| A wine bar
business plan marries two magnificent concepts: the wonderful
world of wine, and the opportunity to actually make money. It is
a business like none other. Everything you ever thought you knew
will be used as you grow your business. Cheers!
KEY CONSIDERATION
This is a dream business. Great
product. Nice people. Good profit potential. There are thousands
of people who would like to be in your shoes behind that bar.
STRONGEST ADVANTAGE
For someone with real knowledge
of wine, this is a natural. Bring marketing skills to the table
as well, and you're home free.
STRONGEST DISADVANTAGE
Because the business looks so
easy to set up (and it's not!), many people try it who
shouldn't. Also, the inventory that you will need to carry is a
major expense, more than most businesses.
OVERCOMING THE DISADVANTAGE
WITH YOUR WINE BAR BUSINESS PLAN
Prove that you have the
knowledge to make the wine bar successful.
You know all those hundreds of
wine tastings you went to? All those thousands of books and
magazines you read? The innumerable conversations you had on
various wines and vintages?
Well, now is when all of that becomes very important.
More to the point, you need a
way of setting it out in black and white so that your lender can
absorb the many, many years you have devoted to honing your
craft.
Your bio in your wine bar
business plan needs to absolutely burst with all the industry
knowledge you have.
Prove that you have the
marketing background and skill to make the wine bar successful.
And one thing more you really
need: the marketing skill to lure people into your wine bar.
Devote a minimum of 5-8 pages
of your business plan to setting out your marketing plan.
Identify your core buyers.
Identify the number of your
core buyers in your selling area.
Have some initial ads or
promotions developed to demonstrate your skill in this area.
Base your projections of valid,
provable statistics. No pie in the sky here -- it just won't
fly.
The economic breakdown of your
core area will be critical to your success. If you have tourists
coming through who will enjoy your wine, great. If your
clientele will be predominantly residents, that's great too.
Whatever it is, make sure there are enough of them.
OTHER PLUSSES FROM YOUR WINE
BAR BUSINESS PLAN
Wow, who doesn't enjoy a really
great glass of wine? Virtually every single lender you go to
will envy you. Be sure to take some "free sample" coupons with
you. Even if the store isn't in existence yet, let each and
every potential lender know that s/he is very welcome at your
wine bar.
Ask your lenders, too, what
their favorite wines are, and carry them if you can. Even if a
lender says No today, it may be a Yes next year.
Show what architectural
drawings you can. Present a list of inventory as best you can.
Identify your suppliers. Make it clear that you know how the
alcohol business works in your area.
FOR ADDITIONAL INFORMATION
FOR YOUR WINE BAR BUSINESS PLAN AND YOUR WINE BAR MARKETING PLAN
For traffic information on your
retail location, contact the owner/manager of the retail center.
Also go to your city or county planning department where you can
get traffic counts and information on housing and construction
in that area.
For statistical information
for your marketing plan for a wine bar, go to
BizMiner.
At the home page, look for the
Industry search box and enter "Wine Bar".
You will see both Financial
Analysis and Market Analysis reports. Both reports will be
invaluable to you as you create your wine bar business plan.
The reports are based on actual figures from over 150 existing
wine bars.
For demographic information
While at BizMiner, be sure to
look in the left hand column for "Area Demographics". This
provides data from the US Census reports, including income
level, age, education, etc. If your geographic area is
represented, it is an excellent source of information for you.
YOUR LIKELY LENDER/INVESTOR
The
SBA
is a strong lender for smaller businesses. The specialists at
the SBA affiliated bank should understand the financial needs of
a wine bar, because they will be looking at the BizMiner stats
as well.
If yours is an established
business looking to expand regionally, nationally or
internationally, a venture capital firm may be your best choice.
Be sure to check out the newest development in venture capital:
venture lending. This is one of those niches, too, that can
appeal to angel investors who want a side hobby.
YOUR ONLINE PRESENCE
Potential customers are very
likely to look you up on the web before coming by. Be sure to
include some great photos, as well as a wine list of best
sellers, and favorites of local celebrities. See
best web
host for more information on setting up your web site.
YOUR WINE BAR BUSINESS PLAN
I personally believe the world
could use a lot more classy wine bars, so I truly wish you every
success on your new venture.
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