Now is the Time For Opening a Wine Store

Business Overview:

If you are a wine aficionado and are looking for a way to apply your knowledge to your own business, you should consider opening a wine store. Wine is popular regardless of the state of the economy and by owning your own wine store you can become a player in this exciting industry. You will have inside knowledge about new trends and what wines are especially popular at a given time. You also will have the freedom to buy and sell wines you enjoy, thereby exposing your clientele to wines they might not otherwise have had access to. When you start looking into how to open a wine store, you’ll find that you have the option of buying a wine store franchise. Depending on your situation, this might be the wisest move since the store will come with everything you need to get up and running including counters, signs, price points and, most importantly, a stock of wines. The downside to buying a franchise is your options are limited as to what wines you carry. But at the beginning, you’ll have enough on your plate and it might be helpful to not have to personally select each and every wine for your store. You could, of course, also hire a sommelier to choose your wines for you. A great wine store will usually have at least one sommelier on staff to be able to help its customers with the finer points of choosing the right wine. If you’re more interested in opening a smaller store, maybe with a tasting room, stocking a smaller number of wines would be the way to go. This format would showcase your expertise and allow you or your sommelier to discuss each wine with your customers in detail. You may choose to offer other items as well such as wine accessories, glasses, wine racks, etc. if you have the space and sense the demand from your customers. If you are interested in selling wine but don’t want to have a physical storefront, you can operate this online business idea from your home. You will need climate-controlled storage space but you can purchase wine refrigerators to accomplish that if you don’t have a true wine cellar to store the wine bottles in. If you want to run an online wine shop, you will need to be familiar with laws regarding the shipping of wine as some states and countries do not allow wine to be shipped to individuals. Running this business online is a good option if you want to break into the wine business with smaller start-up costs than you’d have if you open a local store. Whether you choose to open a large warehouse type store, a smaller, boutique type store with regular wine tastings, or an online store, this business idea is ripe for new entrepreneurs.

A Day in the Life of a Wine Store Business Owner:

If you operate a physical store, your day will begin with a check of your store to make sure it is orderly and ready for business. You will make sure deliveries are taken and properly stored or displayed. You will coordinate with your staff about any new items they need to be aware of and you will speak to customers throughout the day helping them to find just what they are looking for. At the end of the day you will record your sales, check on any expected shipments and ready your store for the next day. If you operate an online wine store, you will want to daily check the orders that come in via your website. You will coordinate shipping wine out and getting wine delivered to you from distributors.

About Your Customers:

Your customers will be wine lovers of all levels from beginner to expert, looking for your expertise in recommending wines to suit their needs.

What You Need to Start:

• Wine store business plan
• Storefront or website
• Marketing plan
• Stock of wines
• Display racks and cases (if you have a physical store)
• Wine accessories (if you offer them)
• Staff (if you have a physical store)
• Computer with finance software

The Good:

• For a wine lover, being around wine all day is a perfect fit.
• You get to be in on all the latest trends in wine.
• The wine business generates a fun atmosphere.
• Mark-up on wine can be extremely high, therefore making you a sizeable profit on your inventory.
• Extra profits can be made by offering wine events including tastings and pairings.

The Bad:

• The initial investment needed is very high.
• It can take some time to turn a profit with such a costly inventory.

Resources:

• Specialty Wine Retailers Association
• National Association of American Wineries
• The Wine Institute
• Wikipedia on Wine

About The Author

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