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Edgar Allan Poe was nuts and so am I

Discussion in 'Anything goes' started by Care Bear, Jul 6, 2009.

  1. Care Bear

    Care Bear Guest

    I've been lurking every day and occasionally posting on SJ for a little over a year now...I've been a little intimidated to respond on more than a few threads (see: politics board), but I have spent a very quiet seven days, ten hours and four minutes of my life reading your wisdom, your awesome bickering, and your daily moments of eye-widening wit. More than anything else, however, I have been impressed with the fathomless amount of kindness and helpfulness available on this site.

    With that in mind, I am looking for some guidance from anyone who might have experience in opening a retail store. In my case, a bookstore. I work in sports research and marketing right now, but I am assuming at this point my job will be phased out in the next year. It's time to take control. So, my life long dream has always been to open a niche bookstore, focusing on current mystery/detective novels with some good old nostalgic stuff for the baby boomers (think Nancy Drew, Sherlock Holmes, etc...) I'm probably going to name it Edgar's. After the author. And my personal writing hero. Also happens to be the name of my pug. Who will be the ridiculous, fat mascot of said store. I have journals of ideas for this undertaking...it's go time...

    I am taking a business course in the fall, having never signed up for one in college. I figure a business plan might be, you know, helpful when applying for a small business loan. Does anybody out there have any experience, advice, warnings (or want to hit me over the head with a barbell for being a moron) that he/she might be able to share that could aid in this endeavor? Any guidance out there would be so, so appreciated. If this place actually opens, there's a bookmark with your name on it. Don't bullrush this post all at once! But, seriously, thank you in advance for any help you can provide.

    And an even bigger thanks for all the laughs, head-shaking, audible gasps, and moments of tears you have all provided in the past year.
  2. sportschick

    sportschick Active Member

    I think JR works in book publishing (well, something to do with book anyway). Might be worth shooting him a PM.
  3. slappy4428

    slappy4428 Active Member

    I had help.
  4. Care Bear

    Care Bear Guest

    Thank you, SC. I will...
  5. Care Bear

    Care Bear Guest

    And you are...? :p
  6. PCLoadLetter

    PCLoadLetter Well-Known Member

    I would try contacting people with similar stores in other cities. They may be willing to share some insight, particularly if you are in an area where you wouldn't be in competition.

    The Poisoned Pen in Scottsdale and The Seattle Mystery Bookshop would be good starting points.
  7. Care Bear

    Care Bear Guest

    I have read quite a bit about the Poisoned Pen...great idea, thank you! Will try Seattle, too...
  8. bagelchick

    bagelchick Active Member

    There's also a place in Oakmont, PA (outside of Pittsburgh) called Mystery Lovers Bookshop that has quite a following.


    Good luck!
  9. PeteyPirate

    PeteyPirate Guest

    RE: the bank loan. I make loans to businesses, and the business plan only matters if it sucks. You have to be able to show historical cash flow, meaning a source of income that is enough to cover the new loan as well as your existing obligations. Repayment is usually calculated over a period of 3-7 years. If you are quitting your job in order to open a store, then in the bank's estimation, you have no cash flow. Second, you have to have collateral, usually meaning equity in your house equal to or greater than the amount of the loan. Without the cash flow, there isn't much a bank can do. Without the collateral, if the cash flow is satisfactory, then it might be possible to do something through the SBA. Fair warning: startups rarely get bank financing except in rare cases where there is another guarantor (usually the spouse) who is still working a high-paying job that covers both the business and personal debt.
  10. Buck

    Buck Well-Known Member

    The failure rate for independent bookstores is higher than the failure rate of all U.S. retail businesses.
  11. Care Bear

    Care Bear Guest

    I know. I know the odds aren't good. But that's not going to stop me.
  12. Buck

    Buck Well-Known Member

    Have you thought about a different business?
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