Monday, May 20, 2013

Business Tips For Wine Store Owners

Operating a wine store is a fun and financially rewarding venture that allows you to work for yourself. If you are experienced and knowledgeable in the different types of wine, then perhaps this is the industry that's right for you. Unfortunately, far too many people expect their retail wine business to automatically start with a successful client base. Like all businesses, you must work from the ground up to create a client base. Only then can you expect to have a long-lasting, profitable business. If this is something you are interested in, keep reading to learn some more essential business tips for retail wine store owners.

Tip #1 - Know Which Licenses and Permits You Need

One of the most confusing parts of opening and running a wine store is trying to determine which permits and licenses are necessary. Since the requirements vary depending on the city's laws, it's oftentimes a challenge to find out what you need. So, how do you know what's required for opening a retail wine store? The easiest way is to take a trip to the local city planning office in the city where you intend on opening the store. Ask to speak with someone about your desire to open a retail wine store. They should be able to walk you through all of the necessary licenses are permits that are required.

Tip #2 - Naming Your Store

A common mistake newcomers to the retail wine industry make is giving their store a generic name. While this may be easier, it doesn't allow you to brand your business. Instead, take the time to choose a unique name that people can remember. Over time, people will recognize your store's name as a trusted leader in the retail wine business. If you are having trouble choosing a name, go back to the basics of what your store is about -- wine. From there, you can mix some unique terms and words to achieve a uniquely brandable store name.

Tip #3 -  Get Wholesale Prices

You can't expect to run a successful retail wine store if you are purchasing product at a premium cost. Even if there's still a margin to be made, it might not be enough to cover the costs of overhead, employee wages and other associated costs. The only way you are going to make a profit it by purchasing your wine from distributors and wineries at wholesale. Talk with your distributors and wineries to see if they are willing to work with you on the price. In most cases, they will offer a lower price for a greater amount of product purchased. You don't have to necessarily place all of your wine product out in your store for sale, but instead place some on the shelves and the rest in storage.

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