Opening or buying a liquor store can be a profitable endeavor. Some believe there can never be enough liquor stores, as there is generally always a demand. Of course, any market can be saturated, so it is still vital to consider all of the same considerations as you would with any other business. Demand, location, and marketing are just as important as with opening or buying another type of business. Some of the same considerations apply, and some are unique to the industry.
Starting up or Buying an Existing Store?
There are pros and cons to each side. If you decided to buy an existing liquor store, the location is set and the customer base is hopefully already established. Inventory likely comes with the deal, as does existing knowledge of local taste preferences. If the business is already doing ok, then financing with come more easily. If the store is floundering, you could have more of a challenge getting a small business loan to purchase it.
There are some considerations when it comes to the liquor business that could require special help. It is wise to secure the services of an attorney or a liquor license consultant when it comes to ensuring all licensing requirements are met. This will help ensure not only that everything is squared away legally, but also will put a lender’s mind more at ease when you start looking for liquor store loans.
Manage or Manager?
To manage or not to manage, that is the question. If you are thinking about buying the business and simply hiring a staff, training them, and then letting them “mind the store,” think again! The liquor business really does not typically lend itself to hands-off ownership. This particular retail venture is more successful when the owner is on the premises as much as possible.
What about the Money?
Liquor store financing is available through the same channels as financing for other businesses. When looking for loans for a liquor store, consider of the above components ahead of time. Related questions are likely to be asked by the lender, so having the answers ready to go will show adequate preparation.
Biz2Credit can help you find financing for your liquor store, whether you decide to buy one or start one from the ground up. Our professionals are waiting to connect you with a lender from our network of over 1,200. We can help you find the perfect one with the right tools to fit your specific needs. Visit us online at Biz2Credit.com for more information.