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How to start a wine store business

However, if you're passionate about wines and financially buoyant to start the business then this article is for you.

The reason for this can be attributed to the fact that, unlike most businesses, there has been a time when the business was choked up by dealers.

In other words, people don’t usually venture into it. And the reason for this might be because of the high cost of starting the business.

However, if you’re passionate about wines and financially buoyant to start the business then this article is for you.

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Read on to find out what you need to know before venturing into the lucrative wine business.

Here is how to start a wine store business

1. Know everything you need to know about wines

When it comes to starting a wine store business, understanding the ins and out of every wine you can place your hands on is the first step to take on the journey.

Know everything you can about the flavours, alcohol percentage, customers preference, prices and every other possible information you can get about wines. Such is the importance of this knowledge that it cannot be overemphasized.

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Gather all the information you can on wine. Meet with people who have been in the business for some time and get all the ideas you can from them, with regards to wine as this will give you some advantage when you kick-start the business.

2. Find out about the legal requirements

Although this is not much of a serious issue in Nigeria, it is, however, important that you get to know the legal requirements. There are certain wines that should not be consumed by underage.

Also, there are wines that are officially prohibited and therefore considered illegal by the state.

So in other not to get yourself and your business into unnecessary issues, brace yourself with the needed knowledge about the legal requirements involved in starting a wine store business.

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3. Location

Unarguably, location can be said to be everything when it comes to businesses like this because your wine shop needs to be in a place where it can easily be accessed.

Your shop should be located on a busy road or a place where people can easily notice, because the more strategic the location, the more customers you’re able to pull in daily.

A location within or around the market can be a very good place to set up your shop;  if you can get one on a busy junction or street, it will be good as well.

4. Find a reliable supplier

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No matter how big and distinguish you want your wine store to be, if you don’t have a reliable supplier then you are in for a fail. Because your wine must be original to convince people to come back again.

You should know the difference between original and fake wines. And the only way you can be sure that your buys are original is when you’re dealing with a reliable supplier.

There are a lot of fake replicas out there and you don’t want to be identified as a dealer of such.

You can also connect with wine importers as many people prefer foreign wines. This will not only boost your prestige in the business, it is also certain that you will make good profits from it.

5. Open your wine shop

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Like earlier said, starting a wine store business require some good amount of money. But you can start small if you want. The only disadvantage of starting small is that you won’t have a large variety of wines to showcase.

And that is what attract clients to your shop.

However, you can take it one step at a time and grow the business in the process. Instead of becoming a wholesaler, you can start as a retailer. And by so doing, you won’t need a huge amount of money to get your wine shop running.

Remember the importance of location when you chose to start up, and this with regards to whether you’re starting big or small.

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