I emailed this bookstore asking if they were hiring. I noticed they lacked presence on social media and their website wasn’t well made and offered my graphic design services as I’m a recent graphic design graduate. The owner said she didn’t have the budget to hire but was retiring soon and asked if i’d be interested in taking over. I know nothing about owning a business but this seems like a good opportunity so I’m trying to figure out what to do.
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The opportunity to run a business is daunting, but as someone who recently hopped into a business I had no knowledge about or the industry, it’s tight. I don’t make a lot of money, but I do ok and I love working for myself and I love the opportunity to grow the business.
The pro’s are the flexibility to make a space you want to work in. You’re free to be creative and problem solve to grow the business.
The cons are things like keeping up with the finances, you probably have a store front that needs to be managed, can you devote yourself to be there for the good of the business even when you’d rather be somewhere else, and do all of that extra work for not extra money. You only earn what the business can afford to pay you after all the other things are paid first. These are sacrifices that need to be made and stresses that need to be managed, but well worth it if it works out.
All that said get a look at the financial records, talk to an accountant, if they’re open to you working in the business for a few months before committing to the idea just so you can get a feel of the state of the business without relying on them to be honest with you.
Damn I always wanted something like this to happen to me lol but yeah you have many things to figure out before you say yes such an exciting idea though
Take over as in buying or running the business and giving them a share of the profits?
no one buys books anymore
Tell that to the $9100 profit in our bank after all expenses that we’ve already made in 18 days of our new bookstore being open.
There’s a used book store in my small county. The older folks love it, and it recently was sold to a new owner. I’m in my 60s, and everyone I know at my age uses digital, but my mother-in-law, and her group, in their 80s love that store. So, as others have said, examine the accounting, and go from there.
Sounds like the store is her job, so her retiring means closing the store. It’s probably less work to transfer the ownership to you.
That said, this could be a great setup for you or an expensive lesson in the making. You need the p&ls
Definitely talk to an accountant and run the numbers, take emotion out of it completely as she may want someone to stand for business debt which might be fine if the sales work.
That being said, king of the bill has an episode exactly about this. https://kingofthehill.fandom.com/wiki/Full_Metal_Dust_Jacket
Agreed. If the business can’t afford and marketing services its not making any money likely and is in no condition to be bought/sold. Likely be buying a job and not a well paying one.
Talk to an account and get a full copy of the books
Yeah, and then with a copy of all the books you can start your own competing store!
Marketing is a huge part of running a business and that’s clearly something you know how to do that they don’t. The real question is: Do you want to do marketing and graphic design or do you want to own and run a brick and mortar business? Those are VERY different paths…
As a designer who started a design agency, I couldn’t agree more.
I used to design all the time, but my full time job is now running the business. Client relationships, bookkeeping, marketing, etc. Design is the last thing I do unless we’re short-handed on a project.
I think with all the social media tools available you can run a small business and oversee marketing as well.
All owners wear many hats! I do sales, marketing, social media, IT, hiring, and invoicing. Also blow the leaves and fit the toilet today 😝
We’re about 1.75m with 15 employees…
Bro, you need to step back and delegate. How much of your business (and family income) is dependant on you. If you drop dead tonight can your business continue and your family receive income?
Great opportunity to start an online store. Am sure there are some real treasures hidden in the stacks. Get help from a lawyer.
First, you would need to do your due diligence, which will cost you a little money. You’ll need to get an accountant, and probably an attorney (to work out contracts) if you have decided to move forward.
You will need to get copies of the “books” and get them to an attorney that knows what they are doing/looking for. They will be able to give you a decent picture of how the business is doing, what liabilities they have, and if they are in arrears in any way (taxes, payroll, loans, etc). They should also be able to give you some idea what, if anything, the business is really worth.
Aside from that, there are a lot of people who are very naive about what it takes to run a small business. Luckily, for you, it’s already an established business, so, in theory, there should already be income, and a good idea of what expenses look like.
BUT you personally should do your homework on exactly how much time you will need to put into it, what the legalities in your state are, etc. If there aren’t other employees, do you want to have to be there all the time? If there are employees, are you going to want to have to come in when someone doesn’t show? Are you good at managing people? Delegating? Being in charge?
I could go on and on, but running a business isn’t just a little extra paperwork, there is a LOT of time, and stress involved, and it’s not for everyone.
Ive help a few folks plan when acquiring a business. And I learned a lot hard of lessons when I bought mine about 6years ago. Feel free to DM
The economics of a used bookstore are ridiculous. If he’s willing to give you all the inventory, okay. You might put a roof over your head for a few years.
But if you sell online you will be slightly more profitable than normal.
I also like the Ryan Holiday approach - he has a retail front and runs his real business in the back. He sells (probably) a lot more on the basis of his recommendations and relationships. The bookstore is a combination community investment and loss leader for his larger empire
^ This. Otherwise you just bought yourself a crappy underpaid job.
Why don’t you offer to work for with her now with zero investment, gaining a flat commission on all sales.
This will give you a sense of if you can drive sales up.
After a year discuss an option to buy.