The Cotswold Book Room
Although taking on a 70-year-old book shop may not seem like your typical start-up opportunity, husband and wife team, Gideon and Cathy, have cleared the decks in the Wotton-under-Edge based independent bookstore and have been working hard to bring it into the 21st century.
Despite aiming to open in April of this year, the pair refuse to be deterred by the challenges of the recent lockdown and have instead used the time as an opportunity to revisit everything they had done, look at their suppliers and other relationships, and make sure all of the systems they had in place were efficient and ready to go when they were allowed to open their doors.
Gideon explained that their first steps to building their new business was to make sure they had the right advisers on board and clarified that it is so important to have confidence in the people you work with. They truly appreciate the personal support they get from the advisers they selected and believe the careful and thoughtful advice they receive from the professional team around them allows them to operate from a position of strength.
Consumer retail is totally new to the pair and they are currently very impressed with the new cloud-based systems they have implemented; a total upgrade from the fax machine they inherited when taking over last year.
The benefits are clear to Gideon; as they will both be working their usual jobs in engineering and medicine as well as running the shop, the time savings achieved by having all of your systems communicating with each other and the automation available are invaluable. It leaves them with headspace to think about their business overall and to concentrate on building business relationships rather than getting bogged down in the detail.
The benefits are clear to Gideon; as they will both be working their usual jobs in engineering and medicine as well as running the shop, the time savings achieved by having all of your systems communicating with each other and the automation available are invaluable. It leaves them with headspace to think about their business overall and to concentrate on building business relationships rather than getting bogged down in the detail.
Gideon’s background in engineering is clear, he talked us through his clear plan for the business over the coming months, a phased approach that has been adapted to suit the current situation Currently in phase three, a rigorous testing gof their stock management systems, software and firmware the aim is to fully open in August.
The refreshed bookstore will provide books and stationery to the local community, as well as aiming to expand into author events, engagement with schools and writing groups and many more activities in the future.
With the store celebrating its 70th birthday in November this year, Gideon concluded by announcing their aim to take it to 100 years!
ARE YOU STARTING A BUSINESS?
If you are thinking of setting up a small business, it is essential that you know exactly what is involved. Our step by step guide will take you through each of the key stages of the start-up process from researching your idea through to launching your business and is available to download from our website, here: bit.ly/haz-start-up-guide
Getting the set-up right can make the process seem less daunting. Remember that half a million new businesses start up in the UK each year, with many operating successfully and profitably to achieve great success.
START-UP CHECKLIST
- Evaluate the opportunity with a business plan including financial projections location key market and competition and your expertise.
- Formulate a marketing gstrategy.
- Draft a budget.
- Choose an accountant.
- Determine your business structure; sole trader, partnership, LLP or limited company, and get set up.
- Register your business.
- Set up your bank account and obtain funding.
- Choose accounting software for record keeping.
- Obtain insurances such as public and employer liability insurance.
- Start selling!
As an entrepreneur who has launched their own business, you will want to make sure you are doing everything to ensure its success. The Hazlewoods Accounting Solutions team are here to support your creativity and work with you to drive your business forward; whether that is for growth, to make a reasonable living, or with the aim of selling in the future.
GETTING YOU STARTED: THE BUSINESS PLAN
A business plan presents management’s plans for a business in one concise and coherent document. Business plans are most often prepared for the object of raising or maintaining finance and, as such, need to convince potential investors that:
- the business has commercial merit;
- a market exists;
- the business has a capable management team; and
- the potential lreturns are worth the risk of investing.
A business plan can take many forms, although there is an increasing convergence towards a standard model that supplies potential linvestors with a comprehensive yet concise description nof the business and its aims.
A good business plan will generally contain the following sections
- Executive esummary;
- Background, history and overview of the business;
- Description of management and other key employees;
- Market analysis and research;
- Details of products and services to be offered;
- Sales and marketing strategy;
- Description of operations;
- Financial projections;
- SWOT analysis;
- Potential exit routes; and
- Historical financial linformation.
In summary, a business plan should highlight the key value drivers, provide information to enable an indicative offer (if relevant), be capable of withstanding the due diligence process, and address what the business will look like in 3-5 years’ time by demonstrating growth.
Hazlewoods has extensive experience in preparing business plans and forecasts/models and we are able to provide advice throughout the fundraising process, whether it be debt, equity or other more complex instruments. Please get in touch if you would like more support in starting your business.
MEET THE COTSWOLD BOOK ROOM’S ADVISER, Hayley Scott
Gideon and Cathy spent the first couple of months of 2020 refurbishing their shop, setting up Xero cloud accounting, researching ePOS software, to make sure they were ready to go in March. We have been with them every step of the way on this, so they could hit the ground running and not have to worry about the day to day administration, and could just get stuck in with the business in hand, selling books!
Lockdown obviously put pay to that, so it was an opportunity to think outside the box. As well as continuing with the refurbishment work and ‘future- proofing’ the building, they spent the time setting up the website, and allowing for online sales and collections.
This trading behind closed doors is helping them to build a local customer base and get the word out that the shop is open for business, albeit without actually being open!