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2. While you're drafting that business plan, cut your projected profits in half.
In this day and age, I'd add, "And then cut it in half again. And deduct another 10%."
Between the overall economy and online sellers, I've seen so many stores go out in the last 5 -10 years. The surviving ones in my area are very near to the college campuses.
Heck, I'm even going online to sell my unwanted books. Nobody in my area buys books anymore, only offering credit. And even then only taking part credit for new purchases. I don't blame them, they need the cashflow to pay the rent. But the Internet has really killed the used bookstores as I knew them growing up.
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