Edgar Allan Poe was nuts and so am I

My former business partner and I opened an independent bookstore in 1970 in Burlington, Ontario. We sold it in 1984.

It's still thriving,will celebrate its 40th anniversary next year and it's still considered one of the best independents in the US and Canada.

Opening a general independent bookstore these days would be a tough slog.

A niche store can work assuming you've done your homework, mapped out a business plan, have an indepth knowledge of your store's subject area and have a cash reserve to see you through the first year or so.

Care Bear, PM me with specific questions and I'll try my best to answer them .

 

I've always thought it would be great to own a little bookstore, because I love books.
I just don't know if that's a great premise on which to build a business plan.
And the bookstore thing is more dicey now than it was 15 years ago.
Tread softly.

 

Thank you, JR. I will PM you with a couple of questions I have...I really appreciate it.

And Buck, thanks. I know an endeavor like this will involve a great deal of caution and chance, but I'm not trying to compete with the behemoth bookstores out there...As mentioned, this will most certainly be a niche store. With items beyond books for purchase. It will obviously not be the easiest business to start, but it's the only ambition I've ever really known. And it's all I've ever really wanted to do...

 

CB, where are we talking about? One thing if it's in Waterloo, Iowa, another if it's in a major city that might have the right sensibility for it.

 

I'll take the case.
Is this a startup or are you looking to buy an existing place?
If the latter ...

 

If the former, as in starting from scratch.
And I seriously can't recommend enough finding you local small business development center. my gf works for one, and everything they do is free.
They'll put together a business plan, marketing strategy, help with financing. Everything.
It is in their best interest to help since the more people they help, the more money they get in grants for the next year.
If you're a veteran, they will offer even more.
Find one. Now.

 

We're talking about Richmond, VA. One time home of Poe. And several colleges. And lots of baby boomers. And the potential of some perfect locations. (I hope)

 

Buck,
People who open bookstores simply because they "love reading" are about as successful as people who open restaurants because they "love cooking".

Both are a recipe for disaster.

 

Jay. Fantastic info. This is a start-up. I have two partners. And some financing. I need more. But more than anything else I need as much feedback as possible. I will absolutely get started with the local business development center. Thank you.

 

Two partners? Are they going to be active in the day to day ops?

 

That's exactly what I'm saying, JR. I'm not trying to piss on anybody parade just for the sake of pissing.
CB can be sincere and passionate about opening a mystery bookstore. I just worry about such things.
I'd come up with a dozen small business ideas that I might enjoy running. Then I would do the research to find out which one was the best fit for my area: location, rent, competition, customer base, etc.
In the end, I think you need to be passionate about being a small-business owner, whether it's used paperbacks or frozen yogurt.

 

Yes, they will be active in the day to day ops. I will PM you with the specifics tonight to see if you have any thoughts/advice/warnings. 40 years for an independent bookstore is amazing!