhere else. Your value proposition and marketing concepts are important for any size business. If you define that upfront, you'll be ahead of many other businesses. These days, you should also think about what kind of online presence you want to have. It could be simple -- just advertising to plug the bricks and mortar store -- or you could also sell your wares online.
I ran a business for 9 years during the Nineties. It was a very rewarding experience and I'd recommend it to people that want to have more control over their work lives. It may encroach on your personal space as well, so you'll probably want to set up the boundaries between the two in advance. Good luck!
If you decide to go for it, I wish you much success.
However, she worked 12+ hour days, 7 days a week for the first 5 years of the business just to get it profitable - so plan on not making any money for the first 5 years. Every penny you make will have to be dumped back into the business to keep it going for those first 5 years. Good luck!
And another friend started a cafe within the local bookstore and did well enough to sell the business a few years later. She baked at home (it's not difficult to pass a home baking business inspection) and brought the pastries and pies and muffins in. Later graduated to a sandwich operation, too.
Best of luck to you!
A music/poetry venue would be good, especially in getting the 20- and 30-somethings in the door.
Yep, that's the basic idea -- and one that I haven't seen in my community, at least not yet. The part I'm least certain about is getting an actual building. (The wonders of needing storage space...)
Of course, I'm tempted to try to ease up into this idea by renting a storage building from one of those places that do such, lining it with bookcases, and seeing if having more room for inventory doesn't increase my online sales appropriately.