One of the most profitable businesses to do in Nigeria is the Wine selling business because there is always a demand for drinks, both non-alcoholic drinks and liquor. Wines are always needed at events- birthday parties, weddings, hangouts, office Soirées and also by people who drink to enjoy themselves.
The demand for wine is usually constant and the volume increases during the festive seasons, especially in places where alcohol consumption is permitted and people of drinking age can purchase alcohol.
For these reasons, a well-managed Wine business will always make sales and profits. And a wine is not as difficult to start as many people think it is, all you need is the capital to start with. And there is no need for any form of apprenticeship or requirement to join any association of any form.
There are some things to know when starting a wine business. One of the most important things to know about the wine business is that the prices of wines are usually unstable and change frequently. This can happen up to three times in a month and if you are not informed, you will be making losses. Keep a regular line of contact with your supplier so you can be getting the latest updates on the current bestselling wines, the current prices of the wines and which wines is being requested the most.
Know the capacity of your business and don’t stretch it too thin. If your business does not have a big enough cash reserve, do not supply clubs, bars, restaurants and other establishments. Most of these establishments do not pay suppliers upfront, they have payment policies to pay two weeks after supply and your business might need the cash to run and it is also possible that they do not complete the payment even after the two weeks. Be careful in dealing with establishments and always make sure that there’s always a written and signed agreement or insist on payment on delivery to save yourself the stress.
Grant credit services sparingly, especially when it comes to friends and family. They may never pay and this is dangerous for your business. Separate your business from family and friendship unless you want to plunge your business into debt. Friends and family who are always looking for credit do not really care about your business and if given room to owe your business money, you might never get it back. Your business is not a charity.
Always keep records, a successful business keeps records meticulously . It is important to keep any form of record that might be relevant to your business. Financial records, purchase records, sales records, debtors record, record of expenses such as utility bill, local government levies, etc., so as to be able to track the flow of cash into and out of your business.
Also keep record of your customers. This is to know how frequently a customer patronises you so loyal customers can be rewarded as an incentive to make them buy more and refer other customers. It is also important to keep a record of best selling wines to know what products to stock up.
Wine selling business is one of the most lucrative businesses to operate in Nigeria but you need money to run a successful wine business in Nigeria. The most important thing in running a wine business is to ensure that you only sell original wine products. It is important because if your customers realise that you sell fake products, they will stop buying from you and warn other customers from patronising you and that is the beginning of the end for your business. Make sure you only deal with suppliers that sell only original wine and liquor.
At myliquorhub, we only deal with original wine and liquor and we have customers all over Nigeria that trust us because we supply only original products. Make us your supplier and you are guaranteed to get original wines every time and we will guide you on how to grow your business.