LIQUOR STORE

Launching a Liquor Store



Launching a Liquor Store

Product Introduction

I have done a lot of research and have come to the decision of opening a liquor store. The liquor store can be an ideal business even in the recession. With proper management and a business plan, this business can sustain consistent profits even in the hard times. There is a great demand for the alcohol, beers and whiskeys in the tough recession period as well. The sales of liquor have been strong in the past recession times as well.

With excellent quality, low priced products and marketing strategies, the sales of the store will gradually increase. The low price and exceptional quality, the customers will value the store and the services due to which the demand will increase. The store will start as a small retail business with brilliant ideas as well as being a resilient business and profitable.

Business Ownership

For my liquor store business, I will opt for a partnership ownership. As opening a business can be demanding especially opening a liquor store. The partnership income does not have dual taxation exposure. According to the Code of Internal Revenue, all of the partnership income is owed and taxed straight to the individual partners (David, 2002). As the opening of a liquor store will require a lot of paper work, I will do partnership with a person who is familiar with the legal issues. We will deal with the paperwork issue like the zoning issues and contracts. My partner will deal with the city laws, state laws, federal laws, country restrictions and the zoning laws. All the necessary permits and licenses need to be acquired before opening the store to save from any future legal problems.

My partner will deal with the legal paperwork while I will work out the other details like researching about which type of liquor to store, the suppliers, from where the liquor will be shipped, what will be the budget and the liquor quantity needed. I will have to make sure that the suppliers provide quality products. Our store cannot afford to make any mistake in just buying products from anywhere. We have to make sure that the product is authentic as Alcohol and Tobacco Enforcement Agency will do periodic checks on the store (Fisher, 2007). The receipts and invoices of the sales need to be organized as well as the police or agents can ask for them anytime. As there are so many things to take care of, a partnership will be an ideal form of ownership in this business.

Location of the Store

The location of the store will be in lower Eastside of Manhattan, New York. I have to consider a busy street for the store. I will have to look out for any space available in a busy area of the neighborhood. A wine and liquor store in a high-traffic area that is in the heart of the growth side of the city would make sense. Individuals will not want to drive longer distance ...