Creating a business plan can be a huge undertaking.
You’ll need to take a deep dive into your financials, hunt for the perfect location, and figure out how to attract your first customers.
With so many items on your to-do list, you might forget some essential pieces of your liquor store business plan. In this blog, we’ll cover three of the most commonly missed — but most important — elements of a comprehensive small liquor store business plan.
1. An Inventory Management Strategy
One of the most exciting things about opening a liquor store is getting to share your favorite spirits with your customers. There’s no doubt that your business plan includes a carefully curated product line, including only the finest liquors, wines, beers, and mixers.
But how do you plan to keep them in stock?
Having the best selection only matters if your customers are able to find exactly what they want on your shelves. If you can’t keep track of all those bottles, you’ll encounter low sales and unhappy customers when their favorites are out of stock.
The easiest way to keep your shelves perfectly stocked is to invest in a point of sale (POS) system with powerful inventory management features like:
- Real-time inventory monitoring that enables you to keep an eye on your stock from anywhere, at any time.
- Automate receiving and purchase orders to save time and ensure your stock levels never drop to zero.
- Automated ranking that gives you a ranked list of which of your liquors are selling the most and which are moving the slowest, allowing you to optimize your inventory.
Being intentional about your inventory from the very beginning of your small business journey will ensure satisfied customers and higher profits.
2. Your Plan for Legal Compliance
While aspiring small business owners usually account for the licenses they’ll need for a liquor store, they often skip a critical step: keeping their liquor licenses in good standing.
As a liquor store owner, you have an important responsibility to comply with all laws regulating the sale of alcohol. Failing to uphold this responsibility can lead to hefty fines and penalties and even the loss of your business.
That’s why legal compliance should be a prominent part of your small liquor store business plan.
To protect your business, make sure your liquor POS system includes a built-in age verification feature. This feature prompts your cashiers to scan customers’ IDs during the checkout process, ensuring that your store only sells to customers who are of legal drinking age.
Related Read: 5 Best Age Verification Software Tools for Liquor Stores
3. Growth Strategies
Some business owners make the mistake of thinking that a business plan is simply a map to launching their venture. Instead, you should think of it as a living document that will grow with your business.
Your small liquor store business plan should include your plans for expanding your business, building your customer base, and making more sales.
Here are a few of the most effective growth strategies to include in your small liquor store business plan:
- Implement a customer loyalty program. A loyalty program will help you nurture your relationship with your customers and generate repeat business. Your easiest option is to create a loyalty program using your liquor POS system’s built-in customer loyalty feature.
- Sell spirits, wine, and beer online. Offering pickup and delivery services is a great way to expand your reach and attract new customers to your liquor store. If you’re hoping to get into the e-commerce game, make sure to choose a POS system with seamless e-commerce integrations.
- Cater to your customers’ wants and needs. Once you’ve been in business for a while, you’ll have the opportunity to learn about your customers. Pay close attention to your sales reports, and note if you see shifts in your shoppers’ preferences and habits. Equipped with this information, you can tailor your inventory, marketing, and even hours to boost customer satisfaction.
While getting your liquor store off the ground can be a challenging process, don’t forget to include these future-oriented strategies in your small liquor store business plan.
Crush Your Small Business Goals With Bottle POS
Launching a small business can be a daunting task without the right tools — which is why you need to include a powerful POS system in your small liquor store business plan.
Your POS system will be the engine that powers your liquor store, allowing you to stock your store effortlessly, verify customers’ ages with ease, and boost your profits.
If you’re looking for the best option for your liquor store, check out Bottle POS. Equipped with advanced inventory management features, a built-in customer loyalty program, and flexible integrations, Bottle POS has everything you need to nurture a thriving liquor store.
See Bottle POS in action by scheduling a live, personalized demo today.
