There are many companies across a wide array of industries that contribute to the economy in Texas. As the second-largest state by GDP in the US, Texas is one of the best locations for starting a company. If you have been considering new business opportunities in Texas, opening a liquor store is not at all a bad idea. There are many types of alcohol that regular supermarkets don’t sell, so liquor stores provide consumers with a better palette of options.
Many people enjoy a glass of good, high-quality alcohol, but the stores that provide it are few and far between. Whether it’s for a gift, a special occasion, or no reason at all, most people will want to buy a high-grade alcoholic beverage at some point in their lives. Running a liquor store may be a perfect idea, whether you are an alcohol connoisseur or not. If you have been considering opening a liquor store in Texas, keep reading to find out where to start.
Before you start your business, get in touch with a Texas business insurance company and inquire about the rates for your type of business. There are many different options for insuring your business, but you can conduct a risk assessment and see which ones you will need.
Take time to focus on your business plan and be ready to go over it and make changes several times before you are fully prepared to launch your business. Your business plan should accommodate room for both growth and setbacks, so make sure your company can continue working without interruptions.
Finding the perfect premises for opening a liquor store doesn’t have to be that challenging when you have a priority checklist. When scouting for a location, check out as many places as possible and make sure the premises you choose tick all the boxes. Having your store within 1000 feet of a public school will cost you a $10,000 bond while opening it more than 1000 feet away will cost a $5000 bond.
Contact the Texas Alcoholic Beverage Commission (TABC) and make an appointment for a pre-licensing interview. If you go with a storefront that has not sold liquor in the past two years, the TABC will provide signs and notices to display in your store window for 60 days. After the pending hearing for your liquor license, make an appointment with the TABC for an inspection. You also have to register for another permit with the Alcohol and Tobacco Tax and Trade Bureau (TTB).
You have to form a legal entity so that your store can function as a legitimate business. You can register a business as a sole proprietorship, general partnership, limited liability company, or corporation. You can consult professionals like business or tax attorneys if you are not entirely sure about the legal structure you should choose. After deciding on the appropriate business structure, register your business entity with the Secretary of State and Chamber of Commerce offices.
Open a business bank account to keep your private finances separate from your company funds. Look into different options when choosing a bank if you are going to open a line of credit for your liquor store. Finances are of utmost importance, so hiring a business accountant is one of the best things you can do for your business, especially if you are new to finances.
There are many liquor stores, but there has to be something that sets yours apart from the rest. Over time, certain features of your liquor store will make it recognizable among clients. Your brand identity is what makes your store more than just another liquor store, so make sure to focus on building your brand.
Many companies would not have achieved the success they enjoy if it weren’t for their marketing strategy. If necessary, hire an expert to make sure you can reach your desired clientele.
Texas can be a generally competitive marketplace for many types of business, but that has only encouraged new ideas. Opening and running a liquor store in Texas may present some challenges, but nothing can stop you if you set your mind on it and want to do it right. Now that you know all about opening a liquor store in Texas, you can start with making the first steps and soon watch your business grow.