Wine Bar Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Wine Bar Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Wine Bar business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready!
- Complete Industry Research
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PDF Format
- Meets SBA Requirements
Wine bars have seen a resurgence in popularity over the past 20 years especially as more younger people have a keen interest in wine and craft spirits. In fact, people of the millennial generation are one of now the largest consumers of wine on a per capita basis. Of course, nighttime entertainment venues like bars have always remained popular in any economic climate. However, unlike a traditional dive bar or sports bar – wine bars have become exceedingly popular in this industry. The barriers to entry for a new wine bar are considered to be moderately low, and the startup costs typically range anywhere from $75,000 to $200,000 depending on the location of the business. The gross margins generated are very high with most locations producing margins of 80% to 90% on each dollar of revenue generated. Typically, there are the gross margins associated with the sales of wine are higher than small food products that are typically offered within these locations. One of the nice things out operating a wine bar is at the costs relating to staffing overhead is usually somewhat lower than a traditional bar setting. This is primarily due to the fact that an individual such as a bouncer is not usually employed by this type of business given its more upscale nature. The operating costs associated with a wine bar are considered to be moderate to moderately high depending on location. For instance, a location in a major metropolitan area is going to have significantly higher rental costs than one of the more suburban market. As such, it is incumbent upon the entrepreneur to have an appropriately developed financial model that ensures that the breakeven costs are completely understood.
Given the economically secure nature of wine bars, most banks and lenders are willing to put up the necessary capital to launch this type of operation provided that the funding is going primarily towards the location build out as well as furniture, fixtures, and equipment. It can be expected that the owner is going to need to make a 10% to 20% equity contribution in order to start the business. This down payment can be provided either by the owner or by a third-party investor. A wine bar business plan is almost always going be required by any financial institution as well as the landlord for the potential location. This business plan should have a three year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page that features industry-standard figures for this type of food and beverage operation. It is also very important to include a full-scale demographic analysis that includes an examination of the local population size, population density, median household income, median family income, household value, and the percentage of people that are under the age of 50. As it relates to the wine bar demographics – many people under the age of 50 are considered to be the primary demographic of this type of business. Additionally, it is also very important to examine any other similar business within the local market. This includes not only other wine bars but also any other type of nighttime entertainment location given that everyone is vying for the same customer on any given night. When developing a competitive analysis, for most suburban markets a target market radius of 5 miles is considered to be normal. In more rural areas, this can be expanded to about a 15 mile radius.
After the business plan is complete it is time to develop the wine bar marketing plan. This is one of the most important documents that the entrepreneur will need in order to develop insight as to how these businesses are able to develop a customer base. As with any type of nighttime entertainment business or drinking establishment, there’s always going to be significant amount of competition and an appropriate marketing campaign easy put in place in order to ensure the location can differentiate itself from other businesses within the market. Foremost, prior to the onset of operations – many wine bar owners will send out a number of flyers and take out advertisements in newspapers in order to inform the general public of the grand opening of the location. These flyers and advertisements may include extended happy hours and other discounts in order to drive the initial patrons to the business. Beyond the traditional marketing campaign, a presence on the Internet is also extremely important given that many people now find local businesses online. This includes having a standalone website that showcases the location, wines held in inventory, hours of operation, menu pricing, and contact information. A presence on social media is now a must for any new wine bar or related business. Most importantly, a entrepreneur should have a presence on FaceBook, Twitter, Google+, and Instagram for photos of the location. Many social media platforms allow for individuals to place reviews of specific nighttime entertainment venues or bars – and it is imperative that a number of stronger reviews are provided so that people will come to location on an ongoing basis. Most wine bars thrive when they develop a strong repeat customer base.
A wine bar SWOT analysis should be developed as well. For strengths, wine bars are almost always able to remain profitable in any economic climate given that there is always a demand for alcohol. In fact, during negative economic times it is been found that bars actually tend to increase their revenues. As it relates to weaknesses, wine bars are always in competition with area restaurants as well as related drinking establishments. The ongoing expenses of operating this type of business also can be considered to be moderately high in any specific type market. For opportunities, many wine bars will seek to provide private event hosting or establish additional locations in order to boost the revenues of the business. As it relates the threats, there’s really nothing that is going to impact the way that these companies do business over the next 10 years. One of the biggest challenges faced by these types of businesses is the risk of underage drinking on premises which could cause a loss of a liquor license. However, these risks are somewhat ameliorated at a wine bar location given its upscale nature and higher cost per drink.