During the final weeks of 2018, many small businesses reviewed the year’s worth of data to see what was preventing them from reaching their financial goals. It’s safe to say that at least a decent portion of the younger businesses arrived at a similar conclusion. Despite their strong sales, the business isn’t in the financial […]
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The general requirements for an SBA Loan from a bank are relatively universal. Virtually every business owner knows you need to have a perfect credit score, high revenue, strong profitability, at least two years in business, and the ability to provide collateral. These requirements are basically common sense to anyone who has done just a […]
A frequently emphasized advantage of working with an alternative business lender (as opposed to a bank) is the availability of “long-term” solutions. This refers to small business loans that do not attempt to put a band-aid on a broken limb. Instead, the business lender works closely with the client to improve his or her business […]
For many industries, the appropriate time to take out small business loans isn’t exactly clear. You are constantly faced with unforeseen expenses, lucrative opportunities, and changes in demand. One example is liquor stores, which are stereotyped as risky business ventures due to the aforementioned variables. Much like restaurants, the failure rate of liquor stores suggests […]
Many industries are often described as having “unique” challenges. This typically refers to financial dilemmas that contradict the seemingly universal laws of running a successful business. Basic rules that other businesses live by simply do not apply. A great example of one such industry is liquor, which most certainly comes with a host of unique […]
Liquor stores must consistently offer new, unique products in order to stay competitive. Otherwise, customers will give their business to larger competitors, which are conveniently located in the same shopping center or not far down the street. Supermarkets have a limited selection but plenty of people still seek out the most basic choices before a booze-fueled get-together. That list of “basic choices” is growing, meaning liquor producers must continuously go to new heights to prove their purpose.
Enjoying ‘spirits’ is a popular past-time, and it’s good business too. In the United States alone, there are nearly 43 thousand liquor stores generating $45.5 trillion dollars in annual sales, based on 2016 data from Statistic Brain. Many of these liquor stores are privately owned and operated by small business owners. In some communities, larger wholesale liquor and wine retailers have moved in, making the market highly competitive.
Owning a liquor store is no trendy cocktail party. You face even more challenges than most other small retailers. The liquor industry is highly regulated. Competition is rampant. You have to maintain vast inventory to meet constantly changing consumer tastes.