Starting Your Distillery Business. Plan to succeed Time to plan Make mistakes on paper Research industry Examples of success Examples of failure.

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Presentation transcript:

Starting Your Distillery Business

Plan to succeed Time to plan Make mistakes on paper Research industry Examples of success Examples of failure

Interview 5 to 10 existing distilleries Research Associations RMA & NAICS comparisons Meet local research librarian

Like great entrepreneurs you need to create the vision of success Who will buy? How often? How soon? At what cost? Profit per customer?

TTB – Fed LCB – State City/County License Tenant Improvement Permit

Retail lives and dies by location Study traffic flow, look at foot traffic Parking availability Zoning and Usage Arms length governing body most strict Talk to Chamber, Main street Programs Visit nearby shops, talk to owners

Strategy not and ad campaign Direct market to your niche Develop marketing pieces/tools Logo, Company Image Business cards, letter head, flyers Consistent image, brand Web site

Create record keeping system Envelopes Quickbooks GAAP Classes at college Form of doing business Separate records

Looking Back Planning Research Vision Marketing Record Keeping Moving Forward Make Money? Funding? Banking Resources

Start Up Costs

Packaging Costs

Sources and Uses of Funds

Monthly Costs of Goods Sold

Income Statement Year 1

Cash Flow Statement Year 1

Break Even Analysis

Good Record Keeping Good Accountant 4 C’s of Credit Cash Flow Credit Score Contribution Collateral

Deposits and loans in the same bank Separate personal and business accounts Merchant Services Line of Credit Grants are for non profits Cash is King

Chamber of Commerce City Hall Score/SBA SBDC Big Bend Community College /businesscenter

Take Time to Plan Play by the Rules Market Strategy Know Your Numbers