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3 Tips For Increasing Profitability When You Buy Liquor Store Businesses

When on your search to buy liquor store businesses, consider additional ways that you may use the location to generate additional revenue streams. Wine and spirits are an important and profitable part of the American culture -- and by implementing a few creative programs and events you can reach new audiences, drive customer loyalty, and increase profitability.

Wine Tasting Events

When you buy liquor store businesses, you're not only limited to shelf sales. Consider holding weekly or monthly wine tasting events in your liquor store. Invite local winery representatives to pour wines, sign bottles, and educate consumers on the history of the wines and vineyards. People love to have a story to share with friends and family when they serve wine at parties or around the dinner table. As a result of the event, shoppers may pick up several bottles of wine that they would have never considered before.

Mixed Drink Classes

Another way to boost sales and traffic after you buy liquor store locations is to host mixed drink making classes. Many customers aren't sure what they can create with the many different types of liquors and mixers on your shelves. Hosting weekly events that teach people how to make one or two new concoctions gives them a reason to purchase new liquors, mixers, gadgets, and glasses.

Wine Pairing Classes

While many love to toast a glass of wine at dinner and serve wine at parties, many people will admit that they are not necessarily wine aficionados. They aren't sure which type of wine to serve with which foods or how a $40 bottle of wine differs from an $8 bottle of wine. Educating the public on wine choices and options is not only fun for them, but profitable you. Many people who buy liquor store locations won't consider these out of the box revenue streams, meaning more market share for you.

When looking to buy liquor store locations, look for retail spaces that have either a back room or a section that can accommodate an event such as these. By hosting an event you can drive new traffic to your liquor store that may not have come in otherwise.

Categories: BizBen Blog Contributor, Buying A Business, How To Buy A Business

Contributor:

Peter Siegel, MBA
Areas Served: Nationwide - All Areas
Phone:  925-785-3118 Cell, 925-785-3118 Text
Peter Siegel, MBA - Founder Of BizBen.com (over 25 years), I am the Lead Advisor for the ProSell, ProBuy, & ProIntermediary Programs. I advise/coach buyers, sellers, and brokers daily about buying & selling small to mid-sized businesses throughout the Nation. I can be reached direct at 925-785-3118.

Comments & Feedback From Pro Intermediaries & Pro Advisors On BizBen:

Posted By: Joe Ranieri, Business Broker: LA, Orange Counties, California    

One thing that I did when I owned liquor stores, which I hardly see anymore, is that I operated a small deli station in the store. I was lucky enough to have a location that was next door to a large aerospace company that had 30,000 employees plus, and the deli served as a great source of income, because not only would people buy a sandwich, but also bought chips and a soda. An owner should investigate with the city in regards to permits and licenses, and see if they can mainly focus on cold sandwiches and use a convection oven to heat things up.






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