Open new wine store - Printable Version
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- Jellyrug - 05-18-2009 08:53 PM
Will appreciate similar experiences.
I am looking at opening a new store in a good tourist destination, where it is needed. Full liquor, but focusing on wine, including tasting, club, education, events etc. Lots of traffic in the area.
If I do things right, how long to break even and start turning profit. Times are tough, but it looks as if wine is still going strong.
The licensing seems reasonable in my state, from referencing.
- Innkeeper - 05-19-2009 09:20 AM
Welcome Jelly; what state are we talking about?
- Jellyrug - 05-19-2009 03:13 PM
Thanks for the welcome.
Originally from CA, but now live in KY, where wine culture is young, not too much competition.
- andrawes76 - 05-27-2009 07:34 PM
Jellyrug, its easier to get a license service company to assist you with this rather than doing it yourself. You did pick a tricky state to open up shop, but that's what I call competitive advantage. If you call your Alcohol Beverage Control agency up, they can probably recommend the right chap for the job. It will cost you 1-2K.
- Innkeeper - 05-28-2009 08:43 AM
You might also contact Robin Garr for advice and assistance. He lives in Louisville, and runs the wineloverspage.com
- wondersofwine - 05-29-2009 08:28 AM
I had the same thought as IK. Robin is probably quite familiar with existing wineshops in his area and maybe elsewhere in the state. As far as how long to break even and turn a profit, be prepared in case it takes a long, long time. Don't put yourself in the position of having to close down for lack of capital to keep the operation going.
[This message has been edited by wondersofwine (edited 05-29-2009).]
- donnaclif - 06-08-2009 11:41 AM
But what about the cost of the entire jellyrag's venture would cost ?Any estimates?
- andrawes76 - 06-28-2009 03:28 PM
Rent is varialble to your location. Should never pay more than $1.5-2.0 per sq ft. Inventory will run you $75,000 on the low, and $250 if your store is small. Higher sq ft means more inventory. Shelving you can pick up industrial pretty cheaply. Starting capital for a small wine store would be $200-250 for inventory and finishout. Licensing will run you $2500-5000. You'll need operating capital of atleast 6 months. Again, all of this depends on your specific location and govt. regulations. I would certainly have a small biz association do a feasiblity study. Likewise any business school can give you a couple grads to assist you with this.