With thirty five years of retail experience, within the grocery and alcohol sectors, I have learned that consistency and perseverance are the most important aspects of staying in a quality store operation.
Having worked for a major grocery chain for 13 years and I derived invaluable knowledge from that experience. Although at times I didn’t realize the valuable experience that was gaining, I thought it just a boring job, with no end in sight! We had a phrase “the light at the end of the tunnel” That was our dream and goal for the future. Mine was to own my own liquor store.
I managed to finally pull it off after many years of searching and disappointments. Many hard years as well as very successful years followed and I made a profitable and a satisfying living.
Fifteen years later I sold it a thought of retiring. Then I owned a liquor store/convenience store with gas pumps and a car wash. Six years later I sold both stores and moved to a ranch to relax and maybe retire. That was not the case. Our family now owns a high volume store in a farming area and we are on our way to hit $2M in sales in our 2nd year of ownership!
I have also set up 27 liquor stores in Colorado and one in Kentucky I am working on two more at this time.
I am also a real estate agent with my own company and specialize in the sale of retail businesses.
So much for retirement!
1) How much money do I need to set up a new store?
Typically a 3000-5000 sq. ft. store would take between $250,000- $300,000.
Usually be on the lower side of that amount, depending on how extravagant the interior finish is done.
2) Is a license hard to get?
No, not in Colorado, but all states have different laws as well a license fees.
3) Will a bank lend me the money?
A bank usually wants collateral and the business has no assets other than fixtures so they want other assets.
You can go through the SBA and get a small business loan, but you still need some of your own cash as well as collateral.
4) How much money can I make?
That depends on your debt service and other fixed costs like rent and payroll. I don’t suggest that you pay yourself too much at the beginning. Sacrifice and hard work is what it’s going to take.
5) How much does Bernie Charge?
A store that starts from the ground up, licensing, construction, stocking, training, and the physical operation and management of the store. All prices depend on the size of the store and the scope of the work.
I also help existing stores become more efficient. A store that wants to be able to sell and attract quality buyers’ need to be in top shape and have excellent financials
Contact me for more information about how to start your own liquor store.