There’s a huge market for school supplies, as many families purchase new materials each year for their kids’ new academic curriculum. It’s a stable business, as education will remain essential regardless of the economy, and most school supplies are nonperishable. If you didn’t jump on the opportunity to make money supplying students with their back-to-school basics this year, you can hunker down this summer to have a school supplies shop ready by next fall. Discover how to start a school supplies store to properly prepare yourself this summer.
Create a Thorough Business Plan
Before making any investments, create a thorough business plan. It will help you remain within budget and serve as a checklist until your store’s grand opening. A few things to consider in your plan to start a school supplies store include the following.
- What are the initial and ongoing expenses of opening a school supply shop?
- How many employees will you need for operations?
- Who is the target audience?
- What should your price range on products be?
- How will you brand and market your company to make it stand out?
Establish a Legal Entity and Register for Taxes
Should your store be sued for faulty products or another reason, a legal business entity will protect you from being personally held accountable. LLCs and corporations are popular options.
To remain legally intact, you’ll also need to register your business for taxes. You will need to apply for an Employee Identification Number with the IRS before registering your company for business taxes.
Acquire Business Insurance
Another checklist item to help prevent your brand from acquiring legal fees is purchasing business insurance. Business insurance is well worth the investment, as it safeguards your company’s finances, should operations not go according to plan.
Gather Your Products and Promote Your Brand
Stock up on the most profitable back-to-school materials so you can thrive as a school supplies retailer. You’ll need to consider how to choose the right backpack for resale to narrow down your bookbag options to the ones that will provide the greatest net gain. For other essentials, such as pencils, markers, and paper, veer towards recognizable brands so you can offer some familiarity to new customers.
Once you have your store completely stocked, it’s time to promote. For a larger audience, market your shop to both teachers and families with students. Social media platforms are a very popular and affordable way for small businesses to gain brand recognition.
