The money liquor store owners need to stock shelves can add up to $35,000. Here are the five things we found all successful liquor stores have in common:
- Have both on and off premise licenses
- Make it a one-stop-shop
- Offer a wide array of drink mixers and accessories
- Have a customer loyalty program
- Be able to recommend drinks and take special order requests
To open a new liquor store in 2020, follow these steps:
- Create a liquor store business plan
- Find a location
- Form a legal entity
- Set up business accounting and banking
- Acquire permits and licenses for selling alcohol
- Get your liquor store insured
Is it hard to manage a liquor store? Here are some tips:
- Hire experienced staff
- Stay updated on technology and tools for liquor stores
- Establish relationships with liquor store staff and management
- Focus on a specific category of spirits when starting out
- Consider moving into liquor distribution
- Keep guests around longer by creating a comfortable lounge area
- Know your budget to avoid overspending
- Implement a liquor store POS system to improve efficiency and profits
- Expect to spend a minimum of $100,000 to open a liquor store
- Understand laws and regulations governing liquor sales
- Focus on product innovation and store experience beyond just pricing
If you have questions about profit margins, costs, or taxes related to owning a liquor store, consider seeking advice tailored to your specific location and circumstances.