Like almost every other store owner I am sure, I’m anxiously awaiting what December will bring in terms of sales. The store is exactly 1 year old now, so even more excitingly we can start to compare to last year and see what growth there has been.
But how did the first 11 months of 2024 go? Since I get asked so often, I though I would pull back the curtain and share some cold hard data.
Inspired by the excellent Tiger record store in Oslo, here’s a little summary with some minor commentary. Please excuse any arithmetic errors.
1 January-30 November 2024
Operating revenue: 1,204,557 NOK
Operating costs: 1,287,095 NOK
Result this year (so far, and after a few roundings in the above):
drumroll please…
-82 559 NOK
So it’s pretty clear where the money comes from - we mostly sell books, both used and new, and a few other items like notebooks, stickers, totes, etc. But where does the money go?
Inventory etc.
Books: 509,958
Other merchandise: 10,941
Shipping and tolls: 35,756
Our next biggest cost is paying me and the others who work here. Very important! In total this year the store has had four employees at various points in time, with everyone working part time to varying extents except me.
Wages and related costs
Wages to part time employees: 191,000
Salary to Indigo: 183,304
Fees to the state and other related costs (arbeidsgiveravgift for example): 104,027
Insurance: 6,822
Finally we have…
Other stuff you have to pay for when you run a business
Electricity and heating (from the freaking cold winter especially): 15,916
Rent: 94,965
Bank and card fees for processing payments: 22,768
Shipping outgoing orders: 1,426
Advertising: 20,730
Office supplies: 8,442
A bunch of other small and boring things: 81,039
What does it all mean?
My goal for 2025 is of course to get the business to really be self-sustaining. Currently that is not the case. In October I had to lend the business some of my own money so we could make it to the Christmas season. And clearly I can’t survive forever on less than 200,000 a year salary working 100% (or more likely 150%).
Still, I am very proud of what Prismatic Pages has done in just one year of business. I see new and regular customers every day in the shop. We need and appreciate every single one of you! Whether you come by every week or you’re a tourist just stopping in once, I am honored that people spend their time and money here.
And now, back to work preparing for the (hopeful) flood of December sales.
Thanks for sharing the nitty gritty! It's so helpful as someone who is contemplating opening a bookshop within the next few years. Best of luck in the new year! I hope Prismatic Pages does well, and is little by little able to stand on its own two feet.
The transparency! Really appreciate seeing the breakdown. This entrepreneurial life isn’t for everyone, but it looks great on your and the Prismatic Pages crew! Keep up the good fight. Happy to support you guys however I can.