NVNR Recap: Budgeting for Booksellers

The Budgeting for Booksellers session at NVNR was SRO (standing room only)! The presenter was Candice Huber, owner of Tubby and Coo's Traveling Bookshop, who is also the Membership and Social Media Coordinator for SIBA and an instructor for the Store and Operations and Event Management tracks of the Professional Booksellers School.

The session provided some practical tips on budgeting, guided booksellers on how to look at financial information, and gave some examples and action steps that could be taken quickly. Among the topics covered were:

Distinguishing "Wants" versus "Needs"
The former being things which, if cut, will not hurt your business whereas the latter are required for your business to survive. Savings and paying yourself, Candice emphasized, are Needs.

Categorizing expenses and aligning them with your goals
In particular, it is recommended that your expense categories include the categories used by the ABACUS survey: Payroll, Occupancy, Operations, Cost of Goods Sold.

Setting realistic spending and revenue goals
Always set a maximum spending amount for each category, and be conservative. Regularly check your plan against your real expenses and adjust accordingly.

See the slideshow handout

The Budgeting for Booksellers session was developed from the Bookstore Finances Module of the The Professional Booksellers School. The 2024 curriculum is over, but booksellers can sign up for their Bookseller Financial Literacy Bundle as part of the PBS Independent Study program.

SIBA stores: use the code "SIBAis" to receive a discount.