starting your distillery business. plan to succeed time to plan make mistakes on paper research...
TRANSCRIPT
Starting Your Distillery Business
Success in a Bottle
Creating Your RecipePlan to succeed
Time to plan
Make mistakes on paper
Research industryExamples of successExamples of failure
Research Your IndustryInterview 5 to 10
existing distilleries
Research Associations
RMA & NAICS comparisons
Meet local research librarian
Ingredients for SuccessLike great
entrepreneurs you need to create the vision of success
Who will buy?
How often?
How soon?
At what cost?
Profit per customer?
Lingering Effects of Prohibition
TTB – Fed
LCB – State
City/County License
Tenant Improvement Permit
Revenuers, Revenue, & Real Estate
Retail lives and dies by location
Study traffic flow, look at foot traffic
Parking availabilityZoning and UsageArms length governing
body most strictTalk to Chamber, Main
street ProgramsVisit nearby shops, talk
to owners
Label of SuccessStrategy not and ad
campaignDirect market to your
nicheDevelop marketing
pieces/toolsLogo, Company ImageBusiness cards, letter
head, flyersConsistent image, brand Web site
Escaping the RevenuersCreate record keeping
systemEnvelopesQuickbooksGAAPClasses at collegeForm of doing
businessSeparate records
Looking Back, Moving Forward
Looking BackPlanningResearchVisionMarketingRecord Keeping
Moving ForwardMake Money?Funding?BankingResources
Sta
rt U
p C
osts
Sta
rt U
p C
osts
Sta
rt U
p C
osts
Packaging Costs
Sou
rces
and
Use
s of
Fun
ds
Monthly Costs of Goods Sold
Income Statement Year 1
Cash Flow Statement Year 1
Break Even Analysis
Get Funded
Good Record Keeping
Good Accountant
4 C’s of CreditCash FlowCredit ScoreContributionCollateral
Develop Relationship with Bank
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
Take advantage of ResourcesChamber of
CommerceCity HallScore/SBASBDCBig Bend Community
College
www.greenriver.edu/businesscenter
Summary
Take Time to Plan
Play by the Rules
Market Strategy
Know Your Numbers