Running a liquor store is always a very profitable business as most people like to drink alcohol. Of course I don’t necessarily mean the hard liquor but at least when it comes to wine a lot of people seem to consume it on a daily basis. Although this is true running liquor stores it is not as simple as stocking up on the famous brands and opening shop. There is a lot more to it than that and a lot of people only find this out the hard way a couple of months into running the store. That is the worst possible situation that you can be in. Through the course of this article I shall impart on you some tips that may be useful to make sure that you don’t experience a situation like that.
One of the first things that you need to make sure is that your licensee is always up to date. Don’t wait till you are right on top of the expiration date to renew it, make sure you do so months ahead. It would be in your best interests to do so. You should also buy on wholesale, at least the types and brands that you can. Of course when it comes to craft beer training and all you can’t exactly buy in bulk but try to buy in large quantities as possible as that should generally garner you a discount. Essentially when stocking up always try to see what the best deal you can get is.
Speaking of stocking up don’t just randomly stock up on what you think the popular brands are. That is irrelevant, what you buy needs to depend on the tastes of your customers. As such it is good advice to check your sales record and see what you sell the most of and stock up more on those brands. In addition to that if you have something that other stores don’t have you are likely to get more customers. As such go for craft beer events in Hong Kong and such that take place to find new brands you may be able to use to draw in more customers.
This is a very competitive business so if you want to rake in a good profit you need to be able to offer something that the other liquor stores in the area don’t offer, and I don’t mean just more brands as I mentioned above. You need to give incentives for customers to come to your store. For an example you should offer discounts on bulk purchases. You also need to market yourself pretty well. One of the best ways to do that in this day and age is to have a website for your store with everything you have on offer. All in all it’s a lot of work to run a successful liquor store but if you out in the right amount of time and effort you can really rake in a good profit.