What Small Business Owners Say - Part 2

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Megan Collins is the owner of The Last Wordsmith Book Shoppe in North East PA. We recently sat down and talked about what it is like to start and run a business these days. Below is part 2 of our interview:

Kristine: Is there anything you would have done differently when you started your business, knowing what you know now?

Megan: It’s really hard to say because you learn so much from your customers as to their wants and needs, and you can’t do that until you are actually interacting with them. Like, I had no idea that there would be a big call for Amish fiction. Your customers really determine your inventory in a book store. Personally, I like mostly non-fiction but I wouldn’t sell many books if that’s all I stocked.

I do wish that I had planned an advertising scheme of some kind. Something like, an ad that read, “Guess what’s coming to 17 East Main in North East?” one week and then for the next few weeks give clues and make people guess what it is. Something that would spark interest from the beginning and get people thinking. People remember stuff like that.

Kristine: What advice would you give others who are thinking of starting their own businesses now?

Megan: Be sure that you are ready to struggle, financially, personally and physically. Long hours, no pay and little time for family or entertainment. If you are patient and tenacious and absolutely love what you are doing, you will be fine.

Kristine: What measures are you taking to ensure that your business will survive during these tough times?

Megan: I have cut back on decorations and catered items for holidays and events. Plans for new sidelines are now on hold. I have also had to cut employee’s hours.

I have not cut back on advertising – I think you have to keep your name out in front of people. They have to get to know you and continue to be reminded that you are there.

Kristine: Any other comments, thoughts or bits of advice to potential or current small business owners?

Megan: Just to do whatever you can to get through this time. Other businesses started during down times and kept going, look at Disney, he started during the great depression. It won’t be easy, but if you can make it through, it will be worth it. At least I keep telling myself that!

Kristine: Thanks very much for your time and insight.

Later this week, we interview Katie Rowan, owner of Fresh Picked Vegetarian Delicatessen in North East PA.

What Small Business Owners Say - Part 1

Megan Collins is the owner of The Last Wordsmith Book Shoppe in North East PA. We recently sat down and talked about what it is like to start and run a business these days. Below is the first part of our interview:

Kristine: You started a business in August of 2008. The economy had not totally tanked then, but there were signs. What made you decide to start a business in a difficult economical climate?

Megan: My plan was to start up a small bookstore as my “retirement” job. So I had put money aside for a few years for that. When I was laid off from my job as a Human Resources Manager and had no promising prospects for work, I thought I might as well start it now.

Kristine: What kind of research did you do before starting your business?

Megan: I looked at several professional organizations and found The American Booksellers Association to be most helpful. Their forums helped tremendously. There is nothing like getting help from people in the business and several had been in for over 20 years. Their advice was priceless.

I also contacted PAZ & Associates. They are consultants who specialize in opening bookstores. Their books and workshops provide real life situations, budgets, business plans and so much more.

I can’t stress enough the value in talking to people who have been in the business for years. As a business owner, you will use their advice on a daily basis.

Kristine: Some people have predicted the death of independent bookstores because of Amazon, Barnes & Noble and the like. What is your take on this?

Megan: I really think that personalized service will always win out over big box and internet stores. Communities like to help their own. People who come into the book shop become more than just patrons, they become friends. We offer book clubs and writer’s workshops and personalized services that you never get from other bookstores.

People come in and take ownership and pride in the bookstore. I’ve had people come to the Last Wordsmith and call it “their bookstore.” It is a really nice feeling to know that they feel that way and they don’t want to see it close up, so they do what they can to make sure it stays in business.

Part 2 Coming Soon.