How to Write a Liquor Store Business Plan
The liquor store industry has been growing, not only in revenues but also in the number of competitors, over the last several years, which has moderately increased the demand for liquor store business plans, liquor store business plan templates, and liquor store pro forma financial projections.
There are numerous reasons why the liquor store industry is growing at a moderate pace. To illustrate, our liquor store business plan writer has found that a business owner’s ability to differentiate from other competitors is actually quite easy thanks to continued changes in the industry, like the growth of local craft-brewed beers, high demand for premium liquors, and carrying convenience store items such as snacks and candies. All of which may be a foundation for competitive advantages and differentiation.
Regardless of why liquor store business owners are seeking out business plans at a faster pace, having a well-prepared document is an excellent strategic move. From this, our liquor store business plan writer has come up with some tips and tricks for business owners to use when constructing their own liquor store business plan, business plan template, or pro forma financial projections.
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Executive Summary for a Liquor Store Business Plan or Template.
The liquor store executive summary should start off in a similar manner as a convenience store. What I mean by this is that the liquor store executive summary should include stating the name of the company, proposed address, number of employees at the start of operations, and some examples of products carried. Once this foundation is set, our liquor store business plan writer then recommends briefly stating one or two differentiated products or services that may be offered to consumers. Popular liquor stores' competitive differences may include carrying high-priced liquor such as premium bourbon or even offering delivery services.
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Company Information and Location for a Liquor Store Business Plan.
The company information and location section for a liquor store should again follow traditional conventions of a convenience store, which may include discussing the organization’s legal structure, reasons and benefits for the selected location, and hours of operation. In addition, make sure to explore, in-depth, any external factors that may be important for the liquor store location. Considerations may include proximity to grocery stores, apartment complexes, and warehouse districts. Our business plan writer has found these external factors often correlate with the improved success of liquor stores in the long run.
Popular Services Offered by a Liquor Store Company.
Common products and services provided by most local stores should be noted in the popular services segment of the business plan. For example, most liquor stores will carry beer, wine, hard liquor, and hard ciders. Further, our liquor store business plan writer suggests that complementary products and services also be discussed in the product segment of the business plan. Complementary products sold may include limes, sodas, corkscrews, cigarettes, and even chips and snacks. By fully explaining the product line offered to consumers, liquor store business owners are able to show revenue generation opportunities not only through liquor sales but also through other product offerings.
Marketing Activities for Liquor Store Business Plans and Liquor Store Business Plan Templates
For the most part, liquor stores utilize traditional marketing channels such as word-of-mouth advertising, street signs, and newspaper ads. However, our liquor store business plan writer has found that more and more liquor store business owners are embracing social media advertising. For example, we have seen some liquor store business owners provide classes on how to make popular drinks, such as Mia Tias and Strawberry daiquiris. When making these drink videos, the business owners are highlighting and using popular top-shelf liquors. This strategy not only educates potential customers on how to make drinks but also entices them to visit the business owner's facility (7/22).
Proforma Financial Projections for a Liquor Store Company.
Pro forma financial projections for liquor store companies, based on our experiences, are very similar to convenience store structures. What we mean by this is that liquor store revenues may easily be projected based on the number of customers serviced daily, average customer tickets, and typical variable costs aligned with liquor sales. By constructing the revenue segment of your pro forma financial projections in this manner, not only is it easily explained to the reader, but it also provides the business owner with a financial model that may be utilized for operational purposes, financial projection opportunities, and benchmarking practices.
Hopefully, these insightful tips and tricks for writing a business plan were helpful. As always, if you need help with a business plan or financial projections, just send us an email or give us a call.
Author: Paul Borosky, Doctoral Candidate, MBA., Author
Owner of: Quality Business Plan, and Quality Business Consultant.
Date: 1/25/2022