Good Cheer - How To Buy A Liquor Store Creatively!
It almost goes without saying that an entrepreneur has to be creative
, as without the ability to think on your feet, make reasoned, pressurized decisions and to move with the times, the entrepreneur would barely survive, let alone have any chance of prosperity. As such, whenever it becomes time to buy a business already in existence, it should be viewed with a creative mind. This is certainly the case when assessing a potential liquor store for sale. There is much more to this business than may meet the untrained eye and potential that could be explored. While the hard facts and figures provided by the seller will always provide the basis upon which a decision can be made - if creative potential can be assessed, the buyer will have more reason to consider the purchase.Some people refer to their nearby liquor store as an essential place, for vital goods. In many cases it's almost as important as the local pharmacy or gas station/convenience store and statistics show how the retail liquor industry contributes to the economy as a whole. According to the US Economic Census, liquor retailers accounted for about $27 billion in annual sales, representing 7% of the entire sales revenue net from American businesses combined! There are close to 30,000 beer, wine and liquor stores in the United States.
As wine, liquor and beer are so important, shouldn't we be ready to buy liquor store business assets as soon as we find them? It's important to take it easy, certainly considering the facts and figures associated with the business, yet still look at everything during the due diligence exploration phase as you reveal a larger picture. Location is everything in regard to buying a liquor store, as it has to be convenient for many. They don't want to make a lengthy trip for a liquor purchase and these repeat consumers are the ones that you really need to please, because they come back again and again.
Consider the competition. You might be unlucky to find one of those big-box retailers nearby who have a liquor store department. It's certainly true that larger retailers are considering this kind of move, but liquor purchase appears to be more of a standalone activity, rather than one which is combined with a shopping trip to the grocery store. Therefore, ease of access is everything, as customers pop in and out of their local liquor store.
Above all else, be creative when assessing the potential, and keep in mind that you may need to be particularly creative when it comes to inventory management. Balance the inventory that you buy carefully to maximize its profitability. Some wine distributors will give you significant discounts according to the case quantity that you buy, but you must always ensure that you sell it in a timely way. Conversely, as a rule of thumb, you don't want to be storing and refrigerating beer for any length of time, so you should practice good logistics when ordering according to demand. For seasonal drinks and specialist wines, ensure that your marketing efforts are finely tuned to peak when you buy your inventory, as this will ensure that you're employing "just in time" delivery tactics to maximum effect.
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