Wine is a popular hobby for many. Knowing the intricacies of the craft and becoming familiar with the delicate nature of its multifaceted flavors is an impressive set of skills and know-how if you want to impress people at parties, but for some people this hobby takes that fateful turn and turns into a full-on passion. When passions run rampant, many people seek to bank on it and start their own business. Like many other things, however, going into the wine business is not something that you can simply rush into. This particularly industry is fairly lucrative, but luckily it is not too choked up. Wine is a growing industry, but it requires that you deal with a lot of legalities such as obtaining licenses and permissions.
So before you begin, you will need to consider all of the preparation and planning involved in starting your wine business off the right way.
Know Your Stuff
The first thing you will want to secure is your own knowledge. Wine may be your passion, but how much do you know about it really? Even if you are confident in your wine trivia, it helps to learn as much as you can by conducting intensive research. Don’t just stop at the types of wines there are and about how to discern the intricacies of their composition, look at the history of the business, what popular brands are out there and how other establishments got started.
Get to Know the Legal Requirements
In order to legally run a winery or a wine business, there are a number of permits and licenses you will need to obtain before beginning operations. These legalities will also provide you with a guideline for your modes of operation, informing you of what you can and can’t do. This is essential before even drafting up a business plan. Since this sort of business will be regulated by the government, you can expect a lot of paperwork and inspections, especially if you are manufacturing your own wine as well.
Choose a Good Location
You’ve heard the phrase emphasizing “Location, location, location!” right? Where you plan on starting your business is crucial. It will determine how you will operate your business because where your wine business is located will determine the market and demand for what you plan on offering. It also helps to understand exactly how much real estate is going to cost and how readily available it is before drafting your business plan since these things may very well factor in if you do not already have a base of operations.
Determine a Source of Supply
If you are planning on running a wine business that does not involve manufacturing your own wine, then you will need to work out a deal with a distributor or with a local winery. If you already make your own wine, you may simply need to figure out where you can get your ingredients. Even if you’re planning a vineyard, you will need additional ingredients and equipment so you will need to consider everything that you will need in order to produce enough product (and how much of it you will likely need) before getting started.
Create a Business Plan
Once you have determined what permits you need and what your general business operations may look like according to government and permit guidelines, you can begin drafting a plan specific to your business and what you imagine it could be. Aside from figuring out all of the technical stuff such as how you plan on growing your business and what your plans are depending on market changes etc. you can be creative and put a bit of yourself into the blueprint for what you expect your business to look like once it’s up and running. You’ll need to be specific and accurate, especially when providing estimates and calculating costs, so make sure that you’ve done your math correctly! You can consult an expert before pitching your idea to investors who you will want to buy into your idea.
Pick Your Angle
When you first decided that you wanted to start a wine business, what did you have in mind? Were you planning on building a winery or a wine store? Do you want to feature other niche services like a wine bar or a wine club? There are plenty of specific areas where you can specialize or even tack onto a winery in order to make it unique and to bring in extra revenue. Do you want to specialize in a certain type of wine, do you want a vineyard, or do you want to feature food, too? There are countless ideas for your wine business so have fun with it and see where your wine passion takes you!