Wine will always remain fashionable. It has been with the human race for centuries, and it probably still will be for many more centuries. It is for this reason that wine stores usually don’t run out of business, especially if they are managed well. Operating a wine store is a profitable business venture that you might want to go into. In this article, you will discover some helpful ideas that will help you open your wine store.
- Find the perfect location. Most wine drinkers are those who belong to the upper strata of society, many of which live in posh subdivisions or in the upscale areas of your city. These are the ideal locations for your wine store. Picking the perfect location is actually just a matter of understanding who your perfect customers are—those who like to drink wine and who can afford to do so. Though, it is also possible to successfully operate a wine store in parts of your city frequented by people from diverse socioeconomic backgrounds.
- Prepare a business plan. This will help you put down your business goals and strategies on paper. The business plan is also essential for you to acquire financing from banks and credit institutions.
- Secure the required permits and licenses. In almost all cases, you will require permits and licenses for the sale of liquor. You can easily ask about the process, requirements, and fees for business registrations, licenses, and permits from your state, county, or city department in charge of business licensing and permits. In the process of registering your business, you will also need to come up with an official name for your business. So, brainstorm for a really catchy name.
- Get financing. Presumably, your personal funds are not enough to start your wine store business. You will need to apply for financial loan to fund your wine store initially. If you have a sound and valid business plan, you should be able to get financing for your wine store fairly easily.
- Buy store equipment and furniture. You’ll want to make your store’s interior match the classiness of your target clientele. Also, remember to buy essential business equipment such as cash registers, credit card machines, computer (with accounting software), etc.
- Buy equipment for your wine. You’ll need at least two types of wine equipment: one for storage and the other for displaying your wines. Coolers, racks, and shelves are the most important ones. Some models of these pieces of equipment are even multi-functional (e.g., a cooler shelf or a cooler rack).
- Stock up on wine. You will need to start creating accounts with your wine suppliers. Make sure you find the best deals from the many wine suppliers.
- Hire the right employees. The perfect employees for your wine store are those who have a passion for wine and a passion for good customer service. Make sure you hire enough people to work during store hours. Never hire more than enough. Pay your employees well and treat them well.
- Advertise your store. Don’t just rely on word-of-mouth advertising. Advertise through local media. Open your store with a blast. It is a very good idea to hold a wine tasting during your store’s grand opening. That way, your prospect customers will be able to taste your wine and will have firsthand experience of it to share to others when they recommend your store.
If you have the passion for wine, there’s no stopping you from opening your dream wine store. This article has given you tips and ideas to make you fulfill your dream more easily and comfortably.