How To Start A Liquor Store
If you know how to start a liquor store, you can be successful in this business venture. It requires careful and skillful planning in stages to get the desired results and make a profit. The paperwork is enormous and time-consuming. However, when you get all the paperwork legally submitted and approved by the governmental authorities, you will reap the financial rewards.
- Read books and do research on the local, state, and federal laws that you will have to follow to start a liquor store in your area. Try to find a job at a liquor store in your area and learn all the operating procedures for a liquor store. Ask the owner how he started his liquor store and follow his advice.
- Contact a commercial real estate agent in your area and inform him that you are going to start a liquor store and that you want a small building that is already zoned for liquor sales with a high-flow of traffic. Let the agent know that you need him to hold the building for at least 90 days so that you can get all your permits, licenses, and business plans ready. The agent may want you to pay him a fee for this service.
- Take care of all the necessary paperwork to start your liquor store. Head to your city or county office and apply for a permit or a license to start a liquor store. Register your liquor store as a sole proprietorship on the application because this type of business is easier to start. Apply for your state’s Department of Revenue tax ID number and call (800) 429-4933 to apply for your Federal tax ID number. You need tax ID numbers to pay taxes.
- Make sure that the building that the agent has found for you is small enough to start a liquor store and also that the cooling units are small because large walk-in coolers can run the electric bill up to $1,000.00 a month. Rent or lease the building and buy business insurance for a liquor store in your city and state.
- Formulate a business plan for your new liquor store. Arrange the marketing section to primarily focus on finding ways to attract customers to your liquor store. Implement the management section of the plan to show exactly what you are going to do each day to start a liquor store successfully. Create a financial plan to manage income and expenses and hire an accountant if you need to.
Purchase your liquor from liquor manufacturers to get your liquor business up and running and you can get information from the Alcohol and Tobacco Tax and Trade Bureau to find out which manufacturers are operating legally and are in compliance with federal laws. You now have now started a liquor store.
Check all customer identification before selling alcohol to them. Do not open the liquor store until you have received all your permits.
Get a security video system to monitor the liquor store’s activities.
- Hire help for your liquor store because this type of work will require you to be there all day almost everyday.