Opening or buying a liquor store is an enticing endeavor for many. There is a time and a place for it, but if the time and place are right it can be a gold mine. How do you know when and where is the right when and where? Gaining financing to buy a liquor store or open a new one will require that you know. Here is the low down on what you need to know about becoming a liquor store owner.
There CAN Be Too Many
It certainly is possible to saturate a market with liquor stores. The thing is, people like alcohol and it is not always readily available, at least with a large selection, at gas stations and grocery stores. This is why people come to liquor stores at all. If there is already one on every corner then you may need to rethink your strategy. Maybe it would be better to inquire about buying an existing successful store.
Location and Product Matter
Of course carrying the essentials in the product market is pertinent, but be certain that you have a larger selection of products that are not available at the convenience stores. A broad products selection and price range are key to attracting customers. They should be able to pick up their beer for the weekend and grab a nice bottle of wine for a special occasion or restock their liquor cabinet in the same stop.
Location is important. If there are already three liquor stores off the interstate but none on the state highway that runs parallel, you need to set up on that state highway. If you are next door to a county that just elected to go dry, find a spot just on the wet side of the count line. The first liquor store they see is the one they are going to stop at. Making yours that stop could be profitable.
Know Your Target
Are you targeting the commuter group heading home in the evenings? Maybe you are perfectly located for all buyers. Whatever the case, know your target. The fact is, some customers care about atmosphere, others care more about selection. It is a hard balance, but knowing your target market can help. Do they favor wines, hard liquor, or six packs of beer?
When you decide to look for financing to buy a liquor store or open a new one, Biz2Credit should be your first stop. Our extensive network of lenders is waiting for us to match you with them to find the most mutually beneficial borrower lender relationships available. Visit Biz2Credit.com for more information.