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The Ultimate Guide to Opening a Liquor Store
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If you're a wine, beer, or scotch lover, you may have considered opening your own liquor store before. Whether you see starting a new business as a pipe dream, or you've seriously considered it, you should know that opening a liquor store is one of the more difficult businesses to start.
But we're going to walk you through the process of opening a liquor store so you can feel confident if you decide to pursue it. We even have input from successful business owners to help guide you.
How to open a liquor store: A step-by-step guide
Opening a liquor store is one of the most regulated businesses around, so you'll want to pay close attention to the following steps.
Step 1: Write a business plan
Before you get to setting up your business, you're going to need to write a business plan and do quite a bit of research. Like we mentioned, liquor stores are some of the most difficult businesses to start and keep running so you want to make sure you do your due diligence before launching your business. If you're buying a liquor store that's doing well already, this step will be easier than if you're building one from the ground up and just starting one.
Your business plan, whether you write it on your own or use a business plan template, should include market research showing that there is a strong demand for a liquor store in your area. If there are competitors, you should also do your research on them, what they offer, and how you can do it better.
You should also consider where you're going to source your products from. When you're putting together your business plan for opening or buying a liquor store, among your biggest factors will be inventory. But in the liquor store business, your inventory considerations will kill your business if you don't know how having fully stocked shelves factors into the way customers perceive your shop among the landscape of others.
For instance, The Wine Cave in Brooklyn, owned by Moshe Mayer, is lauded on Yelp for having a wide selection of bourbon. Another review mentions it is “stocked from top to bottom with booze, wine, Champagne, sparkling wine, reds, whites, pinots, malbecs, and anything and everything in between.” But this kind of inventory—more than 3,000 products—costs Mayer millions.
Your plan should include details on where you'll get funding, when you plan to turn a profit and other financial projections, the organization of your business, and the marketing and sales plan you have.
Step 2: Find the store or location you want to buy or rent
If you're looking into buying a liquor store instead of opening one on your own, you're going to need to find a liquor store that's up for sale and in your price range. The better shape the business is in already, the higher the chance that you'll be able to get a loan to buy the business.
You need to consider the neighborhood where the business is, the location of the business and its facilities, the current business the liquor store does, and what you can add to the business by buying it. You'll also want to consider why the current owner is selling. If he or she is simply retiring after a successful career, then you may easily take their place and make a profit. However, if they don't make enough sales to cover the rent, you may want to think twice before putting your own money on the line.
If you're opening up your own brand new liquor store, you'll need to find a space to rent or buy. You'll need to make sure that it's approved for selling alcohol, and that it has all of the details you need. This means storage facilities, security, somewhere you can accept shipments and deliveries, and a possible parking area for customers.
Step 3: Get funding
You might very well need a business loan in order to be able to buy an existing liquor store and probably if you're opening a liquor store as well. Not only will you need the funds to buy the business, the supply, or the location, but keeping it running once you have purchased or opened it is even more expensive.
“In order to succeed in the liquor industry, you have to have a lot of money,” Mayer says. “In order to keep up with the big stores, you have to have the top deals. So you have to have millions of dollars in inventory and that’s why a lot of liquor stores don’t make any money.”
You'll likely have to apply for a loan to buy a business or to open a new business. Your business and personal credit will be considered along with the cash flow of the business, what you plan to add to the business, how you plan to make money, and more. You can also look into liquor store inventory financing to help fund this expensive endeavor.
Remember you have your trusty business plan that you can use to show potential investors, family and friends, and banks or alternative lenders, to show how you plan to get a return on any investment someone is willing to make. Early on in the business process, you might need to seek funding from loans from friends and family and maybe even crowdfunding.
It can be hard to get funding from other, more traditional sources such as banks or online lenders when you're just starting out. But keep these sources in mind for once your business has been established for a year or two or you have strong business financials to show.
Step 4: Register your business
Once you have your business plan and location, it's time to register your business. To do so, you'll need to decide on a business name and entity. A liquor store is a fun business to name, but you'll need to make sure that the name you want for your liquor store is available.
In most states, you can check whether the name you want for your business is available online with the appropriate filing agency. The secretary of state frequently has a registry online where you can check the name status and register for the name. You may also want to run a quick Google and U.S. Patent and Trademark search to make sure your name isn't taken by another popular business. After all, if potential customers search for your business name online, you want your business to be the one they find.
The second part of this step is to choose a business entity. You may choose to open your liquor store as a sole proprietorship or a general partnership. However, while these types of business entities require the least amount of paperwork, they also won't protect you in the case that your liquor store runs into any legal trouble. For this level of protection, you'll need to choose a limited liability company (LLC) or corporation. We recommend consulting with a business attorney or tax professional at this stage to ensure you're choosing the best entity for your business. Once you've decided, you will then register it with the state in which you'll be operating. Again, this will likely be done with the secretary of state or chamber of commerce office.
Step 5: Get licenses, permits, and insurance
As with any business you're going to need to get the licenses, permits, and insurance necessary to legally operate your liquor store. Your dreams of opening or buying a liquor store probably don't include a long trail of application permits. But in the real world, that’s how opening a business works. And obtaining those licenses requires a lot of research, time, and money.
The cost of liquor licenses vary by state—and, as you can guess, they can go well into the tens (or hundreds) of thousands of dollars. To add to the licensing headache, every city, county, and state has a different set of rules and laws. You can check here to see which department in your state you'll be dealing with when working to get everything for your business squared away. Keep in mind, depending on your state and whether it has blue laws, you might not be able to sell alcohol before a certain time of day or on certain days of the week, like Sundays.
Find out what you’ll need from the Alcohol and Tobacco Tax and Trade Bureau (TTB), the entity responsible for enforcing laws “regulating alcohol production, importation, and wholesale businesses; tobacco manufacturing and importing businesses; and alcohol labeling and advertising.” You'll have to register with the TTB and follow all of their rules and regulations for the industry.
If you've gone through the trouble of figuring out how to open or buy a liquor store, you don't want to risk getting your business shut down for having the wrong permits—or no permits at all. Get a business lawyer if you're feeling unsure about any of these steps, especially this one.
While you're at it, you should also obtain business insurance for your liquor store. As we mentioned, you'll likely have millions of dollars of inventory in your store. If anything should happen to those bottles, you'll want to make sure you're covered. Beyond standard business policies such as commercial property, general liability and workers compensation (if you plan to hire employees), you should also look into liquor liability insurance.
How much does it cost to open a liquor store?
Opening a liquor store is quite pricey. The upfront costs are going to be some of the most expensive costs your business will ever face.
Getting the space, the inventory, the employees, completing any renovations, setting up your cash register, and everything else that goes along with opening a liquor store costs money. You also have to factor in paying for your licenses and registrations, which can run upward of $10,000.
The location of your new liquor store will impact the price but you can expect to spend a minimum of $100,000 to open your liquor store.
Before you go all-in on figuring out the details of how to open or buy a liquor store, you'll want to take a few more things into consideration, including:
1. The modern consumer is smarter than ever before, so be an expert in your field.
Before customers get to your store, you can bet they’ve already done their research with customer review sites and product ratings. Shopping is no longer something that begins when a customer enters your store; often, the experience is almost done by then. With services like Drizzly and Minibar, many customers are even trying to avoid in-person interactions altogether.
Mayer says education is what makes the difference—whether they're reading reviews, blogs, or something else.
"[Before], people didn’t know about wineries," says Mayer. "Now people check on ratings. People check on deals. People check on how the wineries are doing.”
When you're thinking about opening or buying a liquor store, you'll want to make certain you're prioritizing your own education. If retailers are going to impress the demands of the wiser and financially savvier consumer, they’re going to have to reach a level of mastery in their field. To stand apart from other liquor stores on the block, Mayer points to his decade-plus of experience in the alcoholic beverage industry. He worked in wineries since the age of 17 before hosting tastings for companies for several years.
"I have a lot of people come especially to me because they know I understand a little [about] how the palate works," Mayer says. And The Wine Cave's Yelp reviews prove that if you’re looking for suggestions on what to pair with your next dinner or simply a taste of the next exotic spirit, Mayer knows how to pass the taste test.
“If someone comes into my store and they ask me for a wine for the first time, I’ll ask them if they put sugar in their coffee,” Mayer explains. “If they put sugar in their coffee, I know that they like sweeter wines so I will give them California wine. But if they don’t, I will give them a French wine. They’re more serious drinkers. They can drink black coffee.”
But when you open a liquor store, your knowledge needs to extend beyond just your product. Smart entrepreneurs are also aware of all the other factors that affect the financial health of their business. For instance, know your neighborhood. Who are the people you’re serving? Before signing a lease, consider contacting your local Chamber of Commerce to get a better view of your target market. Will you be serving college students or conservative suburbanites? This will greatly affect the way you do business.
2. Are you seeking investment or looking for business financing?
We might have said once or twice that there are pretty hefty upfront costs involved with opening or buying a liquor store. When you draw up your business plan for how to open a liquor store, think about your source of business financing.
If you're partnering with someone for an investment—maybe a fellow oenophile—make certain that you get your terms in writing (especially if it's a friend or family loan).
As for traditional financing options, we'll be candid: In an industry with a tough success rate and tight cash flow, you might have some difficulty convincing a lender to front you the cash for a small business loan at first. That said, you do have a few viable options for startup loans.
A surprising one you might want to consider, especially if you have a strong credit score, is a 0% intro APR business credit card . Here, you can get the liquidity you need with the timeframe to get some momentum behind your new business before your balance comes due—there are even a couple of cards with 12-month intro periods. Just make sure you can pay off your balance before the intro period ends and a variable APR sets in.
3. What's your point of difference in the market?
We're sure you've chosen a location with a lot of liquor-loving customers. But if you selected that due to the presence of existing stores, your pick can backfire—that is, if you don't select a point of differentiation.
What's your thing? Do you carry the best rosé selection in the state or import sherry no one's ever heard of? Do you offer classes that teach the neighborhood the difference between pot still and column still whiskey? Whatever passion led you to figure out how to open a liquor store, take it to the next level and use it to distinguish your store from its competitors.
The final word
The common theme you might see here? Learning to start a liquor store takes money. This is a cash-intensive business, so before you go for it, make sure you're equipped to find access to capital upfront, and commit to knowing that you're going to have to put significant money in to get anything out .
But if you’re able to really face these entrepreneurial hurdles, give them a strategic think, and find that you still have a passion to open a liquor store, you're well-positioned for one last piece of advice from The Wine Cave's Mayer: Don’t forget—you’re still not the boss. The customer is the boss.
“If [your customers] walk in and they’re not happy … [then] there are no employees, there are no stores,” he says.
On a similar note...
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Download Liquor Store Business Plan Sample Template + Doc
Want to open a neighborhood liquor store? This how-to guide gives proven business plan templates you can download and update for your future business in addition to providing tips so you have the best possible chance of success. Ready to get into the real-deal business planning for a liquor shop? Let’s get started.
In this guide, we’ll help you draft an independent liquor store business plan and provide sample templates so you can participate in the $59+ billion industry in the United States. Here’s an outline of the guide so you can jump to the section that interests you the most.
- Download sample templates
- Executive summary
- Mission statement
- Company description
- Market analysis
- Management structure
- Competitive analysis
- Product line and services
- Sales and marketing
- Financial plan
Liquor store in Las Vegas.
Introductions are not written for formality’s sake. They’re there to inform the reader and give a bird’s eye view of what your liquor store business is so they’ll know what to expect when they continue to read your business plan.
Everyone understands the basics of a liquor business so you don’t need to go deep into the basics of this. But you should provide context into what makes your retail location different from everyone else locally. Will you specialize in wines? craft beers? Do you offer in-store tastings? Will you have a drive-thru window ?
Here’s an example:
Bottoms Up! is a 3,000 sq. foot liquor store located in Long Island. Married couple Lisa and Sam are the owners of this small business that carries a line of alcoholic and non-alcoholic beverages that’s open from Mondays to Saturdays.
Bottoms Up! will feature the largest selection of local craft beer selections within a 50 mile radius of our store. We will be a meeting ground for craft beer lovers with in-store tastings and educational events. We will also provide delivery of craft beer within 15 minutes of our retail store free of charge to consumers with a $50 minimum purchase. We will also embrace technology, including online ordering to make our store the obvious choice for customers.
With this brief introduction, you can already pinpoint major details such as the name of the business, the location, the type of ownership, the proposed store schedule, and the inventory they’ll be carrying. This is the first step in casting your vision for the retail or online store.
Inside a liquor store.
We know just how exciting it is to dive into the technicalities of your liquor store business and explain the product line and concept at once. But let’s ease it all in first by starting with an executive summary.
This section of the business plan will include a brief introduction about your liquor store, a short company description to discuss the background of your business, the services you offer, and the target customers you’ll be catering to.
An outside party like an investor or partner should be able to understand the nuts and bolts of the business after reading the executive summary and have some conclusions or recommendations based on the research found inside the document.
Buttom’s Up is a liquor store serving a wide selection of wines, hard liquors, and tequilas, but our specialty is craft beer. Craft beer is a rapidly growing part of the beer market now making up 25% of total beer sales according to industry reports. Craft beer drinkers are typically a higher income demographic than typical beer customers.
Our goal is to create a community hub for this growing demographic of drinkers and provide a higher-level of service other retailers aren’t able to offer. Here’s what makes us different:
- We offer free delivery within 15 miles of our retail store on orders over $50. This option will add a level of convenience that traditional liquor stores don’t offer. We will provide deliveries on Fridays and Tuesdays only to make the logistics simpler and cut cost.
- We will offer in-store tastings and invite representatives into our store from local breweries to provide free educational opportunities.
- We have an app that will allow customers to order product online 24/7. These orders can be picked up at our location or delivered on Tuesday or Friday.
The local beer store.
A company description is simply a little background on the operations behind your new liquor store business. Let’s take Bottoms Up! for example. You already know that a married couple owns the store. You can then provide why they decided to put up such a business.
It may be their experience from being bartenders when they were young or their love for wines. You can also describe their roles such as who will be doing the managing and who will be in charge of purchasing supplies. Again, you don’t need to get too deep into this. Just a brief description will do. This should not exceed more than one page in length.
Related Reading: 148 Brilliant Liquor Store Name Ideas You Can Use
To strive for success, have your business focus on a mission statement that you can rally around. This mission statement should be shared regularly with guests and future employees alike. This is not something to write down in a business plan and forget about. The mission statement should guide all major decisions for the business.
Here’s a mission statement example for Bottoms Up!: Our mission is to provide to become a gathering place for craft beer lovers to connect and discover new beverages. We also want to support the local brewing community by helping others discover the local beer options that are available and support the local economy. Our mission is to Bottoms Up! also aims to provide avenues for their customers to buy online so they can enjoy our products with the click of a button.
With this mission statement, you can already tell that Bottoms Up! aims who they plan to support and how they’ll make sure their store is always online so that their customers can order with just one click away.
In writing your mission statement, make sure it’s achievable and can be practiced throughout your operations. You will build the operation plan around your mission statement.
Tasting events can be an effective way to bring in new customers to your shop.
Give a brief account of the services you’ll be providing in your liquor store business. Here are a few you can include:
- Free delivery within a certain distance
- Online payments
- Mobile bar (for events)
- Cocktail classes
- Taste testing
We know how excited you are to get into this one by one but save it for the Product Line and Services section later. For now, keeping your readers informed of the services you’re offering is enough.
Knowing which customers you’ll be catering to will help form your brand better. This is also where you can get targeted advertising ideas. As you know, Bottom’s Up isn’t trying to market to everyone in their town. They’ve identified the craft beer drinker as their ideal customer. This makes marketing much simpler.
List your customer focus down just like you did in the services section above and save all the detailed explanation for later on in the Target Market section.
Writing down the concept for your liquor store business is one of the fun parts of the business plan. All the ideas you’ve had stuck in your head can now be organized into a formal plan. We encourage you to get in as many details as you can.
Many will agree that when you write down the company concept, you’ll come to realize what works and what doesn’t so you can improve your business further.
Conduct research on the demographics and income of your market.
Analyzing the liquor store businesses around you is going to give you an edge over all your competitors. It’s like going into battle. You have to know what to expect and who your competition is otherwise you’ll start out unprepared and end up losing more than what you expected.
In our market analysis section, take the time out to explore the industry, your competition, and expound on the target market for your business to become successful.
One simple step you should take in your market analysis is to visit other liquor store competitors in your area. When you visit these stores, make a list of what you like and don’t like about their business.
We also recommend spending time outside of these retail locations to track how many customers are coming in and out of the establishment. What do their customers look like? Does this seem like a profitable concept? Taking the time to observe and take notes on other businesses is one of the best ways you can get a hold on what’s working in a market. It doesn’t cost you anything to complete this step either aside from time.
Management structures serve as a guideline for you as the owner and for your entire personnel. It’s important to set clear roles and boundaries so that no task overlaps with the other and no redundancies happen. It’s also to avoid conflicts in the workplace.
Here is a proposed management team for you to consider hiring:
- Store Manager
- Sales and Marketing Staff
- Inventory Team
- Delivery Team
The number of people you hire depends on how big your liquor store is going to be. If you’re just going to be a small store then there’s no need to hire so many people so you don’t spend too much on the payroll. Many first time liquor store owners start out with only one or two part-time employees to keep costs low.
What does your dream customer want?
Knowing which customers you’re targeting for your business makes it easier for you to form your brand. Wine lovers differ from cocktail drinkers. Likewise, there is a different crowd for artisanal beer lovers and just regular beer drinkers. Knowing your target market helps you conceptualize better and list down the products you’re going to sell.
Though we’ve pointed out earlier that liquor is enjoyed on every occasion, you’d still need to do an industry analysis on whether or not it’s feasible in the location you’re going to set it up.
You might just find the market oversaturated in your area and it would be advisable to put up your business elsewhere. Or, you might just find your proposed area to be the perfect location. Either way, to know these things, conducting an industry analysis is always helpful.
Doing this type of research will be time consuming, but it’s 100% worth it. The last thing you want to do is open a more high-end bottle shop in a low-income neighborhood. This analysis can help you avoid making the wrong decision.
As a sole liquor store, you will have competition over a lot of other shops, even the ones that don’t even sell liquor as a main item. Treat the grocery stores with their small wine section as a competitor.
Do the same for convenience or grocery stores that have a bit of overlap with your business. List down their strengths and their weaknesses and write down yours as well so you know what you already have and what you’re lacking so you can fill in those spaces.
Product Line and Services
In this section, you can finally write down all the beverages you wish to sell in your liquor store. Include the prices so you can get a gist of how much you’ll be spending to order in supplies. Remember that wholesalers get a discounted price than just stuff you buy in retail.
You can also include more than just drinks. You can include wine glasses, shot glasses, margarita glasses. You can also add different accessories such as wine aerators or corkscrews.
Audio Lesson: How I Started a Craft Brewery for $50,000 and How You Can Do the Same
As for services, do you wish to provide cocktail classes once a month? This could help reel in a loyal list of customers who constantly check out your products. Are you up for a mobile bar? This could be a gig you can do during events such as weddings.
What should be clear in this section is that by the end of writing all of this down, you know what your product line is and whether or not you can find a reliable supplier for all of these. This part of the business plan will be especially important if you’re seeking money from investors or a bank. The anticipated cost / profit from each sale is something every lender will need to understand.
Sales and Marketing
Craft beer consumption has become a global phenomenon.
One big question to ask yourself is how are you going to market your liquor store? Will you be putting an ad out on the local newspaper or place a nice jingle on the radio for the listeners? Whatever your strategy may be, write your plans down here.
You may also like to consider marketing your liquor store using the following platforms:
- Social Media
- Joint venture events with local breweries or wineries
- Radio Stations
- Tie-ups with bars
- Monthly giveaways
- Partnerships with catering services
- Special drinks classes
With these strategies, your business is sure to get a nice growing niche of loyal customers in your area.
Having a financial plan on the ready helps you figure out how much capital you need to put up your business, the expenses you’re going to make, and how much do you need to make on a daily basis to achieve break-even. Yes, it’s going to get a little technical. But this is what operating a business is all about.
But know that we’re only looking out for you by saying that this is why it’s important to do this plan before starting on your operations so you know what to expect.
Outside a biker bar and liquor shop.
Some people start a business by tapping into savings. Others take out loans from the bank while some invite investors to help them start up their small business. Crowdfunding is another option used by many new food and beverage founders. In this section of the business plan, write down how and where you’re going to get the money to fund your liquor store.
One reason why you’re writing down this business plan is for this very purpose. For instance, when you loan from banks, they might ask you what your strategies are in putting up a liquor store. This is when you present to them the business plan you’re writing. It is to help convince them that the business you’re going to start is profitable and deserves to see the light of day.
Attention Founders: Join Our Community of 40,000+ Food and Beverage Entrepreneurs and Get our Free Business Plan Canvas
It’s also the same thing with investors. This business plan is going to be read by people who will help you see your liquor store come to fruition so make it as easy to understand as possible with all the necessary details jotted down.
You’ll want to know whether your liquor store I going to be profitable or not. In this section, list down all the major expenses such as:
- Rental space
- Construction materials
- Refrigerated cabinet displays
- Wine chillers and displays
- Point-of-Sale system
- Cash registers
- Off-sale liquor licenses (these can be very expensive depending on where you plan to open)
- Business licenses
- Vans or trucks for delivery
Don’t forget the proposed monthly payroll for your staff and the electricity and water bills. With all these factors, you can compute your price range for your products and services and the targeted sales for the day to reach break-even.
To make sure that your plans are going to happen, write down a schedule of the tentative dates of when you plan to execute all this.
Here is an example:
Date Plan [Insert Date Here] – Process all business documents and permits for your liquor store. [Insert Date Here] – Start construction. [Insert Date Here] – Start hiring and training of staff as well as marketing the business. [Insert Date Here] – Start operations for the liquor store. [Insert Date Here] – Reach break-even.
It does not have to be a detailed operational plan but it does help guide you on the steps you need to take to get things going.
Don’t forget the appendix! This section will hold all the permits, copy of the liquor license, business documents, designs of your store, and all other documents you acquired in the process of putting up your liquor store business.
Download Liquor Store Business Plan Sample Template
- Liquor Store Business Plan Template PDF
- Liquor Store Business Plan Template Word Doc
- The more your business engages with the customers, the good will you’ll build. Those cocktail classes you hosted? Customers will remember where they learned these tips and spread the word about the services you’re offering. It’s all about interacting with them so make sure to include that in your marketing strategy.
- Get educated on the different types of drinks. Don’t just put up a liquor store business without understanding the types of drink that are growing in popularity. For example, hard seltzers is an area of growth right now. Listen to feedback from customers on the types of alcoholic beverages they prefer over time.
Liquor stores will continue providing an important service to local communities. When consumed responsibly, they make events more relaxing, fun, and act as a social lubricant. With your careful and detailed planning on this business, your liquor shop can be a profitable business longterm.
If you’re serious about opening a liquor store, be sure to join our community of beverage entrepreneurs . When you sign up, you’ll get access to our weekly case studies that include revenue numbers from different businesses.
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POS Nation Blog » Latest Articles
Table of Contents
1. Liquor Store Business Plan Executive Summary
2. liquor store market research and competition analysis, 3. startup liquor store funding, 4. liquor store operational plans and structure, 5. dedicated liquor store point of sale (pos) solutions, bonus: the ultimate guide to opening a liquor store, 4 components of an effective liquor store business plan.
Developing a liquor store business plan that covers all critical elements and keeps your business on track can be a big task. What if you miss something important and your business suffers as a result?
Liquor stores are some of the most challenging retail shops to open. When competition is cutthroat, regulations are strict, and the initial startup costs are steep, you can’t afford not to plan your business as well as possible early on.
For your business plan to be as comprehensive and practical as you need it to be, make sure to review the following four tips we’ve rounded up for you.
Operational Plans and Structure
Dedicated Point of Sale Technology
Bonus - Ultimate Guide to Opening a Liquor Store
Writing a liquor store business plan that sets you up for success is essential in such a tough market. Thankfully, there are some key business plan components that are especially effective for liquor stores.
A business plan should act as an all-in-one guideline for what your business is about, how it’s structured, how to maximize profits, and how it will continue to grow. Check out these core five components of an effective business plan for your liquor store .
No business plan is complete without a well-thought-out executive summary. An executive summary boils down the most critical parts of your business plan. A finalized executive summary clearly maps out your business’ selling points and provides essential information.
A well-planned executive summary has these elements:
- A snapshot of your business
- A description of your competition
- Which market(s) you are planning to compete in
- A vision for the future growth of your business
- What your business’ financial needs are
If thinking of how to open a liquor store, a business plan is definitely the first place to start! To make this easy for you, check out the ultimate guide to opening a liquor store, here .
The liquor store market is highly competitive, with only 25 percent of sales coming from the top 50 companies. Many liquor store consumers make their decisions based on convenience, marketing, and competitive pricing. With the market being ruled by smaller liquor stores and not the industry giants, it’s imperative to distinguish your business from the rest. Your liquor store can stay competitive with the latest trends while creating customer loyalty with the right market research .
Your marketplace and competition analysis should begin with extensive research on the industry’s winning strategies in marketing and sales. This breakdown should analyze your competition and potential niche markets you are interested in. The next step would be finding your unique selling proposition , which is the one factor that differentiates you from your competition. Once you have done research on your competitors and the general marketplace and worked on your brand positioning, you will have crucial information you need for an effective liquor store business plan.
In addition to thinking of how to open your liquor store, you need to start thinking about how you'll keep it running monetarily.
Quality financial management is the difference between a profitable liquor store or one struggling to make ends meet. If all of your business operations are running smoothly, except for your finances, it can be challenging to create longevity in your business. For your liquor store business plan, it’s essential to map out your costs of goods sold (COGS), profitability plan, funding sources, and a funding timeline.
Essentially this section of your business plan should clearly explain where your funding is coming from and how much funding you will need before becoming profitable. This will be indispensable when it comes time to pitch investors or start applying for liquor store financing . When starting any small business , it’s crucial to plan out the best and worst-case scenarios while considering operational investments like a quality point of sale (POS) system .
Related: Top Reasons Why Small Businesses Fail
Operational planning is central to managing your inventory and employees.
Managing inventory helps by:
- Quickly detecting theft and product loss
- Aiding in supplying evidence for your insurance carrier after an incident
- Creating secure theft prevention procedures
In retail operations, having an operational structure helps prepare for potential business disruptions and manage your inventory .
Here at POS Nation, we’ve helped thousands of wine and liquor stores get started with a proven POS system equipped with powerful features and toolsets. Our software enables you to manage inventory, bookkeeping, employee management, customer loyalty, and more all in one place.
You’ll be able to focus on growing your business, building high-value relationships with your prospects, and driving repeat customers to your growing business. Let our software help you handle all those operational details seamlessly.
Once you have a grasp of how to craft an excellent liquor store business plan, we recommend downloading our Guide to Liquor Store Inventory Management . This guide gives you all the information you’ll need to understand, structure, and successfully manage your liquor store inventory. What are you waiting for? It’s free! Download the Guide to Liquor Store Inventory Management .
You're now properly armed to get to the business of opening a liquor store! Need more? Check out our free download: The Ultimate Guide to Opening a Liquor Store . In it, we dive even deeper into the details of what it takes launch a successful and profitable business.
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Growthink's Ultimate Business Plan Template
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Liquor Store Business Plan Template
The world’s #1 liquor store business plan template — it’s the quickest and easiest way to create a winning liquor store business plan, period.
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It Took Us 17 Years to Create the Ultimate Liquor Store Business Plan Template for You
Hi, I’m Dave Lavinsky, the co-founder and President of Growthink.
I’m honored and flattered to have been recognized as the world’s foremost business planning expert by BusinessWeek, Forbes and others.
Seventeen years ago we started writing business plans for entrepreneurs, executives and business owners like you.
During this time, we’ve helped over 100,000 entrepreneurs and businesses achieve great success.
Using this vast experience, we have created and constantly refined Growthink’s Ultimate Liquor Store Business Plan Template to be the hands-down quickest and easiest way to create a professional Liquor Store business plan that allows you to raise capital and build a strategically sound business.
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You can finally create a professional Liquor Store business plan in less than 1 day thanks to these powerful features of Growthink’s Ultimate Liquor Store Business Plan Template:
Simply Fill in the Blanks
We’ve created simple, fill-in-the-blank exercises that guide you through all the key questions your Liquor Store business plan must answer.
And we give you samples for every section of your plan.
Just type your answers directly into our template and you’re done!
Simply type in some numbers, like your salary and expected growth, and our template automatically calculates your complete 5-year financial projections.
You’ll have your Income Statement, Balance Sheet, Cash Flow Statement, and multiple charts and graphs completed in minutes.
Turn Your Ideas to Reality
If you don’t have an action plan for executing on your ideas, they’ll never materialize.
That’s why Growthink’s Ultimate Liquor Store Business Plan Template includes an Operations Plan section.
This section takes you through our proven and proprietary process for creating an Operations Plan that will transform your ideas into reality.
Improve Your Strategy
Growthink’s Ultimate Liquor Store Business Plan Template helps you build a strategically sound business.
It guides you through key questions about your company, marketing and operations strategies, and gives you tons of ideas for improvement.
For example, in the Marketing Plan section, you’ll see several of the best marketing tactics to get new customers.
Our Ultimate Liquor Store Business Plan Template “Members Area” gives answers to all your questions, plus access to our amazing customer support team.
Raise Money Faster
The content and format of our Ultimate Liquor Store Business Plan Template is tailored to the wants and needs of investors and lenders, so you raise more funding faster.
Our formula works wonders — our clients have raised over $2.5 BILLION!
Once you purchase Growthink’s Ultimate Liquor Store Business Plan Template, you have lifetime access to use it for any Liquor Store business in which you’re involved, now or in the future.
There are no recurring or monthly fees for our template, just a one-time fee.
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Frequently Asked Questions
Below are answers to your most frequently asked questions:.
Immediately upon purchasing Growthink’s Ultimate Liquor Store Business Plan Template, you will be taken to our Member’s Area where you can instantly download our template and begin working on your business plan.
If for any reason you are not delighted with our product, simply contact our friendly support desk and you’ll be issued a full refund. You have an entire year to request a refund if desired.
Unlike other software that charges you a fee month after month after month, you only pay once for Growthink’s Ultimate Liquor Store Business Plan Template and you own it.
You can create an unlimited number of business plans with Growthink’s Ultimate Liquor Store Business Plan Template. Once you purchase it, you have lifetime access to use it for any business in which you’re involved, now or in the future.
Yes, Growthink’s Ultimate Liquor Store Business Plan Template works flawlessly on both PCs and Macs.
Growthink’s Ultimate Liquor Store Business Plan Template is designed for both established Liquor Stores and startups.
Yes , you can! Anyone can easily follow our basic instructions and create a great business plan quickly and easily. Plus, my expert team is available to help you if you have any questions.
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Bottle POS » Latest Articles
Table of Contents
- Creating a Liquor Store Business Plan 101
- 1. Don't Forget to Include Insurance In Your Business Plan
2. Don't Start Your Business Plan Without Research
- 3. Do Develop A Financial Plan
- 4. Don't Be Consumed By Day-To-Day Operations
5. Do Spend Time on Choosing the Right POS System
- A Liquor Store Business Plan Designed For Success
Creating A Liquor Store Business Plan: 5 Do's And Don’ts
Opening a liquor store can be an exciting business venture, but creating your liquor store's business plan shouldn't be an afterthought.
The liquor industry can be an incredibly lucrative business opportunity, but only if you tackle it with a well-thought-out strategy and business plan. There are 40,612 liquor stores in America, so it's essential to put in the time to research the market so you can compete with established stores.
With over 20 years in the liquor industry, we're always happy to lend our expertise and knowledge to aspiring liquor store owners. If you're contemplating venturing into the liquor industry, here are six do’s and don'ts you should consider when creating your business plan.
Creating a Liquor Store Business Plan 101
A liquor store business can be an incredibly exciting and prosperous investment opportunity. With a clear and definitive business plan, you can avoid missing essential factors or critical considerations in opening your store.
A liquor store business plan will help you prepare for the challenges of operating your business and set you up for success in growing your store. Your business plan should provide an overview of your liquor store and a three- or five-year plan.
It should also serve as a checklist to ensure you're getting all the proper licenses, technology, and resources to operate your business on a day-to-day basis.
Not all business plans are made equal, and there are a few do’s and don'ts when creating your plan.
1. Don't Forget to Include Insurance In Your Business Plan
Every business requires insurance. Insurance protects all stakeholders involved with your business in the event of injury, theft, natural disaster, or sickness.
With any operation, there is always some physical risk or opportunity for injury, and it's important to have liability insurance in case any accidents occur in the workplace.
Your store can also be subject to crimes like robbery, fraud, theft, and embezzlement. If you don't have coverage, you'll be bleeding money and paying out of pocket to correct any damages.
Property damage can come from theft, but it can also come from environmental factors, depending on where you live. It's essential to get coverage in case of things like floods, earthquakes, or any natural disaster.
Cyber attacks should also be considered, given the digital age we live in. They happen fast and under the radar, and you could face serious setbacks without coverage.
Temporary closure due to health issues or any emergency that leads to loss of income or revenue for the store can be a huge concern. It's important to get the right kind of insurance to protect yourself in any emergency.
Forgetting to cover all your bases when it comes to insurance leaves you with many risks, and you should only operate a business with all things covered.
Your research should include all opening and construction costs, operational costs, and potential profit margins. Liquor stores require a good amount of cash upfront, so you need to understand the size of your investment and line up financing to make it happen.
You also need to consider what products you'll offer. Some staples are basically required for every liquor store: big-name beer and wine brands, the most popular whisky, vodka, and the mixers to go with them. But there are also hundreds of different products that different segments of customers will purchase. From rare liquors and craft beer to seltzers and ready-to-drink (RTD) beverages, you’ll need to study up.
You won't become an expert overnight, but knowing your products can help you figure out how to sell them.
This is why a solution like Bottle POS is a great option for new liquor store business owners, as a pre-populated liquor database can make it easy for any new owner to fill their inventory with popular products. Bottle POS’ centralized database makes it easy to manage stock and helps you select products that are most likely to sell.
3. Do Develop A Financial Plan
Once you've done substantial research, it's time to start documenting costs and developing a financial plan. You'll need to consider inventory, equipment, rent, building maintenance, security, and all the permit costs necessary for legal operation.
Besides labor costs and operational expenditures, inventory is one of the most significant financial considerations.
How much do you order, what should you order, and how often should you order?
Your POS system should give you insight into sales and inventory data for reordering. If your POS system has automatic restocking and autonomous receiving for inventory, you can save time and money and simplify an otherwise timely process.
Your POS insights will help you quickly identify the brands that drive your sales and the overstocked products that cost you. Think of it as the guide, partner, or sidekick to your store.
4. Don't Be Consumed By Day-To-Day Operations
Your day-to-day operations include ordering alcohol, unloading deliveries, labeling liquor bottles, and accounting for any shrinkage.
The right POS system can help you optimize your day-to-day processes, so you spend less time processing and more time automating your functions. Invoicing can take tons of time. With automation, you can save hours on manual data entry every week.
There are so many things to account for, and working with a modern liquor store POS system can help optimize your store's efficiency.
A cloud-based liquor POS system can take your liquor store business to the next level.
Using a secure network, you can access all the data surrounding your inventory management from a simplified user interface in the comfort of your own space, or on location.
A cloud-based POS system will help you quickly identify which brands drive your sales and which are overstocked or dead stock.
This can help you determine what products to bring in and what to avoid.
Sales trends can also show you when people buy the most product, and other data points to help you develop promotional campaigns or sales. With the right POS system, you can see important data to guide your business decisions.
With key sales and product data, you can create forecasts and document revenue trends, ultimately enabling you to plan and create long-term goals designed to see your business grow.
A Liquor Store Business Plan Designed For Success
Opening a liquor store starts with creating a solid business plan, but putting together a business plan is more complex than just documenting the steps you need to take before you can open your doors.
It's important to consider things like liquor licenses, business insurance, and other operational necessities that ensure you run your business compliantly and with protection.
On top of that, it's important to conduct market research, become a product expert, and consider your day-to-day operations before and after you open. Regularly analyzing store data and revenue trends are key to developing long-term goals and growth plans.
Many factors go into creating a business plan to set you and your store up for success, and it's easy to miss or overlook something important. However, the right POS system can make your job significantly easier.
Inventory management, databases, stock replenishment, secure technology, robust data analysis, and reporting are just a few ways a point of sale system like Bottle POS can help optimize your processes so you can focus on your customers and grow your business.
If you're ready to venture into the liquor industry and want to work with a POS system that can help take your business off the ground, get in touch with our team.
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Liquor Store Business Plan
A liquor store is quite a profitable business to be in. Several people get to have a thriving primary income with the help of one.
The major reason for this profitability is due to the massive growth of alcohol consumption over the years. And though it is highly profitable the liquor business is highly competitive too.
If you are planning to start a new liquor store business, the first thing you will need is a business plan . Use our sample Liquor Store Business Plan created using Upmetrics business plan software to start writing your business plan in no time.
Before you start writing your business plan for your new liquor store, spend as much time as you can reading through some examples of retail store-related business plans.
The liquor store industry stood at a global market value of 1,439 billion dollars in 2017 and is rising at a rapid rate going forward too.
The major reason is the rise in alcohol consumption worldwide, which has happened due to the increase in acceptance of alcohol amongst the younger population and the increase in disposable income.
But as the industry is very profitable, it attracts a lot of competition too. Hence, proper planning and having a proper business strategy are essential for your business to succeed.
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Things to Consider Before Writing a Liquor Store Business Plan
Get the necessary licenses and permits.
As a liquor store business, you’ll need quite a few permits and licenses to operate your store before getting started. Depending on the location of your store, several federal and state permits can help you stay on the good side of the law. The easiest way to ensure that you don’t miss out on any important documents is to have a checklist of all the required permits.
Pick a good location
A good location makes or breaks any business , especially if you are in a business where customers have to visit your store. The same holds for a liquor store as well. The more accessible your store is to your customers, the more likely it is to work and become profitable. Hence, take your time to pick a location that would work best for your business.
Get your store insured
Getting your store insured is another important step before you get started. As you are dealing with stuff that can get damaged easily, getting insurance helps you make sure that it doesn’t serve as a huge blow to your business. Also, having insurance helps you rest assured and focus on what matters.
Choose a legal structure for your business
The legal structure of your business impacts your business in several ways. From deciding the taxes you’ll pay, to the liability on your assets, the legal structure of your business decides it all. Hence, it is important to choose the right one for your business.
Chalking out Your Business Plan
You don’t need to worry about it if you plan on opening a liquor store. All you need is a liquor store business plan to combat competition and to have a thriving liquor store business.
Reading sample business plans will give you a good idea of what you’re aiming for. Also, it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample business plan for you to get a good idea about what a perfect liquor store business plan should look like and what details you will need to include in your stunning business plan.
Liquor Store Business Plan Outline
This is the standard business plan outline which will cover all important sections that you should include in your business plan.
- Mission Statement
- Vision Statement
- Customer Focus
- Success Factors
- 3 Year profit forecast
- Business Structure
- Store Design
- Startup cost
- Products and Services
- Industry Analysis
- Market Segmentation
- Market Needs
- SWOT Analysis
- Sales Strategy
- Direct Mail
- Public Relations
- Ongoing Customer Communications
- Pre-Opening Events
- Pricing Strategy
- Robert Moore
- Personnel Plan
- Important Assumptions
- Brake-even Analysis
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with Upmetrics , you can copy this sample business plan into your business plan to modify the required information, and download your liquor store business plan pdf . It’s the fastest and easiest way to start writing your business plan.
The Quickest Way to turn a Business Idea into a Business Plan
Fill-in-the-blanks and automatic financials make it easy.
Download a sample liquor store business plan
Need help writing your business plan from scratch? Here you go; download our free liquor store business plan pdf to start.
It’s a modern business plan template specifically designed for your liquor store business. Use the example business plan as a guide for writing your own.
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Liquor Store Business Plan Template
Business Plan Outline
- Liquor Store Business Plan Home
- 1. Executive Summary
- 2. Company Overview
- 3. Industry Analysis
- 4. Customer Analysis
- 5. Competitive Analysis
- 6. Marketing Plan
- 7. Operations Plan
- 8. Management Team
- 9. Financial Plan
Liquor Store Executive Summary
Highball Liquor Store is a locally established retail liquor store located in New Brunswick, New Jersey.
The store is founded by Joey Spaglio, a retired United States Marine who has recently retired from his service and will use his career savings to open up a liquor store in his hometown of New Brunswick. Joey has been educated on all kinds of beer, wine, and liquor during his years of living overseas and all over the country. He has become passionate about his wealth of alcohol knowledge and wants to make owning and operating a liquor store his second career.
Highball Liquor Store will carry spirits, beer, and wine to suit all budgets. We will have a wide selection of premium and standard liquor, craft and domestic beer, and a large assortment of red wine, white wine, sparkling wine, rose/blush wine, and champagne. Pricing will be on par with competitors and we will run monthly and weekly specials on select alcohol. Highball Liquor Store will also offer a membership club for frequent visitors to redeem points for discounted items.
The following are the products to be offered by Highball Liquor Store:
- Red wine (Cabernet Sauvignon, Pinot Noir, Malbec, Merlot, Zinfandel)
- White wine (Moscato, Chardonnay, Sauvignon Blanc, Pinot Grigio, Riesling)
- Sparkling wine
- Rose/Blush wine
- Spirits (Bourbon, Gin, Rum, Scotch, Tequila, Vodka)
- Beer (IPA, Lager, Pale Ale, Stout)
Highball Liquor Store will focus on the population of New Brunswick, New Jersey. The customers will be from the local Rutgers University community, residents living in and around the city, and the large population of blue collar and white collar workers.
Joey Spaglio will primarily manage and operate the store himself. He realizes the commitment it will take to ramp up and stabilize the business and is willing to work 6 of the 7 days the store will be open. Joey will be in charge of inventory, ordering, payroll and managing the staff.
Highball Liquor Store is primed for success by offering the following competitive advantages:
- Ultra-convenient retail location that serves the majority of the New Brunswick population.
- Competitive pricing and membership rewards program.
- A selection of beer, wine, and liquor that isn’t sold and available in the New Brunswick area. Joey will work with different distributors to bring select alcohol from other parts of the country and world.
Highball Liquor Store is seeking $150,000 in debt financing to open its liquor store location in New Brunswick, New Jersey. The funding will be dedicated for leasehold improvements, design, working capital, and opening inventory. The breakout of the funding is below:
- Store design/build: $50,000
- Opening inventory: $75,000
- Working capital: $25,000
The following graph below outlines the pro forma financial projections for Highball Liquor Store.
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Small Liquor Store Business Plan Template
Small Liquor Store business plan for starting your own business
One of the most lucrative businesses that you can get into right now is a small liquor store. That’s why we have brought this business plan for a liquor store so that you can easily start your own business. This business does not require a lot of starting capital or any experience.
If you are looking to learn how to write a business plan for a liquor store, you are in the right place. We will introduce you to all the aspects of writing such a business plan and will also give you a franchising business plan that you can use to expand your business after you start making profit out of it. This will be somewhat similar to a microbrewery business plan .
Small Liquor Store Business Plan Summary
2.1 the business.
This business plan for starting a liquor store will be based on the example of Harry’s Liquor Outlet, a small liquor store situated outside Detroit, Michigan. The business will be registered and licensed to sell Liquor.
2.2 Management of Small Liquor Store
If you want to know how to start a business plan for a liquor store, the most important thing for you to learn is the management of the business. Harry’s Liquor Outlet will be headed and owned by Harry Castle, a former bar tender. He will hire a cashier and a manager to run the store.
The manager will oversee all the operations of the bar will any matters that arise. The supreme authority in this business plan startup liquor store will rest with Harry and his verdict will be final in any matter regarding the business.
2.3 Customers of Small Liquor Store
The next thing that you need to consider when writing a writing business plan for investors is determining the customers of the business who will bring in all the money. Just like a distillery business plan , the main customers here will be the people looking for alcohol.
2.4 Business Target
Our targets are:
- To establish and maintain more than 95% customer satisfaction score.
- To start generating at least $23k in profit a month in 2 years.
- To expand to at least three more cities by the end of the 3 rd
3.1 company owner.
Harry’s Liquor Outlet will be owned by Harry Castle. He knows this industry inside out as he has worked as a bar tender for more than 10 years. He has recently won a lottery and wants to invest the money and that’s why we are basing this wine and liquor store business plan on his business.
3.2 Why the Small Liquor Store is being started
The next thing to discuss in this liquor store business plan sample is the reason behind starting this business. As stated above, Harry has a lot of experience and interest in this business, so that is the main reason. Another reason for starting this business is that there is no good liquor store in the area and this market gap can be capitalized easily.
3.3 How the small liquor Store will be started
Step1: Create small liquor store business plan
The first needed to start a small liquor store is to have a valid liquor store business plan example pdf. All the aspects of the business from the starting costs to the staff required and the market to be targeted will be included in this business plan. Just like a brewery business plan , having figured out all the details of the business before starting is the most important thing if you want this business to be successful in the longer run.
Step2: Define The Brand
The next step is to make a brand. People these days like to shop from established brands rather than a simple shop. Advertisement and marketing will be used to make a presentable brand for Harry’s Liquor Outlet.
Step3: Establish Physical & Web Presence
We will have to make the store as well as a website. It is noted that more than 50% of the customers prefer to order their liquor online rather than going to a store. We will make a website to cater the needs of these customers.
Step4: Promote and Market
The last and the most important thing to do is to market the brand in such a way as to make it a household name in the area to attract as much business as we can.
Services of Small Liquor Store
The next point this liquor store business plan template needs to touch is the services it will be providing. You can use this business plan for existing liquor store or start a new business around it.
The services of the liquor store will be focused more on products because this is more of a products business than a services one. The services of Harry’s Liquor Outlet will be:
- Liquor Supply
As there are no good liquor stores in the vicinity, all the retailers who sell liquor in the area will be buying it from us. We will deliver them the products on weekly or monthly basis, as they prefer.
We will also supply liquor to retail customers, bars, and for parties.
- Signature Drinks
We will experiment with different famous liquor drinks and brands and will make cocktails and our own signature liquors to bring diversity in the business.
- Spirit Supply
We will arrange and provide spirits for medical and cleaning use. This will not be a regular service and we will entertain these demands on request of buyers.
- Remote Bar Services for parties
Anyone looking to arrange a party in the area has to buy the liquor from other cities. We will cover all the parties in the area and will provide take-away and delivery services for party liquor supply.
Marketing Analysis of a Small Liquor Store
Marketing analysis refers to the process of conducting a thorough market research to determine whether or not starting a business makes economic sense. If you want to know how to write a business plan for a liquor store, you need to know how to do marketing analysis.
Here are the details of the marketing analysis that we performed prior to starting a liquor store.
UK Start-Up Visa Business Plan
5.1 market trends.
One of the key reasons for we are going foropening a liquor store business is that this market is growing at a fast pace. The global liquor industry was worth $1.4 trillion in 2019 and is expected to be worth $2 trillion in the year 2024.
Another reasons for starting the business that we think is worth mentioning in this liquor store business plan example is that the trend of drinking is changing from bars to homes. More people are buying alcohol to consume in the comfort of their own home than are going to bars. So, just like a seafood restaurant business plan , we have an opportunity here.
5.2 Marketing Segmentation
Another important thing to note before we start this business is the marketing segmentation of the industry we are going to enter. Marketing segmentation focuses on the various categories of the market we will be targeting.
The main market segments this liquor store business will be serving are the following:
5.2.1 Individual Customers
The main customers of our products will be the people who need a good drink at the end of a long day. We will cater for the needs of these customers and will make sure that they get the best liquor from us.
5.2.2 Retail Stores
Retails stores in the area source liquor from other cities and that is not feasible for them. We will offer them better rates and they will purchase the products from us on a regular basis.
Bars will be one of the bulk customers of our products. They will buy large amounts of liquor on a regular basis. We might offer them a lower rate as a wholesale discount. These customers will pay us on a routine basis and not individually for every purchase/delivery.
5.3 Business Target
Our business targets are:
- To establish our name as a dependable and reliable supplier of Grade-A liquor.
- To expand to more locations and make our business a chain of stores.
- To provide the best products and services and gain high customer satisfaction while we are at it.
Great service. Good turnaround time and quality work. Thanks!
5.4 Product Pricing
The prices will be mainly based on the prices of the manufacturers we will be sourcing the stuff from. However, we will keep out profit margin low and offer lower prices than the competitors to earn some customers and then we will increase the prices when we have made a name for ourselves. This is the same approach as we used in the gourmet food store business plan .
Marketing Strategy of Small Liquor Store
Now that we have established all the things necessary for starting a small liquor store, the next thing to focus on is the liquor store marketing plan. There can be a lot of liquor store marketing strategies but we have to find out the one that works the best for our case.
The things that influence the marketing strategy are the following and they are more or less the same as those for a butcher shop business plan .
6.1 Competitive Analysis
Harry’s Liquor Outlet will have the following competitive advantages:
- The owner of this business has a lot of experience in the liquor business.
- There is no reputable liquor store in the area where we are going to start this business.
- We are offering all the major liquor brands and all of them are decided after asking the people of the area which brands they will buy.
6.2 Sales Strategy
- We will use all the social, electronic and print media channels to advertise our business in the area.
- We will have social media pages and our own online store to market and sell the product.
- We will offer discounted rates for the first two months to boost sales in the start.
6.3 Sales Monthly
6.4 Sales Yearly
6.5 Sales Forecast
The next thing we need to talk about in this business plan for alcoholic beverage store is the people that we will need to start and run the business. We need to plan the workforce in such a way to run the business with the maximum possible efficiency without being an unnecessary load on the business.
7.1 Company Staff
Here is a list of the people who will run Harry’s Liquor Outlet:
- Harry Castle will be the owner and CEO of the business.
- 1 Manager will be hired to run the day-to-day operations of the liquor store.
- 1 Cashier will be needed to manage the register.
- 1 Web Developer will be hired to run the online store and social media pages of the business.
- 3 Drivers for the home delivery of products ordered online.
- 2 Cleaners.
- 1 Accountant.
7.2 Average Salary of Employees
Lastly, we need to discuss the cost that will be incurred by Harry to start this business. Let’s see we need how much to start a liquor store.
Harry will have to arrange money for the following:
- Acquiring a location to start the store.
- Buying the stock to start the business.
- The money needed for the salaries of the staff for the first 3 months.
- The money needed to buy vehicles for delivery.
- The cost of making an online store and the allied social media pages.
8.1 Important Assumptions
8.2 break-even analysis, 8.3 projected profit and loss, 8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
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Liquor Store Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Food Industry » Wine Business ideas » Wine & Liquor Store
Do you want to start a liquor store and need to write a plan? If YES, here is a sample small liquor store business plan template & FREE feasibility report.
The liquor business indeed has come to stay and this is thanks to the huge amount of liquor brands, as well as the people who purchase them. One of the best things that you could possibly do is to start a stress free business like the liquor one.
A Sample Liquor Store Business Plan Template
1. industry overview.
One of the easy to enter and thriving business line that an entrepreneur how is looking towards starting a business of his or her own is to go into retailing business. The retail business is indeed a wide business of which liquor store business falls under.
Simply put, a liquor store is a retail shop that that is licensed to sell prepackaged alcoholic beverages usually in bottles to customers who are likely to take home or elsewhere to consume.
In the united states of America, the Liquor store business is a regulated business which is why The Twenty-first Amendment of the United States Constitution gives states the power to regulate the sale and consumption of liquor and other alcoholic beverages.
It is important to note that State regulations vary widely. Most states In the united states of America have laws that clearly define which alcoholic beverages must be sold in specialty liquor stores and which may be sold in other venues et al.
The Liquor, Beer and Wine industry is indeed a very large industry and pretty much thriving in all the parts of the world. Statistics has it that in the United States of America alone, there are about 41,285 licensed liquor stores responsible for employing about 170,399 employees and the industry rakes in a whooping sum of $48bn annually.
Activities in the Liquor, Beer and Wine Stores industry is on the increase in the last 5 years (i.e. from 2010 to 2015), even though the revenue generation have not shown remarkable growth within the stated period. Owing to the obvious increase in consumer confidence, more consumers have purchased high-margin products such as craft beer, boostingthe industry profitability .
Additionally, the legislation on the liquor, beer and wine market in many states in the U.S has allowed more entrepreneurs to open their own liquor stores. Revenue in the Liquor, Beer and Wine Store industry is expected to grow over the next 5 years as stores generate greater sales especially of high-margin products.
The Liquor, Beer and Wine Store industry is known to be heavily concentrated in the most densely populated regions and cities, mainly in the Mid-Atlantic, which comprises 24.2 percent of total liquor stores. Statistics has it that within the region, New York accounts for 8.5 percent of total liquor stores and trails only California which has 11.6 percent with the largest percentage of industry liquor stores.
So also, the Southeast and Great Lakes regions are heavily concentrated with industry liquor stores, and account for 17.9 percent and 15.4 percent of total liquor stores, respectively.
Comparatively large liquor stores, in terms of employment and revenue, tend to be located in the Mid-Atlantic region. Nevertheless, the industry is small business oriented, with 68.0 percent of liquor stores employing four or even fewer full – time employees per time.
Over and above, the liquor, beer and wine industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale in a street corner like the average mom and pop business or you can chose to start on a large scale with several outlets in key cities.
2. Executive Summary
Pappy J & Sons Liquor Store is a neighborhood liquor store that will be located in centralized area between a residential neighborhood and a busy business district in downtown Long Beach, California.
We aware that online in most states in the U.S California is one of the states that allows individuals to operate a liquor store and also sell other alcoholic drinks which is why we have decided to launch our liquor store in Long Beach, California.
We have been able to secure a 10,000 sq. ft. facility for our liquor store as required by the law in the United States of America.
We are in the liquor store business to make profits at the same to give our customers value for their money and time; we want to give people who patronize our liquor store the opportunity to choose not only from a wide range of both locally and imported liquors but also from a wide range of beers and other alcoholic drinks that are manufactured in the United States of America.
We are aware that there are several large and small liquor stores all around California, which is why we spent time and resources to conduct our feasibility studies and market survey so as to enable us locate the business in an area that will support the growth of the business and also for us to be able offer much more than our competitors will be offering.
We ensured that our facility is easy to locate and our outlet is well secured with the various payment of options. Much more than selling liquors and other alcoholic drinks of top brands in the alcohol industry, our customer care is second to none in the whole of Long Beach California.
We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they visit our liquor store and also to become our loyal customers and ambassadors. Pappy J & Sons Liquor Store will ensure that all our customers are given first class treatment whenever they visit our store.
We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customer base may grow to. We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when making some business decisions that will directly or indirectly affect them.
Pappy J & Sons Liquor Store is owned by Mr. Jeffry Jordan who has successfully managed several bars and night clubs in Los Angeles and Las Vegas prior to opening his own liquor store. It is a family business that will be managed alongside his immediate family member.
3. Our Products and Services
Pappy J & Sons Liquor Store is going to operate a standard and licensed neighborhood liquor store that will retail a wide range of liquors, beers and wines just like any other licensed and standard liquor store in the United States and in any part of the world.
We are in the liquor retailing business to make profits and give our customers value for their money. These are some of the products that we will retail in our liquor store;
- Beers (Bud Light, Coors Light, Miller Lite, Budweiser, Michelob Ultra-Light, Natural Light, Busch Light, Bush, Redds Apple Ale, Sierra Nevada Pale Ale, Keystone Light, Pabst Blue Ribbon, Bud Light Lime, Bud Light Platinum Lager et al)
- Locally Crafted Beers (Pale Beers, Amber Beers, Dark Beers, Hebrew Beers, Gluten Free, Organic Brews, Cider et al)
- Distilled spirits
- Non – alcoholic beverages
4. Our Mission and Vision Statement
- Our vision is to establish a one stop liquor store in Long Beach – California and in other cities in the United States of America.
- Our mission is to establish a liquor store business that will make available a wide range of liquors, wines and beers from top brands at affordable prices to the residence of Long Beach – California and other cities in the United States of America and Canada where we intend opening our outlets and selling our franchise.
Our Business Structure
Pappy J & Sons Liquor Store do not intend to start a liquor retailing business like the usual mom and pop business around the street corner; our intention of starting a liquor retail business is to build a standard liquor store that will be a one – stop shop for liquors, beers and wines which is why we will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we only hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more especially when we start selling our franchise. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Store Manager
Sales and Marketing Manager
- Accountants / Cashiers
5. Job Roles and Responsibilities
Chief Executive Officer – CEO (Owner):
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for managing the daily activities in the store
- Ensure that the store facility is in tip top shape and conducive enough to welcome customers
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carrying out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Interfaces with third – party providers (vendors)
- Control the sales floor inventory
- Ensures that goods and products are properly arranged
- Supervises the entire sales staff and workforce
- Any other duty as assigned by the CEO
- Manage vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Help to ensure consistent quality of liquors, wines and beers on our rack
- Responsible for the purchase of wines, beers and liquors for the organizations
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Ensures that the organization operates within stipulated budget.
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer purchases
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develop, execute and evaluate new plans for expanding increase sales
- Document all customer contact and information
- Represent the company in strategic meetings
- Help increase sales and growth for the company
- Manage the organization website
- Handles ecommerce aspect of the business
- Responsible for installing and maintenance of computer software and hardware for the organization
- Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
- Manage the organization’s CCTV
- Handles any other technological and IT related duties.
Accountant / Cashier
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- Ensures that all contacts with customer (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the store manager in an effective and timely manner
- Consistently stays abreast of any new information on Pappy J & Sons Liquor Store products, promotional campaigns etc. to ensure accurate and helpful information is supplied to students when they make enquiries
- Responsible for cleaning the store facility at all times
- Ensure that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the store facility
- Any other duty as assigned by the restaurant manager.
6. SWOT Analysis
Our intention of starting just one outlet of our liquor retail store in Long beach – California is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over California and also sell franchise through the United States of America and Canada.
We are quite aware that there are several liquor retail stores all over Long Beach and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Pappy J & Sons Liquor Store employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Pappy J & Sons Liquor Store;
Our location, the business model we will be operating on (physical store and online liquor store), varieties of payment options, wide range of liquors, wines and beers (locally crafted beer inclusive) and our excellent customer service culture will definitely count as a strong strength for Pappy J & Sons Liquor Store.
A major weakness that may count against us is the fact that we are a new liquor retail outlet and we don’t have the financial capacity to engage in the kind of publicity that we intend giving the business.
The fact that we are going to be operating our liquor retail store in one of the busiest district in Long Beach – California provides us with unlimited opportunities to sell our liquors, wines and beers to a large number of people.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our liquor retail store; we are well positioned to take on the opportunities that will come our way.
We are quite aware that just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new liquor retail outlet in same location where ours is located or even the arrival of a nightclub and bar.
7. MARKET ANALYSIS
- Market Trends
In the United States of America, most of the states have strict control on liquor stores hence it is not easy to secure license to open one.
In California and in few states in the U.S, individuals can actually open their own liquor retail store and it is the practice for them to sell loads of assorted alcoholic drinks and not only liquors; they are known to retail liquors, wines, beers and even tobacco et al.
If you keep tab with liquor store business and retailing business generally, you would have noticed that It is now a common phenomenon for retail outlets to leverage on technology to effectively predict consumer demand patterns and to strategically position their store to meet their needs; in essence, the use of technology help retailers to maximize supply chain efficiencies.
No doubt data collected from customers goes a long way to help retail stores serve them better. Another common trend in the retailing industry is the pricing system.
Aside from having varieties of alcoholic drinks in a store, one of the easiest ways for liquor retail stores to sell the drinks on their racks as fast as they can and keep re – stocking is to ensure that the prices of their drinks are a bit lower than what is obtainable in elsewhere.
For example, it is common to see items with prices in this format; $3.99, $99 and $199 et al as against $4, $100 and $200. Liquor stores are also known to follow the rules and regulations regulating the industry in any state that their store is located; regulations like not selling alcoholic drinks to any person who is under – aged.
8. Our Target Market
When it comes to selling liquors, wines, beers and locally brewed beer, there is indeed a wide range of available customers. In essence, our target market can’t be restricted to just a group of people, but all those who drink liquors, wines and beers and those who would want to try out liquor.
One thing is certain, our liquors, and other alcoholic drinks will not be sold to people who are under aged. In view of that, we have positioned our liquor retail store to service the residence of Long Beach – California and every other location our liquor retail stores will be located all over the United States of America and Canada.
We have conducted our market research and we have ideas of what our target market would be expecting from us. We are in business to retail a liquors and a wide range of alcoholic drinks to the following groups of people;
- Corporate Executives
- Business People
- Military Men and Women
- Sports Men and Women (with the exemption of under – age)
- Students (with the exemption of under – age)
- Every adult in the neighborhood where our liquor store will be located.
Our Competitive Advantage
Pappy J & Sons Liquor Store is launching a standard and licensed liquor retail shop that will indeed become the preferred choice of residence of Long Beach California and in every other location where our outlets will be opened.
Our liquor retail store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Long beach and few meters away from a busy business district. We have enough parking space that can accommodate well over 20 cars per time.
One thing is certain; we will ensure that we have a wide range of liquors, wines and beers available in our store at all times. It will be difficult for customers to visit our store and not see the brand of alcoholic drinks that they are looking for.
One of our business goals is to make Pappy J & Sons Liquor Store a one stop alcohol shop. Our excellent customer service culture, online store, various payment options and highly secured facility will also serve as a competitive advantage for us.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Pappy J & Sons Liquor Store is established with the aim of maximizing profits in the liquor, wine and beer store retailing industry and we are going to go all the way to ensure that we do all it takes to sell a wide range of products to a wide range of customers.
Pappy J & Sons Liquor Store will generate income by retailing the following alcoholic products;
10. Sales Forecast
It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. One thing is common with liquor retailing business, the larger a liquor retail store the larger the numbers of customers that will patronize them.
Although we may not be as large as the biggest liquor retail store in the United States, but we will ensure that within our capacity we make available a wide range of liquors, wines, and beers et al from different brands both local and foreign in our liquor store.
Below are the sales projections that we were able to come up with for the first three years of operations;
- First Year-: $75,000
- Second Year-: $250,000
- Third Year-: $700,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and the arrival of a competitor in same location as ours within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Pappy J & Sons Liquor Store, we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Long Beach – California and in every other cities where our outlets will be opened.
We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.
We hired experts who have good understanding of the liquor, wine and beer retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Long Beach – California.
In other to continue to be in business and grow, we must continue to sell the products that are available in our store which is why we will go all out to empower or sales and marketing team to deliver. In summary, Pappy J & Sons Liquor Store will adopt the following sales and marketing approach to win customers over;
- Introduce our liquor store by sending introductory letters to residence, business owners and organizations in and around Long Beach – California
- Open our liquor store with a party
- Advertise our business in community based newspapers, local TV and radio stations
- List our business on yellow pages ads (local directories)
- Leverage on the internet to promote our business
- Direct marketing
- Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Despite the fact that our liquor retail store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our liquor retail store.
Pappy J & Sons Liquor Store has a long term plan of opening outlets in various locations all around the United States of America and Canada which is why we will deliberately build our brand to be well accepted in Long Beach California before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Pappy J & Sons Liquor Store;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
- Install our Bill Boards on strategic locations all around Long Beach – California
- Engage in roadshow from time to time
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where our liquor retail store is located.
12. Our Pricing Strategy
Pricing is one of the key factors that give leverage to liquor retail stores, it is normal for consumers to go to places (liquor retail outlets) where they can get liquors, wine and beers et al at cheaper price which is why big player in the liquor, wine and beer retail industry like attract loads of consumers.
We know we don’t have the capacity to compete with other bigger liquor retail store, but we will ensure that the prices of all the brands of liquors, wines and beers et al that are available in our liquor store are competitive with what is obtainable amongst liquor retail stores within our level and in our location.
- Payment Options
At Pappy J & Sons Liquor Store, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;
- Payment by cash
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (online payment portal)
- Payment via Mobile money
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.
13. Startup Expenditure (Budget)
When it comes to starting a liquor retailing store the major areas that you look towards spending the bulk of your cash is in of course renting or leasing a standard store facility. Aside from that, you are not expected to spend much except for paying of your employees and the stocking of your store.
This is the key areas where we will spend our start – up capital;
- The Total Fee for Registering the Business in California – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
- Marketing promotion expenses for the grand opening of Pappy J & Sons Liquor Storein the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- Cost for hiring Consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
- Cost for Shop remodeling (construction of racks and shelves) – $20,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for Start-up inventory (stocking with a wide range of liquors, wines, beers, tobaccos et al) – $70,000
- Storage hardware (bins, rack, shelves, food case) – $3,720
- The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
- Cost for serving area equipment (plates, glasses, flatware) – $3,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Cost of purchase and installation of CCTVs – $5,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of Launching a Website – $600
- The cost for our opening party – $7,000
- Miscellaneous – $10,000
We would need an estimate of $250,000 to successfully set up our liquor retail store in Long Beach – California. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funding / Startup Capital for Pappy J & Sons Liquor Store
Pappy J & Sons Liquor Store is a private business that is solely owned and financed by Mr. Jeffry Jordan and family. We do not intend to welcome any external business partner, which is why we have decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $100,000 (Personal savings $75,000 and soft loan from family members $25,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If any of these factor is missing from a business (company), then it won’t be too long before the business close shop.
Pappy J & Sons Liquor Store will ensure that all the factors listed above are reinforced on a regular basis and also we will engage in continuous capacity building of our workforce. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more.
We will make sure that the right foundation, structures and processes are put in place to ensure that staff welfare is well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner. We have the plans of
Check List / Milestone
- Business Name Availability Check:>Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the shop: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, racks, shelves, computers,electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Compilation of our list of products ( liquors, beers, wines, and tobaccos et al)that will be available in our store : Completed
- Establishing business relationship with vendors – wholesale suppliers of various brands of liquors, wines, beers, and tobacco et al: In Progress
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IX. Financial Plan
This Section's Contents
Revenue and Cost Drivers
Capital requirements and use of funds, key assumptions & forecasts.
[Company Name]’s revenues will come from the sale of children’s clothing to customers.
The major costs for the company will be cost of goods sold (supplier costs), staff salaries, and rent for a prime location. In the initial years, the company’s marketing spend will be high, as it establishes itself in the market.
[Company Nameis seeking a total funding of $330,000 to launch its store. The capital will be used for funding capital expenditures, manpower costs, marketing expenses and working capital.
Specifically, these funds will be used as follows:
- Store design/build: approximately $165,000
- Working capital: approximately $165,000 to pay for Marketing, salaries, and lease costs until [Company Name] reaches break-even
Below please find the key assumptions that went into the financial forecast and a summary of the financial projections over the next five years.
5 Year Annual Income Statement
5 Year Annual Balance Sheet
5 Year Annual Cash Flow Statement
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
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