Do you want to start a wine tasting company and need to write a plan? If YES, here is a sample wine tasting business plan template & FREE feasibility report. A wine tasting business offers clients a comfortable environment to sample new flavors whilst meeting like minds. People with a variety of wine expertise are always on the lookout for new flavors, and they will return always to a place that offers informative and entertaining events.
The first thing you need to start a wine tasting business, aside excellent interest in wine, is the wine itself. Note that a wine tasting host can offer two types of tasting. Varietal tasting represents samples of the same grape variety but from different areas.
This type of tasting helps teach wine tasters about each region’s distinctive character. Secondly, horizontal tasting which represents wines from a single category. Tasting the wines side by side gives guests an opportunity to experience the differences.
As part of the entertainment of the wine tasting business, ratings and reactions are recorded for the various categories on a scorecard. These scorecards help wine tasters keep track of the various wines they’ve tasted.
A Sample Wine Tasting Business Plan Template
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
1. Industry Overview
According to industry reports, the total U.S. wine market grew to more than $70 billion in total value and 408 million cases in total volume in 2018. Although sales growth, particularly in volume, has slowed as the total market has doubled since 2003, consumers are buying wine at higher price points.
Suppliers have not been able to raise prices, however, and are also having to react to changes in how consumers buy wine. Americans remain willing to spend more on wine as the market’s total value increased by 5% over the previous year, while volume increased by just 1%.
Experts suggest a series of reasons for the decrease in volume growth: 1) the aging Boomer generation who are taking less wine attributed to health reasons; 2) Millennial not adopting wine as much as had been predicted; 3) the rise of new substitute products, such as cider, cannabis, and creative entrants from craft beer and spirits; and 4) a growing focus on healthy food and less alcohol.
Even with these obvious challenges, the US maintains the largest wine consuming country in the world, and therefore is a target for many foreign wine producers.
Notably, 26% of the wine volume sold in the US last year was imported, with Italy in the lead for overall sales, followed by Australia, New Zealand, France, and Argentina. US wine exports fell slightly in 2018 to $1.47 billion, down 5% in value from the previous year. Case volume was also slightly down to 41.7 million cases, a 1.2% decrease.
Part of this had to do with higher tariffs in China. The top export markets for US wine continue to be the European Union, including the uk, followed by Canada, Hong Kong, and Japan. Howbeit, the most popular wine varietals/styles in the US market based on volume continue to be:
1) Chardonnay, 2) Cabernet Sauvignon, 3) Red Blends, 4) Pinot Grigio, and 5) Pinot Noir. While this year, cabernet sauvignon ($2.595 billion) has just advanced past chardonnay ($2.549 billion) in dollar value. It is projected that cabernet sauvignon will be the number one varietal in volume as well in the next year or so.
2. Executive Summary
We at Vine Base® Tasting Services Inc. are seeking finance to open a unique and upscale group of wine tasting bar style dining and gaming establishments. The amount of funding we need is $170,000, and will be used to finance the lease, build-out, initial inventory and launch of the first proposed venue, which will be launched in spring/summer 2021.
At Vine Base® Tasting Services Inc., we are thoroughly equipped with the expertise to quickly develop this group of refined wine tasting and gaming venues, Jason and Natasha Brown expect the store development program to occur at a sufficiently brisk pace to build Vine Base® Tasting Services Inc. as a key player in the Las Vegas wine tasting/gaming industry before the market becomes more saturated, which current dining, drinking, and gambling preferences and trends indicate will soon happen.
All our start-up costs at Vine Base® Tasting Services Inc. are accurately calculated based on similar build-outs Jason and Natasha Brown have started in the wine consultancy industry.
The published data of other retail wine related businesses in the area shows that profitability can be attained within 2-3 months of “going live” with onsite video gaming terminals. A complete (100%) return of investor funds will likely occur in less than 24 months of first venue opening, based on investor participation in net location (gaming and retail) revenues at a one-third rate.
Competitor gaming revenues are strong and growing and warrant the conclusion that $10,000 in net monthly revenue from the gaming side can comfortably be expected as a minimum, and that net monthly gaming revenue exceeding $40,000 is also attainable.
A significant part of these net gaming revenues will be allocated to the monthly return of investor capital, depending on the company’s ability to maintain required operating balances. When attainable, disbursements of net store retail and gaming revenues will be disbursed two-thirds to the founders/principals and one-third to the investor(s).
At Vine Base® Tasting Services Inc., our estimate entails that the monthly sales will increase from $20,800 in month 1 to$37,000 in month 12. Our operating profit will increase from $5,400 in month 1 to $8,720 in Month 12; while net profit will increase from loss of $1,027 in month 1 to profit of $3,650 in Month 12.
We expect to increase sales from $84,000 in year 1 to $967,600 in year 3; while operating profit will increase from $64,000 in year 1 to $231,000 in year 3. Net profit will improve from $34,000 in year 1 to $196,000 in year 3.
We hope to achieve positive operating cash flow from the first month 1; while achieving positive net cash flow by month 6. Our operating cash flow will increase from $650 in 1st month to $5,499 in month 12. The first year operating cash flow will be $23,000 increasing to $175,200 in year 3.
We at Vine Base® Tasting Services Inc. is requesting $170,000 in loan amount to be repaid over 2 years (max). We will also contribute $50,000 in equity bringing the total funding from all sources to $220,000. We intend to use $80,000 from these funds towards capital expenditure in year 1 and $30,000 for start-up inventory. The remaining amount of $110,000 will be used for working capital.
We also plan to repay the entire $170,000 in debt over 2 years. From our detailed plan and cash forecast, we believe Vine Base® Tasting Services Inc. will have sufficient cash flow after taking care of operating expenses to service the debt. Assuming 10% fixed interest rate the total interest payment will be $17,549 over 2 years.
3. Our Products and Services
Our aim at Vine Base® Tasting Services Inc. is to create the feel of a winery coupled with all the offerings typically available in such venues, but in a suburban setting with video slot and poker machines. Every of our store will offer a nice selection of wines and a limited offering of craft and bottled beers, accompanied by cheeses and other simple but quality food offerings that align well with wine and gaming. Liquor will not be offered.
Our wines will be offered at $10 to $15 per glass and $35 to $90 per bottle. Food items will average $10 per plate. Average per-person sale is expected to be $40.
To leverage the benefits of this highly popular and traffic-getting entertainment feature, Vine Base® Tasting Services Inc. will offer video gaming in a unique and distinguished way—in an upscale wine-bar serene unlike other common gaming venues.
Our customers can enjoy gaming in style and comfort along with a great selection of quality food and wine beverage. We plan to ensure that the gaming and quality consumables will complement each other, take advantage of higher-end dining and drinking trends, and combine to drive sales success.
Video poker and slots are added to complement the traditional wine-bar experience, making it more dynamic, and appealing enough of attract a broader mix of customers. For a maximum wager per hand of $2, customers can win up to $500 per hand. We believe that the right atmosphere and the excitement of video gaming will improve the customer experience, enticing them to visit the venue regularly, stay longer, and share the experience with friends.
4. Our Mission and Vision Statement
- Our vision at Vine Base® Tasting Services Inc. is to become the topmost meeting spot in Las Vegas where wine and game lovers come together to learn, enjoy and have fun over a nice glass of good wine.
- We want to be the place that comes to people’s mind when they are thinking of relaxing with friends while enjoying wine and other quality food offerings.
- The effective combination of video-gaming entertainment and a quality wine-tasting bar-style dining experience is not only creative, but explicitly takes advantage of two key consumer trends, which the owners believe will position Vine Base® Tasting Services Inc. as a necessary, well-liked, and welcome dining and entertainment addition.
- Our core mission is to deliver, through this combination, a brilliant consumer experience that yields significant positive “chatter,” reliable repeat business, quality community impact, higher profits, and strong growth.
Our Business Structure
Different experts will work in combination (through a partnership or joint venture agreement) to run Vine Base® Tasting Services Inc. Each entity will operate one retail store (running the wine tasting bar) and a second entity will function as the VGT Operator, which obtains, installs and maintains the gaming machines and generally operates the gaming side for all locations.
Each entity will secure separate gaming-related licenses from the State Gaming Board Both entities work together, though providing separate functions, to maximize revenue to Vine Base® Tasting Services Inc. Entity names under consideration are “Cellar Wines, LLC” for the establishment entity(s), and “Novel Gaming Systems” for the VGT operating entity. The wine bar retail entity will be owned and operated by Natasha Brown.
The wine bar’s non-gaming net revenues, and its 35 percent share of Net Terminal Income (gaming revenues), will be distributed one-third to Natasha Brown, one-third to Jason Brown, and one-third to capital sources (investor(s)/lender(s)) under a management/revenue-sharing/partnership agreement.
The gaming operator entity will be owned and operated by Jason Brown, due to his general business management experience and technical expertise. The operator’s 35 percent share of Net Terminal Income (gaming revenues) will be distributed one-third to Jason Brown, one-third to Natasha Brown, and one-third to capital sources (investor(s)/lender(s)) under a management/revenue sharing/partnership agreement.
Investor(s) and lenders are not expected to hold an equity position, voting authority, or specific managerial roles in either of the operating entities. Governance and managerial decision making concerning each entity will be vested in the respective owners of each entity (Jason and Natasha).
Any decision-making or voting authority granted to a financier will be provided for contractually in the management/revenue-sharing/partnership agreement. We are currently in the process of hiring a couple of key employees, including full-time manager who will be on board prior to the launch of our business. These roles include:
- Vine Base® Tasting Services Inc. Manager
- Business Development Manager
- Key Account Specialist
- Store manager
- Tasting Room Representative
5. Job Roles and Responsibilities
Vine Base® Tasting Services Inc. Manager
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counselling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives
- Creating, communicating, and implementing Vine Base® Tasting Services Inc.’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall Vine Base® Tasting Services Inc.’s strategy.
- Tasked with fixing prices and signing business deals
- Tasked with providing direction for the business
- Tasked with signing checks and documents on behalf of Vine Base® Tasting Services Inc.
- Evaluates the success of Vine Base® Tasting Services Inc.
Business Development Manager
- Embraces innovation and demonstrates entrepreneurial mind set
- Assists sales specialists and cross functional partners with identification and activation of consumer engagement initiatives and event execution.
- Supports commercialization of digital marketing programs and leverages digital assets.
- Leverages technology (e.g., Account 360) and digital assets to monitor performance, identify opportunities, direct the action of distributor personnel, make decisions, conduct exception reporting, etc.
- Coordinates activities with other winery support areas within the market (e.g., Customer Development, Shopper Marketing, and Business Intelligence Managers).
- Strategically focuses time on the biggest opportunities to maximize sales and grow Gallo brands
- Recognizes changes in Winery direction and market dynamics and shifts time and resources accordingly
- Coordinates launches of new items.
- Manages POS ordering for assigned channel and/or geography
- Engages in consumer-facing events, including ability to work with fine wine retail accounts to sell luxury offerings and lead luxury events.
- Acts as a Vine Base Ambassador, advocating for our brands, including hosting events, leveraging social media and other tools to promote for Vine Base® Tasting Services Inc. sales within his/her community.
Key Account Specialist
- Promote and demonstrate wine knowledge within a set geographic region to increase sales among high profile customers, restaurants and retail accounts.
- Make regular sales calls to designated accounts to cultivate customer relations and satisfaction with service provided.
- Partner with multiple sales divisions in the accounts to increase wine sales and act as a liaison with customers regarding selections and placements.
- Demonstrate consultative sales abilities through successful presentations of product, the promotion of new and existing portfolio items and the expansion of business.
- Exhibit discipline and resourcefulness to meet/exceed assigned monthly placement objectives.
- Participate in sales meetings and on-site training to remain educated in company policy and industry trends/developments.
- Create, coordinate, and attend on-site promotional functions at established customer accounts. (I.e. product launches, and tastings).
- Maintains receiving, warehousing, and distribution operations by initiating, coordinating, and enforcing program, operational, and personnel policies and procedures.
- Complies with federal, state, and local warehousing, material handling, and shipping requirements by studying existing and new legislation; enforcing adherence to requirements; advising management on needed actions.
- Safeguards store operations and contents by establishing and monitoring security procedures and protocols.
- Controls inventory levels by conducting physical counts; reconciling with data storage system.
- Maintains physical condition of store by planning and implementing new design layouts; inspecting equipment; issuing work orders for repair and requisitions for replacement.
- Achieves financial objectives by preparing an annual budget; scheduling expenditures; analysing variances; initiating corrective actions.
- Maintains store staff by recruiting, selecting, orienting, and training employees.
- Maintains store staff job results by coaching, counselling, and disciplining employees; planning, monitoring, and appraising job results.
- Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; participating in professional societies.
Tasting Room Representative
- Prepares the tasting room for daily opening and closing.
- Promotes the sale of wine and non-wine products sold in the bar section; acts as informed resource for consumers regarding winemaking, winegrowing, and wine vintages
- Describes wines, winemaking techniques, and winery history; answers visitor’s questions about wines.
- Provides general tourist information.
- Handles routine purchasing transactions (includes operating cash register and accounting of daily sales).
- Supports display and stocking of retail items and wines; and hospitality special events; participates in inventories.
- Understands and effectively communicates the Brand message.
- Processes phone orders and wine shipping orders in compliance with federal and state regulations.
- Checks identification as required by state regulation for serving alcoholic beverages.
- Tasked with cleaning Vine Base® Tasting Services Inc. floors at all times
- Makes sure that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of Vine Base® Tasting Services Inc.
- Any other duty as assigned by the operator.
6. SWOT Analysis
Our goal is to provide a unique experience for our customers by creating a wine-tasting bar atmosphere, featuring a wide variety of wine selection. By offering a comfortable, high-quality and upscale gaming area, customers are enticed to stay a while longer (and buy a little more).
The décor, wine selection, food offerings and superior gaming experience will make each venue an appealing “destination” capable of generating fun, loyal customers, and repeat traffic. Since wine and gaming are both very popular pastimes today, we be the two can be rightly align into a perfect match.
With our led out plans and hunger to take the industry by storm, we have put plans in place and assessed our SWOT Analysis. Clearly summarized below is the result of our SWOT Analysis;
- Unique concept that brings complementary businesses of wine and gaming together
- Good relationship with suppliers – Revenue and cost sharing reduces working capital needs.
- Community connections with wineries and game lovers.
- Knowledgeable staff that loves wine and is able to help with customers questions
- High competition in the general wine business
- Established large businesses in the gaming industry
- Need to build and establish the brand in the community
- Reduce working capital needs by pursuing unique revenue and cost sharing model with suppliers.
- Build a professional web site for additional revenue stream.
- Leverage social media sites such as Facebook, Twitter, and Blog to build stronger, ongoing relationship with customers.
- Explore other uses of Vine Base® Tasting Services Inc. resulting in additional revenue
- Current health awareness on too much alcohol may have negative impact on sales due to customers desire to maintain health.
- Government regulations
- Potential new entrants in the location.
7. MARKET ANALYSIS
- Market Trends
At Vine Base® Tasting Services Inc., we understand that innovation is an important part of the industry. Fortunately, just like us at Vine Base® Tasting Services Inc., the industry isn’t afraid of that. The wine market is driven by increasing demand for wine, due to its health benefits and premiumization of wine products, coupled with innovation in flavor and more advanced distribution networks, globally.
Altering taste and new preferences among consumers, along with growing demand for new and exotic flavors, such as Riesling wine and other tropical fruit wine are projected to fuel the growth of the wine market. The wine and gaming market are both separately fragmented, due to a large number of domestic businesses in various countries. These bigger fishes have a significant share in the market, owing to their established brand name.
As every region has a number of domestic players with a robust distribution channel in the country, global players seeking a higher market share prefer acquiring them, rather than starting fresh in the country. New product development is another strategy followed by companies, as product differentiation helps in increasing the consumer’s base.
Macro wine trends have been stable albeit lackluster, where consumption has appeared to plateau. Going forward, however, experts expect both industries to pick up. By 2022, volume of wine sold is projected to rise to 281 million cases, worth $32.9 billion, for a CAGR of approximately 3%.
We understand perfectly at Vibe Base that cultures change slowly, but they do change. And sub-categories within the wine industry—such as rosé and organic wines—have been demonstrating fantastic growth, while other segments have lagged behind. Sparkling wine, especially Champagne, is considered as a status symbol.
Wineries, across the world, are launching varieties of sparkling wines through their brands in an attempt to stay ahead of the competition and pull and sustain consumer interest. The sparkling wine segment is fragmented with the presence of several producers, wineries, and distributors. Also, new packaging offerings like cans and minis have made sparklers more viable as an every-day drink.
Therefore, sparkling wine is becoming food-friendly at restaurants, bars, and households. Champagne brands, such as Veuve Clicquot and Moët & Chandon lead the sparkling wine segment, in terms of the retail value of both domestic and import trade.
8. Our Target Market
According to an industry report, over 34 percent of Americans visited a casino in the past 12 months, while 32 percent of Americans say they gambled at a casino in 2012, an increase from 27 percent in 2011. Young adults age 21-35 had the highest rate of casino visitation, as nearly two out of five (39 percent) went to a casino. Also, consumer spending in Las Vegas on commercial casino gambling was increased by 11 percent in 2018.
Consumers interested in visiting casinos, and thus in video gaming, are generally better educated than the general population—52 percent have completed college, compared to 46 percent of the overall population, and among young adult casino visitors 66 percent have completed college. Moreover, 49 percent of all casino visitors’ households have annual income of more than $60,000, while only 34 percent of all households have the same annual income.
Also, more than 60 percent of casino-goers agree that their favorite casino games are electronic gaming machines like slot machines and video poker. Thus, the market for video gaming is broad based; large segments of the adult population enjoy and participate in casual gaming when it is available.
At Vine Base® Tasting Services Inc., we will target 35-65 year old men and women, those with disposable income and a regular interest in out-of-home entertainment, and who enjoy gaming, but prefer a more relaxed environment than a casino or bar.
We at Vine Base® Tasting Services Inc. will strive, in part, to create an atmosphere that is comfortable for women, as opposed to traditional bars and sports bars that skew marketing, service and atmosphere mainly around men. Wine bars are projected to thrive in the future by virtue of their simplicity and ability to quickly adapt to evolving consumer preferences and newly introduced products.
Note that with limited food services, a defined product range, and a comparatively small footprint of space, operators control costs and maximize the high margins wines provide. Premium beverages and simple but high-quality and healthful food offerings in unique environments are increasingly popular, especially among younger consumers.
Our competition at Vine Base® Tasting Services Inc. includes all establishments offering VGTs as an entertainment value to their customers. Meanwhile, very few of these are what could be characterized as direct competitors because each retail establishment is unique, and draws customers by combining VGTs with its other (principal) offerings.
A good number of businesses in areas eligible for wine bars—and who may be competitors for dining, drinking, and entertainment dollars— offer video gaming in café-type settings, but none offer exactly the same mix of VGT and wine bar elements like we do at Vine Base® Tasting Services Inc.
At Vine Base® Tasting Services Inc., we expect to distinguish our tasting venues from comparable establishments by offering a unique product mix and style, but also anticipate learning from successful competitors running similar establishments in other areas.
In accord with the upscale posture of these venues, we expect to gain market share by offering higher VGT payouts (to customers). This, polished with carefully tailored marketing plan for the target demographic, should well position our venues competitively.
9. SALES AND MARKETING STRATEGY
- Sources of Income
As mentioned earlier, our revenue model will look for multiple revenue streams that will complement one another. Our wines will be offered at $10 to $15 per glass and $35 to $90 per bottle. Food items will average $10 per plate. Average per-person sale is expected to be $40.
To leverage the benefits of this highly popular and traffic-getting entertainment feature, Vine Base® Tasting Services Inc. will offer video gaming in a unique and distinguished way—in an upscale wine-bar serene unlike other common gaming venues.
We plan to ensure that the gaming and quality consumables will complement each other, take advantage of higher-end dining and drinking trends to drive sales success. For a maximum wager per hand of $2, customers can win up to $500 per hand. We believe that the right atmosphere and the excitement of video gaming will improve the customer experience, enticing them to visit the venue regularly, stay longer, and share the experience with friends.
10. Sales Forecast
At Vine Base® Tasting Services Inc., we prefer to estimate a conservative sales figure of 75 patrons per day in the first year. With our detailed plans and unique services, we predict a sell-out for each day, beginning in the first month of operation, due to the prime location of Vine Base® Tasting Services Inc. and the small percentage of the population required producing a sell-out.
Also, the proximity of the venue to potential customers in the city is a powerful influence. However, to be conservative, we are projecting 75-100 patrons per days for the first year.
- Marketing Strategy and Sales Strategy
To properly reach our target demographic, our advertising and promotion at Vine Base® Tasting Services Inc. will be mixed and highly localized for each establishment, with a strategic concentration on social-media mechanisms. Every of our venue will have a strong online presence to ensure customers are easily aware of location and specials, new offerings, and events.
Since wine tasting bars mainly market to customers in the local area, local community support is very crucial —so involvement in the community is a critical component of our marketing strategy at Vine Base® Tasting Services Inc. Each venue staff will attend and participate in community functions, thus establishing a reinforcing “visual” and “hands-on” presence where appropriate.
Also, each venue will regularly host wine- and cheese-tasting events, both in house and at other community venues and public events, with a special focus on local producers from Washington and California. This local focus and these activities will enhance each our reputation and community “buzz” among locals. If the locals have a positive impression, they will patronize us regularly.
11. Publicity and Advertising Strategy
Vine Base® Tasting Services Inc., will develop a compelling logo for the wine-tasting business. Each location may have a distinctive twist on the core name and logo—but all locations will be linked through common logo attributes.
The logo and name, its design and color scheme, will be appealing and interesting, and instantly capture and convey a sense of style, uniqueness, comfort and sophisticated atmosphere. The logo and name identity must be unique and easily recognized… We also plan to do the following;
- Vine Base® Tasting Services Inc. will spend $1,238 per month on Public relations services for the next year intended to build awareness of editors and product information insertions, reviews, etc.
- Vine Base® Tasting Services Inc. will also spend $470 per month concentrating on drive time Radio advertising. We plan to experiment with different stations, keeping careful track of results. As with the school fundraising program, we expect the stand and signage to be a substantial portion of our advertising.
- List our business on local directories
- Attend relevant international and local health, finance and business expos, seminars, and business fairs et al
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
12. Our Pricing Strategy
At Vine Base® Tasting Services Inc., pricing will be dictated by each location’s market and competition. To the extent possible, the owners will work hard to dictate/govern pricing by being discerning and unique in selection of product offerings.
Premium pricing will be sought where attainable, given market tolerances (limitations) on pricing for a bottle of wine and a charcuterie plate. We expect that the mark up on some of the finer wines will be as high as 300%, while mark ups on house wines and beers will average between 50 and 75%, and 35% on food.
- Payment Options
The options we provide at Vine Base® Tasting Services Inc. will be all inclusive and acceptable because we understand greatly that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by cash
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (online payment portal)
- Payment via Mobile money
We have also chosen banking platforms that will help us achieve our plans with little or no issues. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
Vine Base® Tasting Services Inc., we seek to offer the balance of gaming and good wine people seek by providing a comfortable suburban atmosphere to suit our target audience. We believe that our company will become profitable in its first year and quite profitable in its third. We have analyzed the market and have decided on how we plan to spend our startup fund.
- The Total Fee for Registering the Business in the united states – $750.
- Legal expenses for obtaining licenses and permits – $4,000
- Marketing promotion budget- $25,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,000
- Cost for leasing and renovating our location – $47, 000.
- Other start-up expenses including stationery – $1000
- Phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of staff, fuelling, maintenance, payments of bills et al) – $25, 000
- The cost for Start-up inventory – $30,000
- Cost for store equipment (cash register, security, ventilation, signage) – $2,000
- The cost for the purchase of props and equipment: $2700
- The cost of Launching an official website: $600
- The cost for our grand opening party: $5000
From our detailed analysis above, we will need an estimated $220,000 to start the first Vine Base® Tasting Services Inc. location successfully.
Generating Funding/Startup Capital for Vine Base® Tasting Services Inc.
We at Vine Base® Tasting Services Inc. are seeking funding capital from potential investors in an amount sufficient to cover the startup expenses. Investor(s) will participate in net revenue distribution at a one-third level under terms to be addressed in a management/revenue sharing/partnership agreement.
We understand that prospective investors may find it appropriate for tax, contractual, or profit-maximization reasons to structure investment arrangements as a hybrid of equity, debt, or other arranged credit and financing mechanisms. Because prospective investors needs and interests vary, Vine Base® Tasting Services Inc. owners are flexible and invite dialog on financing/structural options.
14. Sustainability and Expansion Strategy
Our aim at Vine Base® Tasting Services Inc. is to create the feel of a winery coupled with all the offerings typically available in such venues, but in a suburban setting with video slot and poker machines. Every of our store will offer a nice selection of wines and a limited offering of craft and bottled beers, accompanied by cheeses and other simple but quality food offerings that align well with wine and gaming.
Immediately any guest walks in they will feel like Vine Base® Tasting Services Inc. is a place they want to be—a very calm and comfortable, welcoming space, with staff well trained to meet their varying needs.
Staff will be perfectly informed about the variety wines, beers, and cheeses and other consumables provided and able to speak clearly about it all. To reward customers the business will, to the extent possible, calibrate VGTs to maximize customer payouts—higher than the competition—thus encouraging players to return often.
Being license dependent, all our stores at Vine Base® Tasting Services Inc. will be located within the state of California, ideally in suburban areas already populated by or drawing substantial traffic from the target demographic. Locations will be majorly analyzed by population density, income level, and proximity to shopping, other businesses and housing.
Each location will be 1600-1800 sq. ft. in size, either in an existing strip mall, or near shopping, in a town with a high population density of customers in the 35-65 age groups with disposable income. Also, each location is expected to have a customer capacity capable of hosting from 50 to 100 guests at a time.
With investor approval, Vine Base® Tasting Services Inc. will seek the expertise of a market research company to identify and strategize regarding suitable areas and locations to open each store.
We at Vine Base® Tasting Services Inc. have secured the services of an interior designer to help with all decorating selections, ensure the business establishes the right “feel,” and provide guidance and supervision in every area from paint, colors and flooring types to wine glasses and charcuterie serving boards.
Build out of each venue will take between four and six months from Architect’s site measurement. This time frame allows for drawings to be completed and all review by the city building department and county health department for permit issuance.
- Hours of Operation
At Vine Base® Tasting Services Inc., hours of operation will be dictated by the liquor license in the municipality. Ideal hours of operation will be 10:00 a.m.-1:00 a.m. Sunday through Thursday, and open until 2:00 a.m. Friday and Saturday.
At Vine Base® Tasting Services Inc., we plan to use various vendors on the retail side and will select those that best suit each venue specific needs. Each Vine Base® Tasting Services Inc. venue will also source local producers of wines and cheeses to show our customers how good their area can be.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank 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
- Conducting feasibility studies: Completed
- Leasing, renovating and equipping our Vine Base® Tasting Services Inc.: Completed
- Generating part of the start – up capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- writing of business plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of software applications, furniture, office equipment, electronic appliances and Vine Base® Tasting Services Inc. facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress