How to start a retail wine business in Nigeria. The wine business in Nigeria is very lucrative if you know how to do it and it depends on your location. Prices of wines are not always stable. It is continually changing, for you not to run at a loss, you should always stay in the know.
Before starting a wine business in any part of the country there are things to know before commencing. We will be talking about it in this article and also how to start a retail wine business in the country.
Things to know before starting a retail wine business in Nigeria.
1. Be in steady contact with your supplier:
If you are in constant contact with your supplier, you will get to find out things like the best-selling wine currently.
Additionally, you will get the latest updates on the type of wine that is in demand. In so doing you will get to know what customers are demanding and be able to satisfy them.
2. Don’t supply clubs/ bars if you don’t have money reserve:
Most clubs/bars have the policy to pay 2weeks after being supplied the wine. Without having money reserve you will struggle in your business. Make sure you have a signed written agreement with them before supplying.
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Try and insist on payment before or at the point of delivery, this will save you a whole lot of trouble.
3. Do not do drink and pay later:
Allowing your customers to drink and then pay later is a sure way for your business to quickly run down.
Most of them will never pay after drinking, so ensure you get paid after serving them drink.
Treat your business as one and not a business for family and friends that will turn into a charity organization.
4. Endeavor to keep a record:
Record keeping in business is a must if you want to be able to track your progress.
Keeping records of the day in day out activities of your wine business is very necessary. It will come in handy in the event you would want to reward loyal customers, restocking your best/fast selling products, records of expenses e.t.c.
Even keeping debtors’ records will aid you in remembering those that owe you so they can pay up.
5. Verify claims before giving money out:
To defraud people has become a very easy thing to do. For you not to fall a victim to fraudsters, verify anybody that comes saying he/she works for any organization requesting money.
Most especially people claiming to work for the government, state operations, tax offices e.t.c.
Instead of giving them money just let them know you will pay every due at their office, get their names and office address.
How to start a retail wine business in Nigeria.
Before embarking on your business journey do take note to sell only original products. Selling fake will only chase your potential customers away and give you a bad reputation. In business, reputation is everything.
To start, you need to know a little bit about wine as you will be offering advice and wine suggestions to your customers.
With the advent of technological advancement, it is not necessary to own a physical shop for selling wines anymore. You can own and run an online store hence saving costs on shop rent.
Steps to running a successful retail wine business in Nigeria.
1. know about wine:
For you to be successful as a retain wine seller, you will need a good knowledge of wine. Not just wine, but to succeed in any business knowledge of that business is a prerequisite.
It will open the platforms for building trust and creating relationships as you will be sharing helpful knowledge with your customers.
2. Money or capital:
Having money is very relevant in this line of business, irrespective of the kind of wine you wish to sell.
A good number of people are interested in purchasing wines that are expensive and to meet up with their expectations you need funds.
Your budget should range between #500 to 700k before you can be able to stock up your wine shop
Note: this budget doesn’t include the rent fee. You can gradually stock up when you make sales.
3. Find a good location:
Location matters in selling wine. If you are in a busy location you will tend to sell your products faster. Visibility matters a lot when it comes to wine selling.
4. Find a supplier:
Get a wine supplier that will only supply you with quality wines. Having and selling quality wines will make your business grow and thrive more.
5. Make use of social media:
Use social media to grow your visibility. Remember visibility is everything in business. Social media makes communication easy, so make use of Facebook, Instagram, Twitter, and market your wine products.
6. Get customers:
Promote your business. There is no sense in having a business that you cannot sell. And to make sales, you need customers.
Do not hesitate to attend wine events, by so doing you get to network with people. Leverage your relationships by asking your customers to refer you to their friends.
In conclusion, if you have a little knowledge about wines and can network and also have the capital, do know it’s a good business to invest in. Start your retail wine business today!.