Business Review: Opening A Liquor Store In Florida
Regardless of the celebration, wine & liquor are always a part of the event. If are an enthusiastic entrepreneur looking for an idea with not too many market surprises, opening up a liquor store could fit in. Florida has some of the best bars, entertainment venues, and is home to popular tourist destinations in the US, so liquor stores always have solid, assured business. In this post, we are sharing all you need to know to open a liquor store in Florida.
The first steps
There are two ways to consider a new liquor store – you could either start a new venture, or could be a part of a franchise, and both have different pros and cons, which must be considered. The next step is to develop a business plan, which should focus on uniqueness. Remember that there are big superstores in Florida focusing on liquor alone, so you may want to venture into a zone that you have passion for and one that’s likely to be profitable, as well.
Financing & location
Once you are done with the basics, figure out financing. Various factors determine the final amount that would be required, such as the volume of inventory, size of the store, and location. Location can make your liquor store stand out, but prime locations are expensive, so you pay more (either through rent or leasing). There are also other simple steps like you have to apply for the EIN and State of Florida Sales & Use Tax Certificate.
Getting your liquor license
This is probably the most important and confusing part of opening a liquor store. There are many kinds of licenses, depending on what you want to sell. For instance, you would pay much less for selling just beer, or beer & wine. There are companies that can offer advice and handle the paperwork involved in procuring the liquor license. To sell all kinds of liquor in the state, “quota alcoholic beverage license” is required, and experts can help you figure out how to get one, which is typically about purchasing an existing quota license from another company that wishes to sell. All that may sound complicated, so professional services are handy.
Finally, it’s a liquor store, and you would want as much variety for customers as possible. Do your market research, find your niche customers and their preferences, and take a call on the amount of inventory that you may want to invest in.