There is always a steady stream of customers coming into a liquor store no matter what season or day it is. The liquor business is always busy. Other industries tend to fluctuate during different parts of the year but not the liquor business.
Here are the 5 Steps to Success with a Liquor Store:
1. Income Goal
2. Start Date
4. Franchise or Existing
5. Mind Set
Before starting any business you should have an income goal in mind. If you do not know how much you want to make then how do you expect to make it? It really doesn’t matter if you don’t know how much a liquor store can make after expenses because that is something that you will learn about while you are doing your research. When you have an income goal in mind then you can find a better match for a business; something that can actually pay you what you want. The lack of an income goal is one of the main reasons for failure.
Imagine that you opened a business that made $50,000 per year after expenses but you were not happy because you felt that you deserved $100,000 instead. If you had an income goal of $100,000 in the beginning then most likely you would have found a business that could make that kind of money.
Find out what you truly want to make & write it down.
Know when you are planning to get started. If you are truly serious about starting a business then you should have some idea about when you will start. Find a realistic date & then write it down. Everything else will develop around that date.
This has got to be one of the most important steps in starting any business. You need a high traffic area that will feed your business. This is a supply & demand issue. The only thing about a high traffic area is that it will cost you more money. If you have to go in an area that is not too busy then you will have to do a lot of local advertising. Once people know that you are there & you give good service they will keep coming back. People like to be treated well & they should be since they are giving you their money. Make sure to not pick an area with that is saturated with similar businesses.
Franchise or Existing:
Franchises are safer but more expensive to get started. Most of them start at $250,000 plus they require $100,000 liquid cash on hand before they even look at you ruinart champagne . The $100,000 is for you to survive on for the first 6 months. Franchises have good system that works well, that’s why they rarely fail.
Existing businesses can be a lot cheaper to get started. Just find out why they are selling before you buy. If they are selling due to retirement or illness then that’s okay but if they are selling due to a supply & demand issue then be cautious.
You will have to establish a success mindset if you don’t already have one. If you are an employee currently then you will have a lot to learn since the transition from employee to entrepreneur doesn’t happen overnight.
However if your desire for success is strong enough then you will have no problem. Most businesses fail due to lack of experience or poor management. It is a learning curve that you will have to learn. If this is your second time around the block then you know exactly what I mean.
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