If you wish to start a wine business, you will need to do as much research as possible. Getting into this industry is not always easier, but you can make things easier for yourself. If you already have industry knowledge and experience, you’re much more likely to succeed. However, even those with a lot of knowledge and experience make mistakes.
Do not worry, this article takes a look at the 7 mistakes you need to avoid when starting a wine business.
Source: bgateway.com
Contents
1. Failing to Have a Business Plan
Many businesses make the mistake of not having a business plan. A plan such as this is required if you want to set out your vision, align your strategies and tactics, and define your goals. While these aspects might not seem relevant to you right now, if you apply for a business loan, you will need a business plan.
A business plan also shows that you are serious about your endeavors. Failure to have a business plan shows potential lenders that you’re not ready to do business. This is what you want to avoid at all costs. If you are unsure as to what creating a business plan involves, do your research so you get it right.
2. Beginning with the Label
For many people, designing the wine label is a lot of fun. It can also give you the opportunity to work on your branding, label sizes, range, and more. However, when you begin with the label you fail to understand your own brand.
When a customer purchases your wine, they assume that the label reflects the product. If you were to begin designing your label now, chances are it will not reflect the product at all. During the early stages of your wine business, you’re likely to want to change how your wine is perceived. You may start off with a specific idea, but the taste and smell of the wine can change things. The type of grape that you use can also affect your product.
Make sure you set the label’s design to one side while you work on building your business.
Source: worldbranddesign.com
3. Failing to Have a Suitable Premises
You might want to begin trading in a premises that has everything you need to get your business up and running. However, if you don’t have the money or the necessary skills to start a wine business, even the best premises will not help you.
You need a building that offers you everything you need right now. You will need to have enough space to store your wine, test it, bottle it, and sell it. However, right now, you might not need quite as much space as you think. Don’t make the mistake of renting or even buying a location that is too big or too close to a busy road.
When you have found a location that you like the look of, think about whether it will realistically work for you. Don’t forget you will need insurance for your winery, click here to find some, and for the building itself.
4. Failing to Offer Good Customer Service
Even at this early stage, you need to make sure that you offer good customer service. No matter who you deal with, you should conduct business on a professional level. When you provide good customer service, you will be remembered in a good light. The last thing that you want is for someone to avoid doing business with you because you did not provide good customer service. It does not matter how good your wine is, if your attitude is bad, they will avoid you.
If you offer good customer service, not only will people remember, but it’s likely that they will tell others about you. Set the standard now so you become known for offering something special.
Source: itchronicles.com
5. Finding an Unreliable Supplier
Many people make the mistake of assuming anyone who supplies them with bottles, corks, and other equipment will be reliable. Unfortunately, even suppliers can let people down. This is something that you need to avoid. Do what you can to find a supplier or two who can send you what you need, when you need it.
Don’t be afraid to ask around and find out who the best suppliers are. You might have to be willing to pay a little more, but if it guarantees delivery, it could be worth it.
6. Launching Before You’re Ready
You might be excited to launch your new business, but you should avoid doing so before you’re ready. While launching your new wine business is no doubt an exciting thing, doing it too early can be disastrous. You wouldn’t want anyone to drink your wine before it’s ready. You wouldn’t want people to turn up at your premises before it’s open. The same can be said for launching your new business. Everything has to be ready before the day of the launch. When you launch prematurely you risk losing potential customers.
Work with your business plan to make sure that you set realistic targets and timelines.
Source: gravitywinehouse.com
7. Failing to Understand the Market
Some people assume that because they have a new business, people will automatically buy from them. However, it is hugely important that you research the market before your business gets off the ground. If you can cater to the needs of the market or find a gap in it, you’re much more likely to succeed.
Do your research so you know exactly who you need to cater to, and produce products that are ideal for that particular demographic. This is perhaps one of the most important things you can do before you even consider writing your business plan.
Use the above tips to help you to avoid making those 7 dreaded mistakes when starting a wine business. If you manage to avoid them, you are much more likely to be successful. While you may still make some mistakes along the way, avoiding the above mistakes can make the whole process much easier.
