Funding my used book store Essay
This will be an outlet that deals in second-hand or used books. Literacy of a people is the foundation of a nation. We wish to encourage the culture of reading in order to eliminate illiteracy. We have chosen to go this route due to affordability. The shop’s name “Daily Books” is bound to be a crowd puller. The service will be targeting the thousands of shoppers and those whiling away window shopping or taking casual walks. Considering the hard economic times we are going through as a nation, this idea could not be timelier. Concept Funding my used book store
Business Statement SBA loans are available and we are going for the lowdoc that addresses needs below $150k. This is part of the 7(a) loan program. The loans not only come with low interest rates and minimum hassles but also with entrepreneur education. This is a very helpful resource. Since some banks allow one to access funds for the business from relatives, then your proposal is well within all legal requirements. Competitive edge Products and services: – Ease of getting classical novels and writings which may not be available from the conventional book shops.
These may as well be collectors’ items. Inexpensive: – All our books will be way below the market prices. Organization: – The arrangement and placement of books will make it easy for shoppers to locate what they want and hence save valuable time. The lighting will be artistic and professional. Location: -. The shop’s strategic location is a sure winner. The university and schools’ readership will come in handy. Public relations: – This is one of our greatest strengths as my partner is deep and wide reader, not to mention that I am an excellent people person and marketer.
We have been careful to hire committed staff whose vision is similar to ours. Market / Industry information While the knowledge search continues to expand, there is stiff competition in the horizon. New players are joining the market not to mention new technology. The government is putting in place structures that will aid in the growth. Product/Service Information The crucial service on offer is the provision of an accessible, unique product, convenient, and a cheap service facility which promises easy access to the avid reader.
The county council has been of great support since we shared our idea with them. On the launch, they have offered the parade grounds at no charge at all. They will also be sending word out to the local dwellers. Goals and strategies In the short term, we will be focusing on getting people to see the big picture. What has all along been thought of a rich man’s hobby that owning a rich home library is their preserve will now be common place. Due to our strategic location, we are assured of traffic. Our goal then, will be to focus on those walking in and around the complex.
We aim to serve at least 50 walking customers per day. The tills in the stores around the town will be offering discount vouchers to all their customers in the first month after launching. The next level and secondary goal will entail advertising by use of flyers and banners. We shall also do rounds in the offices. Our marketers will visit every school in the area and the university as well. For these students, we intend to offer a discounted price especially for the course books. We shall introduce membership to all our customers with an aim of giving away bonus gifts and discounts.
This will see our customer base grow from 50 to 100 after 6 months of business. In the long term, we are looking at electronic sales. This will entail a website that will advertise as well as offer on-line sales. A delivery van will come in handy for those members who may be a little out of town. The bookshop should have a readability of 500 plus faithful customers after a period of 2 years. As a backup plan for the above strategy, we will be liaising with the local bookshops as well as those in the nearby towns.
We shall introduce a partnership programme that should see their sales soar as well. The idea is to bring about symbiosis and cut unfair competition. We plan to have stock lists of al the other outlets and when customers make enquiries, referential sales will be seamless. We shall encourage book owners to exchange or deposit old books that they no longer use. This idea will go along way in reducing our capital requirement for re-stocking. Payback As per the bank’s requirements, we have negotiated a very low payback interest rate.
We have a 60 days initial grace period after which we shall be required to pay only 1. 5% PA on a reducing balance. This arrangement will go along way in helping us repay you within a comfortable period. It will not stretch the business neither will you be strained financially while it gives you peace of mind that your investment is secured.
Advani, A. (2005). SBA loans for your startup. Entrepreneur. com. Retrieved November 18, 2008 http://www. entrepreneur. com/money/financing/startupfinancingcolumnistasheeshadvani/article79254. html
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