HOW TO STARTA BOOK SHOP BUSINESS IN NIGERIA
The bookshop business is not actually a new business in the country as it has been in practice for quite a long time in the country. The book shop business allows individuals to be able to get the books they want at a price. The business, however, is no longer as popular as it used to be with the introduction of digital means for individuals to get books. But even at that, the book shop business is still a very good business idea as some people still prefer having the regular paper back to the one they can find online. Depending on the types of books you choose to sell in your shop, you have a good chance of making good amount of profit from the business.
The book shop business simply involves setting up a location and stocking it up with books for customers to come in and get what they want. Book stores not only serves the needs of adults but also young people too as you get to find almost any category of books in a book shop. Book shops are actually a good idea especially for people who love reading. Books are read almost on a daily basis and all for different reasons. At book shops you get to find a variety of books covering almost all aspects in the world including relevant old books. Also, some book shop owners choose to sell other things like stationeries and some other things for extra income.
One of the main advantages of starting a business like this is the fact that books are actually generally acceptable and with book shops, it makes the books easily accessible to customers or people who love to read. Like I’ve mentioned, a lot of people love reading and with book shops, they’re able to get the books they want at an affordable price. Sometimes when books are first released, they’re always in paper backs and you’ll most likely be able to get them at a physical book store. Also, bookshops are known to sell school textbooks for students and this is also another reason why it’s a good business option.
Another thing is that you don’t need any special skill or prior experience to be able to start the business It’s one of the few businesses that can be practiced without any skill or training needed to be successful at it. You just need to get the books from reliable sources and then sell them for affordable prices which doesn’t seem like something you’ll be needing any kind of training for. Just a basic knowledge of how to run a business and also some background research in the business and you’re good to go to start the business without issues. This typically means that almost anyone can start the business as long as they’re ready for what the business entails and they’re ready for the work involved.
Starting the business is not an entirely difficult thing to do especially since you won’t be needing any special skill or training. It simply doesn’t really require much. The capital for the business depends on how small or big you plan to set up though the cost of books might be expensive sometimes. If you’ll be starting small, the capital won’t be as much as the capital for the large scale aspect of the business. You don’t necessarily need workers for the business especially if you’re starting small but with a large book store, you might need a couple of workers to help with things at the book shop.
In the next sub heads, I’ll be discussing the steps involved in starting a book shop business in Nigeria and some of the things that would prove useful to ensure that the business is successful and you make a good amount of profit from the business.
No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.
The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneur how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned points, it’s more like being less equipped about something especially something you plan to spend money on.
There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business.
2. WRITE A BUSINESS PLAN
A business plan needs no introduction. It is equally as important as some of the other processes or things involved in the business. After a comprehensive and thorough research has been conducted, entrepreneurs must now put all their ideas into paper after, of course, deciding to start the business. The business plan will cover things like the way you plan to operate, the cost of several things, how you plan to market your business, future projections and also contingency plans.
The business plan serves a number of purposes. In cases where individuals might need to get investors or even get a loan, it will prove useful as it will contain all that needs to be known concerning the business. It is also going to serve as a point of reference for the proposed business.
3. CAPITAL AND LOCATION
The need for capital cannot be overemphasized. It is so important that without it, the business will not be able to start at all. The capital covers the cost of everything you’ll need for the start of the business including the cost of location and also the books for the business. As you might’ve known by now, the business requires a location to start. Go for a low cost place with a high turnout of people in the area. This will give you a good chance of getting customers as your business is in a place where people regularly go through. You’ll also need to register your business and the capital will also cover that.
4. GETTING THE BOOKS
First up, you need to decide on the kind of books you want to sell in your book shop. There are books on different topics and for different age category and you might need to select the one you’ll have in your shop. This helps you to be able to categorize your target market and strategize or make your plans based on that group. It is also possible to sell for more than one category depending on the capital available. For getting the books, you can either get them from publishers or import them from outside the country. Ensure you get a trusted supplier for the books. You can also have alternatives just in case there is an issue with the main supplier.
5. MARKETING AND SALE
Word of mouth and referrals are quite useful for a business like this. You should inform people about the book shop and also encourage customers to come another time and also inform other people to also come and patronize you. You can also get banners positioned in front of your shop and some other places in your area. Fliers can also be distributed. Social media is becoming a good fit for almost all kinds of adverts. You can also make use of social media accounts, which you’ll have to create, to advertise your shop.
Locating the business in a good place with high turnout out of people and also close to your target market is a very good option and it also gives you a good chance of succeeding in the business. The business is not really popular in the country and as such, you don’t have to worry about too many competitors. Once the business is well set up and all things are put in place, then there won’t be a problem getting customers and making your profit.