Thinking about opening a winery? We tell you what you need to know to get started.
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Creating a Business Plan for a Winery
A common mistake for an entrepreneur is to launch your company without having written a business plan.
A good business plan defines the game plan. If you don't have a business plan, your leadership will be handicapped, making decisions that could be detrimental to your winery's values and long-term goals.
Start by defining your business mission. The process of writing a mission statement doesn't have to be complicated. From there, it's time to initiate the hard work involved with writing the rest of your winery's business plan.
Assess the Competition
Prior to launching a winery in your town, it's worthwhile to determine what the competition looks like. We've provided the link below to help you generate a list of competitors near you. Simply enter your city, state and zip code to get a list of wineries in your town.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
After you've evaluated your local competitors, it's essential that you learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
Thankfully, an owner of a a winery outside of your community will be much more likely to talk with you, once they realize that you are not going to directly compete with them in their community. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. If you are persistent, you can find a business mentor who is willing to help you out.
What's the process for finding a winery owner in another community?
It's easy. Here's a link you can use to find a mentor outside of your area.
Advantages of a Winery Purchase
On a percentage basis, more entrepreneurs intend to enter winery ownership through a startup than through a business purchase. Yet winery startups aren't easy - many fail within the first year.
There are a lot of factors that need to be considered in buying vs. starting a business. By buying a profitable winery, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base.
Don't Forget About Franchising As an Option
The odds of thriving in your new business immediately improve when you choose to franchise rather than going it alone.
Before starting a winery, you may want to determine whether buying a franchise could help you on your entrepreneurial journey.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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