10 Subtle Things That Make a Bookstore Successful
If you want to own a successful bookstore, then make sure you have these 10 things.
What Makes a Bookstore Successful
1. Good angle
If you want to become a successful bookstore owner, then you need to niche down. Nowadays, it is very hard to survive if you open a generic bookstore. That’s because you will be competing with Amazon, Barnes & Noble, and other giants in the industry.
By leveraging economies of scale, these big players can offer a wide selection of products at relatively low prices.¹ It is very difficult for small bookstores to do the same. Therefore, having a good angle is a must!
For example, you can specialize in one genre or theme. Think about your personal interests as well as current trends. You can decorate the store in a certain way to tell customers about the bookstore’s primary focus.
2. Strategic Location
The location of the bookstore is crucial for its success. Being in a vibrant and accessible area, such as a downtown district or a neighborhood with foot traffic, increases visibility and the likelihood of attracting customers.
Keep in mind, however, that prime real estate is expensive. Every small business wants to be in an area with lots of potential customers. This demand drives real estate prices up.
As a result, when searching for a location for your bookstore, you might have to spend lots of time looking for a hidden gem in the real estate market. You might also just have to take a chance on a place located near the outskirts of town if your budget is limited. Luckily, there are other ways to make a bookstore successful.
3. Passionate Staff
You need to be very picky when hiring workers. Only hire people who actually want to be there. This makes customer service a lot easier.
If your staff members have a genuine love for books, then they can effortlessly offer recommendations and engage in insightful conversations with customers.
At the end of the day, customers can get books from a bunch of places. They need a good reason to go to your bookstore. One reason might be that they enjoy interacting with your staff.
4. Comfortable Environment
Bookstore customers never want to feel rushed or stressed. Reading is supposed to be therapeutic. People do not like anything that goes against that.
Successful bookstores have welcoming ambiances that enable customers to browse and explore at their own pace. There should be comfortable seating areas, well-organized shelves, and attractive displays. The room temperature should not be too hot or too cold. Relaxing background music and adequate lighting conditions also contribute to a good bookstore atmosphere.
5. Strong Relationships with Publishers and Distributors
If a bookstore has strong relationships with publishers and distributors, then it can secure exclusive editions and early access to new releases. The bookstore might also be able to order discounted merchandise, which will help with profit margins.
Great. So, how do you establish these strong relationships?
You can network by going to as many events in the industry as possible. For example, you can go to book fairs, trade shows, and workshops. Introduce yourself to other attendees at these events and get their business cards. Regularly keep in touch with everyone and find out how you can help each other thrive.
6. Community Engagement
Successful bookstores actively engage with their local community. They organize book clubs, author readings, and seminars. These activities foster a lively literary scene, which means more customers.
The events also help the bookstore become a pillar within the community. It is not just a small business, but a place people go to just because they can.
7. E-commerce Capabilities
Successful bookstores embrace technology to make operations more efficient. Creating a well-designed website is necessary for survival.
Customers should be able to order books online, or at least check which books are available at the store. Small bookstores may not have the bandwidth to package and ship books directly to customers, but they should at the bare minimum let customers order items to pick up in person. As the bookstore expands, then it can add shipping capabilities.
8. Effective Marketing
Effective marketing is the bread and butter of any successful business. Bookstores cannot just expect customers to show up and pull out their wallets. That’s a fantasy. In the real world, businesses need to work hard to acquire customers.
Successful bookstores use a variety of marketing strategies. Their windows may be plastered with flashy banners and elegant displays. They might also have an established digital presence filled with social media posts about book recommendations and new arrivals. Moreover, bookstores may partner with nearby schools to help foster the next generation of avid readers.
Most importantly, successful bookstores track the effectiveness of marketing campaigns using data. They monitor numbers pertaining to sales, website traffic, and social media engagement.
Going over these numbers will allow bookstores to see what works and what doesn’t. They can then go all in on the marketing tactics that are actually effective.
9. Financial Viability
A bookstore needs to be financially viable to be successful. It’s a business after all. Two things that all bookstores can do to improve profit margins are efficient inventory management and energy conservation. Let’s elaborate on both.
Efficient inventory management means that the bookstore knows which books are selling and which books are stuck on the shelves collecting dust. The owner can get a general sense of what is popular by being in the store all day. But to know for sure, the bookstore needs a good point-of-sale system.
This software will tell the bookstore exactly how many books are sold and across which genres. Using this information, the bookstore can make restocking decisions to reduce excess inventory and be smart with its cash on hand.
Let’s now talk about energy conservation. The bookstore can cut expenses by installing energy-efficient lightbulbs and improving insulation in walls, windows, and doors. It can also use natural light whenever possible. By saving money on utilities, the bookstore can move one step closer to profitability.
10. Innovation
If a bookstore does not innovate, then it will eventually lose touch with its customers. Consumer preferences and habits change as the years go by. For example, nowadays, people are consuming more media via audio.² People also like to read eBooks because of their convenience and portability.
Savvy bookstores would know to be the supply for this demand. Otherwise, customers would go elsewhere to get their favorite audiobooks and eBooks. This means lost customers. Successful bookstores prevent this from happening by staying on top of trends. They are proactive.
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