How to start a successful Wines and Spirits Business in Kenya

Starting a successful Wines and Spirits business in Kenya is an enormous undertaking, especially for first-timers.

Despite the perceived simplicity of the business model – purchasing inventory and selling the products– a lot more goes into the process of running a successful Wine and Spirits business in Kenya.

Rather than jumping in with your eyes closed and assuming everything will work out, it’s best to be as prepared as possible. This guide can teach you everything you need to know about how to set up a retail business for success.

Have A Plan

No business, no matter how great the underlying concept, can succeed without a plan.

Before securing funding or renting a space or any other step required to get your retail store off the ground, it’s important to have a business plan in place. This goes beyond the surface level details – “My business will be open seven days a week with an inventory focused on adolescent and young adult women” – in order to truly explain the whats, whens, wheres, whys, and hows of your entire operation.

Remember, a business plan is both for your benefit and that of potential investors; banks, angel investors, and business partners will likely want to see your business plan before moving forward and financially backing your business. A strong business plan makes you look trustworthy and intelligent which will help convince potential partners to work with you and financial partners to invest in your business.

Without a solid approach to marketing, you’ll likely spend your first few months in the business working in a mostly empty store.

Seek Financing

Unless you have a large amount of money you plan to invest in your Wine and Spirits business, you will likely need to secure outside financing. For most entrepreneurs, this means a small business loan through a bank SACCO.

When starting off, ensure you determine exactly how much you will need to purchase stock, do interior fittings, pay for licenses, rent deposits etc. After covering all this costs, ensure you have some other funds at your disposal for any unforeseen circumstances.

You need to ensure you have enough funding to get started and cover any emerging matters during your first 3 months of operations.

Secure A Proper Space

The place you establish your brick-and-mortar shop can make all the difference in regards to a successful Wines and Spirits business in Kenya. A remote location far outside of residential areas that’s hard to get to will not yield the same results as a desirable spot in the heart of a shopping center/estate; nor will the price tag be similar. When evaluating spaces, be sure to properly consider all factors, including:

1. Accessibility

2. Cost

3. Target Market

4. Security

5. Any legal considerations  – like Wines and Spirits should not be near Schools

With a POS solution like SimbaPOS, it’s possible to handle virtually all back-office tasks in a single interface, managing everything from operational analytics to employee management with a few easy clicks

A Point Of Sale System

Few things matter as much as your Point of Sale (POS) system. An integral part of ringing in orders, tracking revenue, managing inventory, and keeping an eye on all data related to your operations, today’s POS systems go far beyond processing payments and acting like a glorified cash register.

With a POS solution like SimbaPOS, it’s possible to handle virtually all back-office tasks in a single interface, managing everything from operational analytics to employee management with a few easy clicks

Digital Marketing

Opening a store is a good first step, but there’s no guarantee that ‘if you build it, they will come.’ Without a solid approach to marketing, you’ll likely spend your first few months in the business working in a mostly empty store.

Digital marketing is a fast and affordable option that allows you to build a web presence and a social media following of hopefully thousands of potential customers. With an Instagram account, Facebook, and Twitter you can generate a buzz about your business before you even open your doors. And for more established businesses, it’s a great resource to engage with your customers and keep them informed of any special promotions or general communication that could impact them.

From social media posts to blogs, your digital marketing methods can help you build a long-lasting presence in your community.

Think of digital marketing as modern-day word-of-mouth advertising that has the potential to reach millions over a very short period of time.

 

 



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