Are you about starting a wine bar business? If YES, here is a complete sample wine bar business plan template & feasibility study you can use for FREE.
Wine is one universal thing that is being consumed all over the world. A lot of people are beginning to be involved in the production of wine. There are different types of wines- from the alcoholic to the nonalcoholic. The truth remains that the consumption of wine isn’t going to plummet ever. This is because of then age long tradition of wine. If you do not want to go into the wine bar business for anything, then you should because it is an age old tradition.
A Sample Wine Bar Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
1. Industry Overview
A wine bar is a bar or small restaurant where wine is the main drink available; a characteristic feature of many standard wine bars is a wide selection of assorted wines available by the glass. Some wine bars are profiled on wines of a certain type of origin, such as Italian wine or Champagne.
In the united states of America just like in any part of the world, bar and nightclub industry is indeed a very lucrative industry. In the United States alone, statistics has it that the bar and night club industry generate a whooping sum of $20 billion in revenue annually from about 45,000 established and recognized bars and night clubs in the US.
It is on record that American started producing wines well over 300 years ago. Currently, wine production is undertaken in all 50 states, with the State of California responsible for producing 89 percent of all US wine. The United States is reputed to be the fourth-largest wine producing country in the world after countries like France, Italy, and Spain.
No doubt, The North American continent is home to several native species of grape, such as Vitis labrusca, Vitis riparia, Vitis rotundifolia, and Vitis vulpina. But the wine making industry is based on the cultivation of the European Vitis vinifera, which was introduced by European settlers.
Although people still gather to socialize in bars, just as they have always done in time past, but with factors such as driving while intoxicated and increase in crime rates, the drinking pattern in bar is being affected.
Also, the growing concern as regards health and fitness toward the end of the 20th century was part of what redefined not alcohol consumption in the US. In essence, the rate at which people consumes beers and other drinks both alcoholic and non – alcoholic is what determines the growth of bar and night club industry.
Statistics has it that the Wine Bars industry in the United States of America, is worth $656 million, with an estimated growth rate of 4.1 percent. There are about 1,151 legally registered and licensed wine bars businesses scattered across the United States of America and they are responsible for employing about 11,504 people. The industry is an open industry hence a low level of market share concentration.
Any entrepreneur who wants to start a wine bar business in the US would definitely be confronted with tough competition out there. The truth is that, you will not only compete with wine bars in your location or city, but you would be competing with every other entertainment options such as night clubs, restaurants, casinos et al where wines are retailed.
For instance, people go to bars to drink and socialize and they tend to get more when they go to night clubs or other entertainment hub. In night clubs, people do not only drink and socialize, but they also dance if they choose to and get entertained.
Lastly, it is important to state that in as much as starting a wine bar business can be profitable and rewarding; the success of any new wine bar business in the United States is not automatic. The chances of new wine bars to struggle within the first 6 months of launching can’t be ruled out.
As a matter of fact, it can take between two to five years before most wine bars can recover their initial investment. In order words, just like loads of new businesses, the statistics for wine bars do not favor the startups, you just have to have a long term investment plan if you intend starting your bar business.
2. Executive Summary
Our business is called Crespo and Tina® Wine Bar, and it is a neighborhood wine bar that will be located in downtown Los Angeles; at 300 S. Grand Central Parkway in Los Angeles, California. The facility is centrally located and it is close to the popular Market Center and a residential estate in LA.
We are set to make available assorted red wines, white wines, food service and nonalcoholic beverages, beer and liquor, roses and sparkling wines, crafted beers, wines, liquors, distilled spirits, martinis, non-alcoholic drinks, beverages (Serving wine for immediate consumption, offering wine tasting for patrons, and preparing and serving food for immediate consumption) to the people in Los Angeles in a conducive environment that is specifically designed for socializing and networking and free from all forms of violence.
Our bar facility is centrally located in a busy street and it has the capacity to accommodate 100 people per time. Crespo and Tina® Wine Bar is designed and constructed to meet both the health and safety standard as recommended by the local authority.
Our customers are going to be treated with good music at all times. We have made provision for live band, karaoke, country side music and jazz et al. This will be played at the background to create the ambience that our customers will cherish.
We are in business to make profits at the same to give our customers value for their money; we want to give people the opportunity to choose from the wide range of wines and other drinks that are manufactured in the United States of America. Crespo and Tina® Wine Bar will go all the way to make available in our bar most of the brand of wines produced in the United States of America and in other parts of the world especially in countries like Italy and France.
Our goal is to make every day a day of celebration, networking and socializing for as many people that will patronize our wine bar. No doubt, we will become the talk of town amongst the socialites in Los Angeles because we have put plans in place to make our wine bar lively 24 hours a day and 7 day a week and highly secured because we want to attract everybody (celebrity and non-celebrity alike).
We will ensure that all our employees are selected from a pool of qualified and customer centric people in and around Los Angeles – California and also from any part of the United States. We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company and to compete with other players in the United States and throughout the globe.
Crespo and Tina® Wine Bar is owned by Crespo Columbus and his wife Tina Columbus. Crespo Columbus has managed several bars and night clubs in Los Angeles and Las Vegas prior to opening his own. He has the magic wand to attract people who go to bars on a regular basis. The business will be managed by his trusted associate for many years, McQueen Osteen who coincidentally was recruited and trained by him 5 years ago in downtown Las Vegas.
3. Our Products and Services
Crespo and Tina® Wine Bar is going to operate a standard wine bar that will make available every product that can be found in a standard bar in the United States. We will ensure that we go all the way to make available assorted wines and drinks in our bar.
These are some of the products that will be found in our bar;
- Serving wine for immediate consumption
- Offering wine tasting for patrons
- Preparing and serving food for immediate consumption
- Assorted red and white wines such as Kendall-Jackson, Sutter Home, Beringer Vineyards, Franzia Winetaps, Inglenook, Yellow Tail, Copper Ridge, Cavit, Woodbridge, Salmon Creek, Foxhorn Vineyards, Barefoot Cellars, Almaden, Taylor California Cellars, Ecco Domani, Sycamore Lane, La Terre, Stone Cellars, Chateau Ste. and Mezzacorona
- Beer and liquor
- Roses and sparkling wines
- Distilled spirits
- Small Chops
- Non – alcoholic beverages
4. Our Mission and Vision Statement
- Our vision is to establish a standard and secured wine bar Los Angeles, CA that will be the melting pot of all lovers of wine, alcoholic and non – alcoholic drinks.
- Our mission is to establish a wine bar business that will make available all the brands of wine, alcoholic and no – alcoholic drinks in the United States and other parts of the world at every given time to our highly esteemed customers and a place where people can network and socialize.
Our Business Structure
Crespo and Tina® Wine Bar is a business that is established to be a pacesetter when it comes to how standard wine bars should be run in Los Angeles and even in the United States of America.
We have the goal of assembling a team of dedicated workforce who will give our customers excellent customer service at all times, a team that will ensure that we will continue to have repeated customers and a team that will indeed make us the melting pot for beer lovers and socialites in Los Angeles.
In view of the above, we have been able to follow suits on what is obtainable in standard wine bars in the US and perhaps improve on the structure with time when the need arises. We will work hard to ensure that we only attract people with the right mindset to help us achieve our business goals and objectives in record time.
Below is the business structure that we will build Crespo and Tina® Wine Bar;
- Chief Executive Officer (Owner)
- Bar Manager
- Bartender / Baristas
- Accountants / Cashiers
- Procurement Officer
- Greeters / Customer Service Agent / Table Attendant
- Security Officers
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Designs job descriptions with KPI to drive performance management for clients
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for managing the daily activities in the wine bar
- Ensures that the facility is in tip top shape and conducive enough to welcome customers
- Interfaces with vendors
- Reports to the Chief Executive Officer
- Attends to Customers complains and enquiries
- Prepares budget and reports for the organization
- Responsible for Training and Development in the organization
- Responsible for procuring of raw materials and equipment
- Handles any other duty as assigned by the CEO
Bartender / Baristas:
- Interacts with customers, takes orders for drinks and snacks.
- Plans and present bar menu.
- Checks identification of the guest to make sure they meet age requirements for purchase of alcohol and tobacco products.
- Mixes ingredients to prepare cocktails and other drinks.
- Mixes drinks, cocktails and other bar beverages as ordered and in compliance with hotel standard drink recipes.
- Prepares alcohol or non-alcohol beverages.
- Services Wine and Beer to guests.
- Arranges bottles and glasses to make attractive displays.
- Assesses customers’ needs and preferences and make recommendations
- Makes lists of supplies in conjunction with the bar manager / management
- Prepares inventory or purchase requisitions as needed to replenish supplies.
- Ensures that the assigned bar area is fully equipped with tools and products needed for Mixing beverages and serving guests.
Accountant / Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Disc Jockey (DJ)
- Ensures that customers are entertained with the best of music per time
- Manage the sound system for the bar
- In charge of music collections
- Provides music at events.
- Responsible for developing music playlists.
- Interacts with public at parties.
- Responsible for mixing music tracks.
Greeters / Customer Service Agent / Table Attendant
- Opens doors and welcomes customers
- Ensures that customers feel relaxed and at home
- Handle customers enquiries
- Assesses customers’ needs and preferences and make recommendations
- Ability to Sell or influence others for up selling and suggestive selling.
- Provides recommendations and suggestions to guest for choosing Drinks and Snacks.
- Serves customers in a friendly and helpful manner.
- Provides guidance to guests on resort activities, dining options and general resort and Regional information.
- Determine when a customer has had too much alcohol and if required refusing any further serving on a polite way.
- Demonstrates a thorough knowledge of food and beverage products, menus and Promotions
- Handles any other duty as assigned by the bar manager
- Handles and move objects, such as glasses and bottles, using hands and arms.
- Cleans up after customers and clean work area.
- Clears ashtrays as and when required.
- Washes glassware and utensils after each use.
- Maintains a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.
- Ensures that toiletries and supplies don’t run out of stock
- Handles any other duty as assigned by the bar manager.
- Ensures that the facility is secured at all time
- Controls traffic and organize parking
- Gives security tips to staff members from time to time
- Patrols around the building on a 24 hours basis
- Submits security reports weekly
- Any other duty as assigned by the restaurant manager
6. SWOT Analysis
Crespo and Tina® Wine Bar is established with the aim of becoming the melting point for socialites and lovers of wines in Los Angles which is why we have taken our time to critically analyze and conduct SWOT analysis to be able to identify areas we need to work on if indeed we want to achieve our business goal.
No investor would want to invest his or hard earned money without assessing the risks involved in the venture and also his or her capability to deliver and make profits from the business. The ability to make profits from any business and to favorably compete with competitors in the industry starts with the result you get from your SWOT analysis.
In view of that, Crespo and Tina® Wine Bar hired a business and HR specialist to help conduct SWOT analysis for the business and below is a summary of the result that was generated;
Our strength as a company is excellence and detailed customer service. Wide range of assorted wine both from the United States and other parts of the world, beverages, tobaccos and food. Excellent facility, excellent ambience and perfect location for a bar in metropolitan city like Los Angeles.
Our perceived weakness could be that we are new business, and we may not have the financial muscle to sustain the kind of publicity we want to give our business.
There are unlimited business opportunities available to wine bar businesses in busy cities like Los Angeles; Los Angeles is one of the cities in the world where social life is at its peak. Another opportunity that we stand to leverage on is the fact that we can easily order any brand of wine and drinks directly from the manufacturer with little or no stress.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new wine bar or even a night club or restaurant in same location where our target market exist and who may want to adopt same Business model like us.
7. MARKET ANALYSIS
- Market Trends
In recent time, the societal shift away from alcoholic drinks toward healthier lifestyles is to a larger extent contributing to a steady decline in the amount of household spending allocated to trips to bars and nightclubs plus the fact that nobody wants to be caught driving while drunk
The recent market trend in the bar industry is such that the increase in the number of consumers choosing packaged beverages for home consumption rather than at bars or nightclubs is also on the increase. This trend is surely going to have lasting impacts on both the bar business and nightclub business alike. Even though the trend of wine bars in the United States was not well received in the 1980s, they began to gain popularity in the 90s.
In the early part of the millennium, wine bars became very popular and started popping up in many metropolitan neighborhoods across major cities in the United States of America. Wine bars now compete with the local hangouts such as coffee shops and local bars. The wine bar sensation offers the taste before you buy philosophy.
No doubt, wine bars put a new spin on wine tasting. They seek to remove the association of wine with high – end clientele and overwhelming wine lists and replace it with a more casual and relaxing atmosphere. Many of these wine bars are furnished with nooks and cozy booths encased in rich colors and plush surroundings in hopes their guests will linger.
Wine bars look to embrace the intellectual stimulation linked to wine and offer an alternative to the bar scene. The phlegmatic environment lends itself to a good socializing setting with a less crowded feel and more intimate appeal.
In recent time, wine bars have begun to incorporate a larger variety of food choices as part of their product offerings. Traditionally associated with cheeses and desserts, wine bars are looking to combine wine with appetizer-sized gourmet selections to increase the enjoyment their customers stands to gain when they patronize them.
The concept brings the tastes of fancy restaurants to a dressed-down setting. So also, it is now common to find restaurant owners and chefs take the opposite approach and use wine bars as an opportunity for expansion.
8. Our Target Market
Before starting our wine bar business in Los Angeles – California, we conducted a market survey and feasibility studies and we are certain that there is a wide range of people who would patronize our bar on a regular basis. In view of that, we have created strategies that will enable us reach out to various group of people who are likely going to become our loyal customer. Below are our target market;
- Corporate Executives
- Taxi Drivers
- Business People
- Sports Men and Women
- Government Officials
- College Students
We are mindful of the fact that there are stiffer competition in the wines bars and nightclub industry in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.
Part of what is going to be our selling point in Los Angeles is the fact that we operate a standard wine bar, in a perfect location for the kind of business that we run and also the fact that bar facility is highly secured. Another factor that will give Crespo and Tina® Wine Bar competitive edge is that we have enough packing space to accommodate the numbers of customers our bar can contain per time.
We are not ruling out the fact that we have a dedicated and customer centric workforce that are willing to go the extra mile to give our customers full value for their money and time whenever the patronize our wine bar
We are not ignoring the fact that we are among the few neighborhood wine bars in downtown Los Angeles that sells almost all the brands of wines available in the United States of America, crafted beers, distilled spirits, liquors et al and obviously, that will surely count towards our advantage in the market place and also the robust experience of our CEO and the bar manager is also a positive for Crespo and Tina® Wine Bar.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups wine bars and night club businesses) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Crespo and Tina® Wine Bar is established with the aim of maximizing profits in the wine bar and night club industry and we are going to go all the way to ensure that we do all it takes to attract our target market. The sources of income for Crespo and Tina® Wine Bar are stated below;
- Serving wine for immediate consumption
- Offering wine tasting for patrons
- Preparing and serving food for immediate consumption
- Sale of assorted red and white wines such as Kendall-Jackson, Sutter Home, Beringer Vineyards, Franzia Winetaps, Inglenook, Yellow Tail, Copper Ridge, Cavit, Woodbridge, Salmon Creek, Foxhorn Vineyards, Barefoot Cellars, Almaden, Taylor California Cellars, Ecco Domani, Sycamore Lane, La Terre, Stone Cellars, Chateau Ste. and Mezzacorona
- Sale of beer and liquor
- Sale of Roses and sparkling wines
- Sale of Distilled spirits
- Sale of Martinis
- Sale of Small Chops
- Sale of Non – alcoholic beverages
- Sale of Tobacco
10. Sales Forecast
One thing is certain when it comes to wine bars, if your wine bar is well stocked and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.
We are well positioned to take on the available market in Los Angeles California and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.
We have been able to critically examine the wine bar market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Los Angeles – CA.
Below is the sales projection for Crespo and Tina® Wine Bar, it is based on the location of our business and other factors as it relates to wine bars start – ups in the United States;
- First Fiscal Year-: $250,000
- Second Fiscal Year-: $500,000
- Third Fiscal Year-: $900,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same products and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Top of the list on our marketing and sale strategy document is generating a buzz for our wine bar via word-of-mouth and leveraging on road show. The model of wine bar we intend running is a neighborhood bar hence we are not going to rely only on the conventional ways of marketing.
We don’t have the plans to run paid adverts on Local TV stations, local radio stations or even local newspaper but we will sure maximize every other available means to promote our business. Our unique selling proposition is that we have a collection of almost all the brand of wine produced in America in our bar, we have assorted drinks and tobaccos et al.
In view of that, we are going to adopt the following marketing strategies to ensure that we do not only attract customers but generate repeated sales from them; Part of the marketing and sales strategies that we will adopt are;
- Open our wine bar in a grand style with a party for all.
- Introduce our wine bar by sending introductory letters alongside our brochure to organizations, households and key stake holders in Los Angeles – California
- Ensure that we have a wide range of wines, beers, liquors, distilled spirits, martinis and non-alcoholic drinks at all times.
- Make use of attractive hand bills to create awareness and also to give direction to our bar
- Position our signage / flexi banners at strategic places
- Position our greeters to welcome and direct potential customers
- Create a loyalty plan that will enable us reward our regular customers
- Engage on road shows within our neighborhood to create awareness for our bar.
11. Publicity and Advertising Strategy
Crespo and Tina® Wine Bar is a neighborhood bar and we will ensure that we create the buzz that will make people in our area know about us and what we do. We are quite aware that one of the effective ways of promoting our bar is to create special internal promotions which in turn will help us achieve our aim of leveraging on word of mouth publicity.
Here are the platforms we intend leveraging on to promote and advertise Crespo and Tina® Wine Bar;
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms (music online forums) to promote our business.
- Ensure that our we position our banners and billboards in strategic positions all around Los Angeles – CA
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Contact corporate organizations, households, landlord associations and political parties by calling them up and informing them of Crespo and Tina® Wine Bar and the products we sell
- Advertise our wine bar business in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and vans and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.
12. Our Pricing Strategy
The prices of our Wines, Beers, Locally Crafted Beers, Wines, Distilled spirits, Liquor, Martinis, Small chops, Non – alcoholic beverages, and Tobacco will be what is obtainable in the market. In fact we will try as much as we can to sell below the industry’s average so as to attract loads of customers. We also have plans in place to discount our products once in a while and also to reward our loyal customers.
- Payment Options
Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our pub;
- Payment by cash
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (online payment portal)
- Payment via Mobile money
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any difficulty.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.
As for the detailed cost analysis for starting a wine bar business; it might differ in other countries due to the value of their money. This is what it would cost us to start Crespo and Tina® Wine Bar in the United of America;
- The Total Fee for Registering the Business in Los Angeles, CA – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services totaling – $1,200.
- Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- Cost for hiring Consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- Cost of accounting software, CRM software and Payroll Software – $15,000
- Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of – $105,600.
- Cost for facility remodeling – $25,000.
- Other start-up expenses including stationery – $500
- Phone and utility deposits – ($2,500)
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for Start-up inventory – $16,027
- Storage hardware (bins, utensil rack, shelves, glasses case) – $3,720
- The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
- Cost for serving area equipment ( glasses, flatware) – $3,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Office equipment and furniture – $3,600
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of Launching a Website – $600
- The cost for our grand opening party – $5,000
- Miscellaneous – $2,500
We would need an estimate of $500,000 to successfully launch our wine bar in downtown Los Angeles, CA. This amount includes the salary of all employees and the CEO (Owner) for 3 months.
Generating Funding / Startup Capital for Crespo and Tina® Wine Bar
Crespo and Tina® Wine Bar is a private business that is owned by Mr. Crespo Columbus and his wife Mrs. Tina Columbus and they intend to finance the business alone. Although they have plans to make the bar manager part owner of the business after 5 or 7 years of services, but that does not stop him from reserving well over 80 percent stake of the business for himself and his family.
Since they are the sole financier of the business, they have decided to adopt the following means to generate start – up capital for the business;
- Generate part of the start – up capital from his personal savings and sale of his stocks
- Source for soft loans from family members and friends
- Apply for loan from my Banks
N.B: Mr. Crespo Columbus and his wife have been able to generate $250,000 the breakdown shows that they generated $150,000 from their personal savings and sale of their stocks and they generated $100, 000 soft loans from their family members and friends. The balance of $250,000 will be generated as loan facility from his bank.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Crespo and Tina® Wine Bar is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to properly position our wine bar, ensure adequate security, availability of various brand of wines and excellent customer service et al.
Crespo and Tina® Wine Bar will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Renting of facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, electronic appliances, office appliances and bar accessories: In Progress
- Creating Official Website for the Company: Completed
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – suppliers of all our needed wine, alcoholic and non – alcoholic drinks, tobacco and small chops: In Progress