Indulging in the wine business is undoubtedly a wise strategy in the present time. According to a non-profit wine trade association in California, a big population of the wine drinkers consists of the baby boomers and those between the ages 21 to 29 years old. Statistics show a substantial growth of the wine business in the past 10 years.
Wine is seen in different types of business such as wine bars, wine retail stores, educational wine tasting, restaurants, hotels, and more. Starting a small business of wine retailing is one of the most interesting wine business ventures. For wine retailers out there, we have some useful tips to give you.
1. Establish Strong Partnerships
Personally meeting with winery owners and winemakers is a very important step when getting started. This will build strong business relationships that will allow you to gain access to special or uncommon wines.
2. Set Goals
When starting a small business, you have to be objective with your goals. Use all the available information you have to be able to establish goals and objectives that are SMART – specific, measurable, attainable, realistic, and time-bound. This is very important as this will determine where you want to go and what you want to achieve. Your goals should be made clear to your employees as well.
3. Have a Plan B
You will not lose anything if you set a plan B. Some things may go wrong, or there might come something out of your control that can affect your business. Being prepared is worth it.
4. Stand Out
You are not the only one who wants to put up a wine shop. In fact, there are already a lot of wine shops out there. So how do you stand out from the rest? Be creative – from the name of your store, to the wine storage racks, wine display racks, choice of wines, and customer service.
Check out the wine retail shop on the photo below where you can find stunning wine storage racks and eye-catching wine display racks. There are a lot of wine rack design options you can choose from these days. The waterfall cascade is a very attractive wine rack, and it can be combined with other wine storage racks.
There is also the commercial round aisle which can be used as a stand-alone wine rack for both storage and display. If you want your store to stand out, you may consider consulting a wine storage expert. Click here to check out a wine rack and wine cellar specialist.
5. Be Aware Of and Observe the Law
As a wine retailer, you must know the liquor laws and regulations, and religiously follow them to avoid committing violations, which is bad for your image.
6. Explore the World of Wine
As a wine retailer, expect that customers will ask so many questions about the wine you sell. It pays to know your stuff. Study each wine variety, the brands, their uniqueness, proper wine storage, wine aging, and so on.
7. Make Customers Happy
Of course in any business, customer service plays a significant role. From the moment they enter the store, make them feel welcome and at home. A personalized customer service will give a much better impact.
Your facilities should be accessible and efficient. Since they come to your store to look for some wine, make sure that you have wine display racks that can show off your wines with their labels visible to the customers. This makes it easy for them to get the information they need about the wine, and to choose the best one for them.
Keep in mind that your main objective is keep them coming back, and let them market your products and services through word of mouth. Customers will always be the lifeline of any business.
8. Be Visible Online
Online wine retailing is a must in today’s internet age. A lot of people all over the world go online every day, spending an hour or so searching and surfing the net. Take this opportunity to reach more customers and bigger market.
9. Keep Track
Proper documentation will make your work easier. No matter how small or big your wine business is, make sure that your documentation does not fall apart. Accounting, inventory, sales update, etc. are as essential as the wines your sell.
If you are techy, there is a downloadable app that can track inventory and sales using your iPad or smartphone.
Keep track of the performance of your business; and if you can keep track daily, the better. You can use this tool to set new targets.
What do you need to innovate in a wine retail business? Everything! As mentioned earlier, you need to be creative. You have to be updated of the new trends not just in wine, but also in customer service, interior designs, marketing strategies and your competitors.
Customers always love to hear, see, smell, and taste something new. You will need all the information you can get to innovate and be ahead in everything.