Buying A Book Store
Books are a mans best friend
Books are a mans best friend. For me, books are my friend, philosopher and guide for life. They stand by me at every step. I carry one and use every empty space as says Umberto Eco to read or write one.
So, I love every bookseller in the world who provides more such booklovers, the food for their soul.
Well, when I was a toddler, I used to think all booksellers must be worlds greatest and most passionate book lovers. But when knowledge dawned upon me as I eventually grew up, I realized that having a book store is yet another business like any other for the owner.
And, so if you want to be a book seller, read on to know how profitable can you make your business. Like I always say rather than setting up a business from the root level and raising it gradually by overcoming the tough challenges in your way, buy an existing business that is up for sale in the market.
Although you need to invest in some quality time to analyze the business well enough to suit your lifestyle and nature, your financial capability, financial status of the business, goodwill, market value of assets, liabilities, operating cost, risk management, staff and the list goes on.
Evaluate the business for sale with the help of your business broker. Research the market to find out the net worth of the business according to its value and similar such competitive businesses in the market. Settle at the most profitable price after a healthy negotiation with the seller.
Understand the need nature, positive and shortcoming of the business operations before finalizing the deal. Sign the non disclosure agreement and find out the necessary figures and facts about the business for sale.
The most important thing to check is the stock of the books, magazines and journals that are already there and add up new stuff which you want to. This is one business where you can add up variety without worrying much because the more you offer a booklover the more you annual turnover would be.
Ask the seller about the already established customer base and their preferences and manage stock accordingly in future.
Check the availability of staff that is to stay after the change of ownership. Make sure it is adequate and well aware o he products you offer so that they can handle customer complaints, if any and guide them in case they ask for a book or anything else.
Check the building and land acquisition documents and get the property transferred to your name as soon as you buy the business. Complete all other legal formalities in time to avoid any government interventions.
Building reminds me of yet another essential thing you have got to look upon and that is the space available for organizing the books properly and scope for expansion in future.
Once you are satisfied with the above mentioned areas to look upon are all set according to your whims, dont waste time and move a step ahead the disclosure agreement and sign the deal at a good price.
by: Fiona
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