Wine Retailer Business
Wine is still considered by many as a luxury drink. And finding people with the right knowledge about wine is like finding a rare bottle of this drink.
Are you someone with both the love and knowledge for wines? Put this unique interest to use, open a wine retail business.
In many places, wine is usually considered an elitist drink. It’s not a drink for a large part of the population, and so, starting a business in wine retailing is much like opening a novelty shop. You cannot just situate it anywhere. Careful preparation is needed for the business to be successful. Here are some of the things you must think if you want to enter into the business.
- Is it the right business for you? Translated, it means are you a wine buff? As a wine retailer, you need to be knowledgeable of the merchandise you will sell. What are the most popular brands, which country or region produces the best bottles, where can you source them, what wine goes well with this food and that. You need to be an expert both in stocking your store and in selling them to customers.
- Retail space. You’d need a storefront to display your merchandise. Where would you locate it? Will you rent a kiosk or a space in a mall? Would you lease, buy your own building or purchase an existing wine store? Is the area frequented by typical would-be wine buyers (most likely educated, middle aged people with high disposable income). Think of how you want your liquor store to feel and look like. In opening a wine store, ambiance is something you should invest on to create a mood conducive for buying something that smells like fine dining and festivity.
- Capital. You’d need it to acquire space, do store renovations and decorations, buying wine inventory, and equipment, paying for overhead, utilities, payroll, marketing, licenses, insurance. Where will you get it? From personal savings, a loan from friends and relatives, from the bank?
- Equipment. You’d need a cash register, a telephone, display racks, perhaps a computer for managing supplies and accounts.
- Licenses and Permits. Every business needs a permit to operate. Get information from your state about what licenses you need to secure and what regulations you need to comply with to operate this business. Expect to pay both state and federal liquor licenses.
- Record Keeping. You’d need a system to keep track of your accounts, inventory, purchasing and ordering.
If these seemed overwhelming and you want to avoid the hassles of starting from zero, avail of an established store’s business expertise -- franchise a wine store. Franchising a wine retailing business could cost more than $100,000. One popular wine business format that you can franchise is that of Vino 100.
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