How to Write a Liquor Store Business Plan
The liquor store market has seen growth, both in terms of income and the number of competitors, over recent years. This has led to a slightly higher need for resources like liquor store business plans, plan templates, and financial predictions for these businesses.
Many factors explain why the liquor store field is expanding at a steady rate. For example, our business plan expert for liquor stores has discovered that it is somewhat simple for a store owner to stand out from other stores. This is due to ongoing shifts in the industry. These shifts include the rising popularity of locally made craft beers, a strong interest in top-shelf liquors, and the option to sell quick items like snacks and candies. These factors can help a store differentiate from others and have a competitive edge.
No matter why liquor store owners are looking for business plans more frequently, having a well-made plan is always an intelligent decision. Given this, our liquor store business planning expert offers some advice for store owners. This advice can help them when they are making their own business plans, templates, or financial guesses (10/23).
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Executive Summary for a Liquor Store Business Plan or Template.
Beginning an executive summary for a liquor store should be much like starting one for a convenience store. The liquor store executive overview should first mention the company's name, planned location, the starting number of workers, and a few examples of products they will sell. After laying down this basic information, our liquor store business planning expert suggests mentioning one or two unique products or services the store might provide to its customers. For instance, standout features of some successful liquor stores could be stocking luxury liquors like top-grade bourbon or providing a home delivery option.
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Company Information and Location for a Liquor Store Business Plan.
When discussing the company details and location of a liquor store, it is a good idea to use a typical convenience store layout. This can cover topics like the type of business setup (like a partnership or corporation), why a particular place was chosen, and when the store will be open. Additionally, delve deep into outside factors that could matter for where the liquor store is. Think about how close the store is to grocery shops, apartment buildings, or extensive storage areas. Our expert has seen that these factors can often help liquor stores do well over time.
Popular Services Offered by a Liquor Store Company.
The main products and services that many local shops provide should be detailed in the key offerings section of the plan. Many liquor stores, for instance, sell things like beer, wine, spirits, and ciders. Also, our liquor store planning expert recommends discussing other items that go well with these main products in this section. This might mean fruit slices, fizzy drinks, bottle openers, tobacco products, or crunchy snacks. By discussing everything the store offers, owners can show they can make money in many ways, not just from selling alcoholic drinks.
Marketing Activities for Liquor Store Business Plans and Liquor Store Business Plan Templates
Mainly, liquor stores promote themselves with old-fashioned methods like telling others, signs on the road, or ads in the local paper. Yet, our expert has seen more liquor store owners start to use online ads. Some owners, for instance, teach classes online about making trendy drinks, like Mai Tais and Strawberry Daiquiris. When showing these drink-making videos, they highlight and use famous high-end alcoholic brands. Doing this teaches potential customers how to mix drinks and invites them to come to the owner's store.
Pro Forma Financial Projections for a Liquor Store Company.
From what we know, making pro forma financial projections for a liquor store tends to look a lot like doing it for a convenience store. This means you can estimate how much a liquor store might make based on the number of shoppers each day, average shopping per shopper, and the usual costs of selling alcoholic drinks. When you make this part of your projected finances this way, it is easy for people to understand and gives the owner a money plan. This plan can be used to run the store, see financial chances, and compare the store's progress to others.
Hopefully, these insightful tips and tricks for writing a business plan were helpful. If you need help with a business plan or financial projections, email or call us.
Author: Paul Borosky, Doctoral Candidate, MBA., Author
Owner of: Quality Business Plan and Quality Business Consultant.
Date: 10/5/2023