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.
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.