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Purchasing a liquor store can be a great way to dip your toe into the world of small business ownership. Demand for alcohol is generally pretty stable, so fluctuations in sales aren\u2019t something to be concerned with. Your marketing techniques can be more carefree than some other business, too. All around, owning a liquor store can be a fun endeavor. But there are still key things to consider before taking the plunge\u2026 let us explain what to know before you buy a liquor store.<\/p>\n
You\u2019ll Need to Be Present<\/p>\n
Owning a liquor store is one of the more demanding jobs as compared to owning other small businesses\u2014there\u2019s no \u201cabsentee ownership\u201d in sight. Why? Inventory management is critical to a business that has so many cash sales, so much desirable inventory, and such high possibility for crime. When you add this to the other tasks associated with owning a small business (think management and training, accounting, purchasing, etc.), that adds up to a lot of hands-on time. Now this isn\u2019t to say you can\u2019t hire a trusted partner to help share in these duties. But if that\u2019s not in the cards for you at the moment, be prepared to spend a lot of overtime running your new store.<\/p>\n
You\u2019ll Need to Be Unique<\/p>\n
These days, many folks live in areas where alcohol is readily available (this author lives by 4 liquor stores in a half-mile area). If you\u2019re planning on a location that\u2019s already got a lot of alcohol offerings, you\u2019ll need to consider how you\u2019ll stand out in the market. What\u2019s your differentiator? Perhaps you\u2019re a whiskey connoisseur and plan to carry a wide range of them. Or maybe your expertise lies in wines, and your hope is to offer weekly wine tastings. Love cigars? Some liquor stores have walk-in humidors that attract a specific clientele. There are many ways to stand apart from your competition\u2014be sure to nail down your niche before taking the leap into ownership.<\/p>\n
You\u2019ll Need Cash<\/p>\n
This is an obvious one for any small business in its infancy, but particularly one as highly regulated as liquor store ownership. Inventory, for instance, is crazy in the liquor store business. You can expect to turn over your inventory 8 -10 times per year, which means a lot of money up front. But before inventory even comes into the equation, you\u2019ll need to consider licenses, laws, and guidelines specific to your state (they\u2019re different everywhere). It\u2019s a confusing and intimidating task, which is where the staff at ARF Financial can help you learn what to know before you buy a liquor store.<\/p>\n
At ARF Financial, we pride ourselves on hiring only the best in the business\u2014the finance professionals who really know the industries we serve inside and out. When you work with us, we\u2019ll assign an experienced financial consultant to work with you hand-in-hand throughout the entire borrowing process, from the initial paperwork to the approval and funding. You\u2019ve got business goals. And our goal? To make yours come true. Learn more at ARF Financial today.<\/p>\n","protected":false},"excerpt":{"rendered":"
Purchasing a liquor store can be a great way to…<\/p>\n","protected":false},"author":5,"featured_media":35775,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[128,684],"tags":[398,402,400,399,443,386,578,535,220,213,345,116,173,536,117,597,594,516,401,224,222,172,226,679,142],"class_list":{"0":"post-35774","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-day-to-day-business-operations","8":"category-liquor-store-financing","9":"tag-affordable-business-loans","10":"tag-affordable-small-business-growth","11":"tag-business-expansion","12":"tag-business-growth","13":"tag-business-line-of-credit","14":"tag-business-loans","15":"tag-covid-19-pandemic","16":"tag-equipment-leasing","17":"tag-flex-pay-loans","18":"tag-line-of-credit","19":"tag-restaurant-expansion","20":"tag-restaurant-financing","21":"tag-restaurant-funding","22":"tag-restaurant-leasing","23":"tag-restaurant-loans","24":"tag-restaurant-reopening","25":"tag-restaurant-reopneing","26":"tag-restaurant-trends","27":"tag-small-business-expansion","28":"tag-small-business-financing","29":"tag-small-business-funding","30":"tag-small-business-growth","31":"tag-small-business-loans","32":"tag-what-to-know-before-you-buy-a-liquor-store","33":"tag-working-capital"},"acf":[],"yoast_head":"\n