Ready to open a wine store?
Owning and operating any kind of business is a significant undertaking, and working in the wine industry requires specific considerations — but it doesn’t have to be overly complicated.
Follow these steps to open up a successful wine business that will attract quality customers and produce impressive profits.
The first step in opening and running a winning wine store? Crafting a solid business plan to guide your success.
Most traditional business plans follow a standard structure:
Really, that all boils down to your “why” — and then, your “how.”
First, write an overview of your new business. Highlight the key points — this is a general statement, or guide, so don’t get too caught up in the details. You might even want to write this part last, after everything else has come together.
Then, develop a company description — a more in-depth look into your new wine business. This is where you’ll go into more detail about who you are, what you’re selling, and why you’re selling it.
You’ve established that you’re a wine store, but what kind of wine store? Are you only selling wine? Will you be selling complementary food items, like cheese? Are you going to open an in-store bar? This decision will dictate your business structure (sole proprietorship, limited liability company, etc.), and what products you need to stock, so nail down this information early on. Then, build your team, and decide on a business name — and remember to trademark it.
Write down your goals. Know what you want to accomplish, and how you plan to do so. This will help guide your business, and track your progress.
Next, do your research. Who is your competition, and who is your target market? You need to know who you’re selling to (and who else is selling to them) to figure out how to make your wine store different — how to make it better.
And of course, you’ll need to get into the logistical essentials, and figure out your financial needs.
You’ve successfully written your business plan — so, what’s next? The most important step.
Opening a store that primarily sells alcohol products presents unique challenges and requires appropriate licensing and permits. You’ll likely need a retail license, state license, and other locally-issued permits — and many of these must be specific to wine and liquor sales. These licenses and permits are also dependent upon where you choose to open up shop, and differ from state to state. (Remember to consider zoning restrictions when choosing that location, too.)
You’ll be running a high-liability business, so you’ll need high-quality insurance. General liability insurance protects you from being held legally responsible for third-party risks — any damage caused as a result of the products you sell. A store full of wine presents plenty of opportunities for broken bottles and puddles of pinot, so make sure you’re covered.
As a wine store owner, you’ll also need liquor liability insurance. These policies specifically cover damage caused by your customers while under the influence of the products you’re selling — wine is delicious, but intoxicating.
Obtaining this licensing and insurance is critical to being a responsible wine store owner. Be sure to prioritize this step, and remember to cover all your bases with small business insurance.
Next, get the word out — and get creative.
You’ve discovered your audience when creating your business plan, and now is the time to figure out how you’re going to reach them.
Meet them where they’re at. Do they use social media, and if so, which channels? Do they respond better to direct mailers, or through email marketing? Especially as you are opening a new store, you have to make sure your message is clear.
During this phase, it’s also important to figure out your brand. Are you presenting an upscale experience fit for sommeliers? Or a corner-store grab-and-go wine shop? Make sure all marketing efforts align with who your business is — your customers will notice, and it makes all the difference.
So deliver the mailers, schedule the social posts, and send out the emails. Let your audience know what you have to offer.
Successful business owners run their store operations smoothly and efficiently. One of the easiest ways to do this? Invest in a point of sale (POS) system that is tailored to your specific industry.
Look for a solution that streamlines inventory management with a ranking feature. Bottle POS is specifically designed for the wine and liquor industry, and includes an auto ranking feature that color codes your products and ranks them depending on how well they’re selling — this is especially important once you open a new store and are still determining which products will turn the most profit.
If your customers seem to prefer chianti, make sure you have plenty stocked. Are they not as interested in generic red blends? Maybe only stock a few bottles. (The auto invoicing feature makes receiving this inventory a breeze.)
And once you’re up and running, Bottle POS will allow you to create a customer loyalty program, with an integrated marketing feature that can directly send text messages from the software. This will help you grow your customer base, and become a prosperous and profitable business. (And if you decide to scale your wine store even more, make the most of the e-commerce integration and open up an online shop!)
Starting a new business isn’t an easy process, but it is incredibly rewarding, and will serve you well in the long run. Be prepared with a detailed plan, and you’re sure to find success. So get ready to pop some champagne, because you’ll be ready to cut the ribbon and open the doors of your new wine store.
To get started with a POS solution suited for the wine industry, schedule a Bottle POS demo with one of our specialists today!