For those that are new to our blog– I’m Christine – Steve’s wife. Some of my previous posts are here and here. I haven’t posted in a couple of months because I’ve been so focused on my book business. Anyway…
My dream is to own a successful profitable business doing something I love. I want to make money, but it must be doing something I love and I love books.
I’ve always planned to open a retail bookstore – a discount bookstore with all bargain remainder type books. I’ve been in the book business for over 14 years. I visualized every aspect of my new store:
- The employees I would need
- The computer architecture
- The shelving
- The trim
- Where I’d position the counter
- The name
- The style
- The logo
I’ve owned and run several small businesses. I read tons of books on running small businesses, retail trends, and why people buy – see my favorite booklist below. I thought… when my boys get a little older, when I have a little more time, when I have a little more money, you know the excuses… finally, a few months ago I thought, why not now? I can do it. We have the money, the kids are in part-time Montessori, and I can make it work. I started scouting out my surrounding area and took down phone numbers of both new strip malls and older out of the way places. After making several phone calls my dream of a retail store began to fade. Rent was outrageous! The new malls wanted $22 per square foot plus $8 – $12 for taxes and maintenance fees. The second rate malls wanted $15 – $18 plus the added extras. A well-stocked bookstore needs lots of space. I was looking at $4000 – $6000 per month just in rent. To be honest, I think I could make it, but it doesn’t make sense to pay that amount in rent. It isn’t profitable enough. I could probably find cheaper rent in a downtown area but I wanted a suburban bookstore. A place where stay at home moms could drop in during the day and browse books with their kids or dads could give mom a break on the weekend and the kids could play in my ‘kids den’ area, all while dad shops for books at a cheap price.
Altering the Dream
2 weeks ago I had one last phone call from a property owner and he said he had a great deal. After speaking to him I knew I had to alter my dream. The “great deal” was $14.00 per square foot. Wow! I thought it was pretty good considering the location. Then he said “Oh, and the taxes and CAM (common area maintenance) are $8.00 per sq. foot.” My heart sank. I cried. I couldn’t take it anymore. I’m not about to give up on the book business, but my plans needed to change.
I run an online bookstore from the basement of my house. Business has been awesome. I’ve broken my yearly plan by over $10,000. My sales are double what they were last Christmas Season. My original plan was to build up my inventory and move it into a retail bookstore, running the retail store with a large web presence. After discovering the cost of retail space and finishing the book Tax Loopholes for eBay Sellers I realized my retail dream is dead. When I look at all the tax write offs I have for running a business out of my home and employing my kids when they get older, hands-down a home based business is the clear winner. In Minnesota we could buy a 6,000 sq ft house on 10 acres and build a 5,000 sq ft building for less than the 6K per month I’d shell out on retail rent.
The new plan is to just keep growing my online business.
It’s hard to change my plan to own a retail bookstore because I love the idea of being a visible part of our local community. You are a destination where people come to shop and feel happy. When you are online you are a mystery. Nobody knows or cares who you are just as long as they get their product. My plan will now consist of buying a bigger piece of property. Something I can build a large 4-season outbuilding on. Instead of nice wooden shelving with the books organized by category it will contain steel shelving with books sorted by barcode. Instead of having a staff of knowledgeable ‘book people’, I will have my children and neighborhood teenagers running around folding boxes and slapping address labels on them. I’m not giving up; I’m just accepting the changing reality. All this is fine with me because – in the end – what I really like to do is – make money doing something I love. And I love being surrounded by books.
You can browse my eBay bookstore here:
Recommended Reading List (sorry, I don’t have them in my inventory right now)