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Introduction

For as long as I can remember I have been an avid reader. It was during college, when monthly expenses were quite tight, that I began to frequent local used bookstores in order to get my fill of fiction. Not only were the books affordable, but there was always a great selection of gently used books, and I was able to trade in books from my collection for either store credit or cash. Since leaving my college town, I have yet to find another used bookstore that offers the same experience and selection I had become used to. Today I will present to you my business plan for my used bookstore, The Book Stop. I will include my staffing plan, a chart of accounts specific to my bookstore, the anticipated accounting methods I will use, a pro forma balance sheet and income statement supporting the assumptions made, the internal controls I will use to protect my company’s assets and resources and what challenges I may face, and the impact regulatory bodies, such as Sarbanes-Oxley, have on decision making within my business.

Describe the type of business you have created including:

a. The product or service, and general staffing plan. Provide a rationale for your plan.

b. The form of your business and the benefits it offers your particular business,

c. A chart of accounts specific to your business, including a rationale as to the selection of each account.

a. The Book Stop will be a used bookstore carrying a full line of books for adults and children, ranging from the most popular genres to sections based on requests, which will be obtained from garage sales, thrift stores, and library sales. “When purchasing books for your inventory, consider their quality as well as their potential resale value. You can find inventory for your bookstore by visiting estate sales, library sales, yard sales, consignment shops, thrift shops, flea markets or auctions (Lake, 2013). For highly anticipated new releases and special requests, the Book Stop...