I’m planning to open a small bookstore. How hard can that be?
Regardless of size, bookstores operate with the same principles. The primary difference between larger and smaller stores is volume and staff size. You’ll still need to understand all of the fundamentals of running a business, paying sales taxes, buying and managing inventory, using a computer system if you intend to excel at customer service, creating a reason for customers to buy from you, how to apply for publisher co-op and manage special events – plus more. And smaller stores tend to be more challenged to turn a profit, so business savvy is even more critical to a small store’s success.