Being a vintner is one of the most profitable career paths you can follow. In fact, the wine market can potentially grow up to $450.59 billion by 2024, with a 5.8% CAGR during the 2019-2024 forecast period. If you’re planning to indulge in the wine industry, here are some heads-up you should keep in mind.
Your business name has to be unique. It goes a long way with branding, so ensure that people can easily remember it and that other stores haven’t already snagged it. The domain name of your business name should be available, as well. In this way, you can easily generate an online platform and other online marketing tools for your business.
Creating a business plan requires you to run extensive research about the wine industry and your store’s potential competitors. You’ll be including market analysis, financial projections, company overview, and so much more.
Doing a product analysis is also a must. You’ll have to learn everything about wine varieties. Check Sokolin Sparkling wines as an example. This collection of data will be useful for the following business years, so do not skimp on any of the relevant information.
Any industries should obtain the necessary business permits to operate legally. For wine businesses, it can be quite complicated as the products are mainly alcohol. It can get even stickier to ship wine across state borders and overseas. If you find this process as time-consuming or hassle, there many wine-compliance companies or law firms specializing in the winery field that can do the job for you.
Although the wine market’s range of profitability is high, there are still many financial factors that dictate specifics. Hence, budgeting is necessary. You don’t want to make any mistakes, which can potentially flush all your profits down the drain.
Also, outside financing is normal when you can’t cough up a sufficient amount of money. The thing is many startup businesses can’t secure debt-based business loans. In this case, your initial funding might be mainly from bootstrapping, as well as from friends and family loans. There’s nothing wrong with it. Be sure to secure legal papers just in case you’ll have some issues, like family disputes or friendly feuds, to face in the future.