Books continue to be in huge demand for different reasons. This is why the bookshop business in Nigeria is a very profitable business. Children, teens, adults and old people read books at every stage of their life.Here is a guide on how to set up a book shop in Nigeria.
- 1 What is a Book?
- 2 Reasons you should Start a Bookshop Business in Nigeria.
- 3 Materials Needed to Start Bookstore Business
- 4 How to Start Bookshop Business in Nigeria
- 5 How to make more profits from your bookshop business in Nigeria.
What is a Book?
A book is a medium for recording information in the form of writing or images, typically composed of many pages bound together and protected by a cover. Everyone has read a book at a particular time in their life. You sometimes read a book to pass a test, write an exam or acquire knowledge to make yourself a better person.
Reasons you should Start a Bookshop Business in Nigeria.
1. Less Capital
Bookstore business in Nigeria does not require much capital, yet, it can yield massive returns. You can start the business with even N20,000 and still make your profits. The more you invest, the more profits you’re likely to make from it. It’s just like any other lucrative business.
2. Evergreen Information
Whether we like it or not, printed books are still read and cherished in Nigeria and all over the world because of the evergreen content it contains. Some of the contents in printed books remain and will still remain relevant in 10 – 20 years to come, which typically means that when you go into bookshop business, any book you buy now will remain relevant on the bookshelf for a long time till someone (a customer) buys it.
3. Massive Returns
The bookshop business in Nigeria yields massive returns. For example,If you invest N250,000 in buying books to resell here in Nigeria it is likely you make 30% – 50% profit depending on how good you are in persuading people to buy and branding.
4. It will Make you Famous
This method just started to work a few years ago when many bookstore owners started to form book clubs to encourage Nigerian readers and doing this brought them 2 things in particular; fame and more money.
Materials Needed to Start Bookstore Business
Here are the major materials or equipment needed to start a bookshop business in Nigeria.
- Fans or Air conditioner
- White lights
- Tables and chairs
How to Start Bookshop Business in Nigeria
1. Draw your Budget
As we all know it is impossible to go into any business in Nigeria or anywhere without first drawing a budget. A budget basically lets you know what you’ll be spending and exactly what. Not doing this will make you spend money unnecessarily and worst of it all spending the money on the wrong things..
2. Rent a Shop/Space
After drawing your budget based on what you can afford, the next step in starting this business is to go get a space or shop to rent.
In this crucial step, don’t forget that in getting your shop or space you should be in search of shops or spaces in a populated area, streets where hundreds to thousands of people pass every day soo that more people will be able to visit your bookshop and buy books easily.
3. Buy Materials of Bookshop
When it comes to buying materials needed for your bookshop or space, there are two factors you need to consider – whether you should go for new materials or fairly used materials. Your choice on this will be determined by your pocket.
Whether you go for the new or the fairly used ones, none of these really matters. What really matters most is for these materials to satisfy the customers coming to buy books by making them comfortable.
4. Register Bookshop Business
Now is the time to register your business. You need to do this on time because you don’t want CAC to be closing your bookshop when you’ve started and making plenty of profit from your bookshop. This can run down your bookshop business in one day.
5. Buy Books for Bookshop Business
To achieve this and to make maximum profits, I’ll advise you to buy your books from where even the wholesalers in Nigeria buy their books. This gives you the seller freedom to sell your books at any price and still make massive profits.
Buy the books and arrange them neatly in your bookshop. Make your bookshop dry and make sure there is cross ventilation so that the books will not become damp. Also, make sure there are no leaky roofs above your bookshop as one single rainfall can make you’ll lose almost all your books.
6. Advertise your Bookshop
After getting your books, you should not just sit down and expect crowd customers to come in and start buying your books. You need to go all out and advertise your business. To do this effortlessly, you should go to schools in your area and tell them the benefits of them buying from you. Maybe because you’ll be doing deliveries or you’ll be giving massive discounts. Or you can take the World Literacy Day that schools recognize to sell books to schools.
You can also start a book club in your area, this will draw attention to your bookstore business and from there, customers will start trooping in massively and sales will continue to increase.
7. Keep Records of your Bookshop
The benefit of having accounts to your business is unlimited. From it helping you to get loans from banks when you need them to expanding your business to it revealing whether you’re making profit or running at loss in your business.
It helps you know how much you’ve been spending on expenses and how much you can continue to spend.
How to make more profits from your bookshop business in Nigeria.
A. Diversify your Bookshop Business
Asides from selling books in your bookshop, you can diversify by selling writing and painting utensils such paintbrushes, paints, cardboards, biros, pens and anything that has to do with writing.
This will make painters, teachers, parents, school owners and students to patronize you,which will in turn increase your sales and boost profit.
B. Become a Distributor
Instead of being a retailer, why not be on top of the bookstore business chain. This will also increase your profits massively because, with this, you’ll be able to sell to other retail bookshops in your area and also sell to people at the same time.
It’s always going to be extremely hard when it comes to starting businesses in Nigeria so instead of procrastinating, now is the best time to start your business.
- What You Need To Know About Finance - October 18, 2021
- Plantain Farming – How to Start a Plantain Business in Nigeria - September 2, 2021
- How to Start an Electronics Store Business in Nigeria - August 30, 2021