HOW TO START A SMALL LIQUOR STORE.
Term Paper ID:18424
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Essay Subject:
Uses hypothetical situation to illustrate steps involved in proper planning of small business. Includes financial planning, location, analysis, floor plan, merchandising & personnel. Charts.... More...
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9 Pages / 2025 Words
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Paper Abstract:
Uses hypothetical situation to illustrate steps involved in proper planning of small business. Includes financial planning, location, analysis, floor plan, merchandising & personnel. Charts.
Paper Introduction:
This paper discusses the steps involved in the proper planning of a small business. Although the topic is small business in general, the primary focus is on starting a small liquor store. Discussion includes analysis, location, financial planning, merchandising, and personnel.
Analysis
Liquor stores provide an attractive opportunity for independent business ownership and management. Although certain aspects of the business are complex, with some training and experience, an individual has adequate opportunities to achieve business success. A new store owner or manager can secure help in buying and in resolving managerial problems through franchise operation, membership in a cooperative, or affiliation with a voluntary wholesale organization (Greene, 1983).
Text of the Paper:
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includesanalysis location financial planning merchandising and personnel Analysis Liquor stores can secure help in buying and in resolving managerial problemsthrough store is based on a rathersimple concept and This may be attributed to the charging of of building sq ft to mins Customer trips per week to SBA Statistics On the average percent of the the way toobtain special or premium income available to the liquor to cars Most liquor stores operate for the store is located SBA Statistics Location The individual learn a the number of people within ashort walking distance a potentially good location because liquors storesare highly care should be taken tomake have been considered additionalaspects must be businesses that clash The strengthof the neighborhood merchants and municipal assistance Directly related to the appearance ofa adjacentretail space to incompatible or competing businesses landlords may to zoning isthe lease agreement Before entering cost of the facilities if an established business or of Newequipment costs usually range from to If a liquor store rangesfrom to Operating licenses cost be raised by about A commonfinancing plan Inventory constitutes a large proportion of total itsprofitability SBA Starting and managing Therefore nationallyadvertised brand name items a speedy turnover and a high unit margin customers Welsh White Merchandising Liquor stores to percent the range in liquor stores is percent labor productivity is low because of sales per transactionaverage about to SBA Statistics Personnel be hired then the Process should besystematic For instance write or three associates The associatesshould participate in the search and every business with one or with the employer's regional Internal Revenue Service Center Thisidentification Employer's Tax Guide IRS Publication which provides franchise andaway from corporate ownership almost all the six employees Supervision by the corporation is exercised of feet by feet with parking spaces The stores investment is about only one-quarter of this for services legal accounting supervision business training and assistance and is which is brokendown as follows Inventory Deposit Cash store A new entrepreneur may find that obtain actual store management experience beforeentering into a franchise guarantee isrequired this should be noted too This material along applicants to sources of financing to invest in the proposedventure Welsh White It needed for the new store sothat initial operating be made of the advantages of business NewYork Mentor Silvester J L How Small Business Administration Locating your business U S Government Printing White J F The entrepreneur's masterplanning Although the topic is small business in general theprimary focus complex with some training and experience an individual hasadequate liquor store is a small scaleoperation requiring only minimal supermarkets butgross margins and income are higher time Small Business Administration SBA Statistics for national market analysis week to Parking spaces available to Sales per customer Average to customers who drive to store Weekly sales to day on other trips Aboveall the store is store minutes is the key to the success of the convenience located to serve aneighborhood occupying to square feet demanded items low cost items as well as premium items elaborate statisticalsurvey is not absolutely of competition Greene Almost any in company with a barbershop and a drycleaning outlet Anexisting those food items which theliquor store sells refers to stores that generate given area thereby saving the merchants money the Placement and size of signs byforegoing or ignoring location and surrounding area tobetter ascertain restrictions construction and changes total investment required for a firms Land may cost or more in an urbanized location plant costs can bemarkedly reduced of one of the larger of from to of long-term debt getting the best investment for one's dollar andin terms of to a policy of stockingonly the most frequently ofthe item's contribution to net profit and as it relates of their sales Therange of margins on stores SBA Statistics Measures of productivity are less important Sales per manhour are seldom more than possible personal references provide suitablecandidates Employees are usually recruited and education A selection committee should process by establishing a personnel manual to avoidsubsequent employer is to obtain an employer'sidentification number required returns At the time of application thebusiness owner should request the option of owning or franchising Because square feet which are open sevendays per week for per year Monthly goals arealso set Strict productivity orientation is net before taxes The firm reports thata typical are a one percent of gross sales for royalties operates on a similar basis However beprovided by the franchisee Silvester Experience in retailing is a a successfulretailing operation It is should determine detailed financing requirements particularlyfor banks or development organizations specializing in providingfinancial and prepare their preliminary studies and estimates and to months to break even and the various franchising cooperative and voluntary Reporter Bank of AmericaPublication Greene G Small Business Administration Business plan for Office Small Business Administration Statistics for nationalmarket This paper discusses the steps provide an attractive opportunity for franchise operation membership in a cooperative or affiliationwith a voluntary can be adequately controlled by one person with higher prices inexchange for the convenience factor offered by Investment excluding inventory to Inventory number of items to to to customers living w in customers live within half a mileof the store and stock The enormous gap in average customershopping time store are therefore afunction of the trade-off between long hours usually to hours and attempting to start a new of the proposed location b the neighborhood-oriented Liquor stores can often be found onsingle-store sites sure there is no significant considered such as retail compatibility Merchants'Associations landlords zoning Association is important because theMerchants' Association can be retail location is the responsiveness cripplea merchant's attempts to increase business The zoning into lease agreements theentrepreneur must acknowledge future the landand building if a new the building isalready built and about and cashneeds may be at the commencement of for the new independent liquor store uses about ofowner's equity investment percent to percent and the choice of items is predominates Because the store is small andcaters The choice of inventory isa critical one operate on generous margins largely because they to percent The price differentials vary but if prices differ thelong business hours involved The Entrepreneurs should hire someone with whom they have worried with down the job description the personalcharacteristics appropriate for holding write their opinions before discussionwith the selection committee In moreemployees to withhold federal income and Social Security taxes from number is not the same as the tax information Pertinent to allemployers Small large chains are turningtoward the franchising method One typical chain byintensive training of the manager a target of profitability carry an inventory of nationallyadvertised items These stores are open has to bein the form of a cash c one percent of gross sales foradvertising register Supplies License Total In this case the for to inbasic franchise fees s he agreement or acquiring a store Welsh White Before with a detailedanalysis for the Potential applicantscan demonstrate their qualifications should be recognized by the new losses can be adequately covered without impairingservice SBA Business planning each the specialservices each provides and the cost to start finance and operate Office Small Business Administration Starting and guide Englewood Cliffs Prentice-Hall is on starting a small liquor store Discussion opportunities to achieve business success A new store owner ormanager investment While operating withsophisticated sales and stock techniques the income as much as two to three timeshigher Store CharacteristicsCharacteristics Mean RangeGross area customer shopping time mins to Gross margin to Income before tax convenient however customers may go out of liquor store The higher prices margins and and with space to parkfive depending on the neighborhood in which necessary but inspection of the proposedneighborhood should be made to neighborhood of to people not having aliquor store could be supermarket need not be a problem but Silvester Once demographics and competition trafficfor neighboring stores as opposed to throughgroup advertising programs group insurance plans collective securitymeasures needed maintenance and repairs by renting in trafficpatterns that will affect the entrepreneur Directly related liquor store will depend heavilyon the and thebuilding investment will probably be between and The cost of average inventory for nationalchains the initial investment would SBA Starting and managing a small building business the future operating ratios of the store in particular demanded items with the constraint that the itemshave to the tastes andvalues of the neighborhood products in large stores like supermarkets is percent in small scaleoperations In general sales per square foot average between and from the neighborhood servedby the store If an unknown must becomposed of the entrepreneur plus two conflict and misunderstanding Greene In addition the law requires on employment tax returns by filing FormSS a copy of Circular E ofreduced risk and higher profitability the trend is towards hours per day The average manager has between threeand typical Welsh White A major franchising operation features store sizes franchisee makes per year from this operation Totalfranchisee b two percent of gross sales in this case the typical franchise investment valuable ingredient in the profitableliquor strongly recommended however that theprospective entrepreneur franchise fees equipment and inventory If a Lease technical assistance Many of these organizations can helpdirect qualified by theamount of their own funds they are willing about two yearsfor profitable operations Enough financing is wholesale organizations s he might join Acareful study should G How to start and manage your own smallservice firms U S Government Printing Office analysis U S Government Printing Office Welsh J A involved in the proper planning of asmall business independentbusiness ownership and management Although certain aspects of thebusiness are wholesale organization Greene The following table indicates that the sometraining Weekly sales are compared to the smallest the long business hours andthe elimination of waiting Employees to Hours open per day days mile to customers living mile pass it three or four times per between the supermarket minutes and the liquor time and money SBA Statistics Liquor stores are oriented towards some stores operate hours per day Liquor stores stockfrequently store operation shouldattempt to find an appropriate location first An amount ofcompetition and c the quality on street corners or in small convenience-typeshopping centers competition from convenient stores orchain drugstores selling beer cigarettes and and planning as well as leasingagreements Retail compatibility effective in promoting and maintaining thebusinesses in a of the landlord to the individualmerchant's needs By restricting commission canprovide the latest planning of the retail zoning plans SBA Locating yourbusiness Financial Planning The venture SBA Business plan for small service equipment can be leased building and business If the newowner manager decides to become a franchisee investment to secure a bank loan therefore veryimportant both in terms of to convenience the operator must adhere which requires much skill and judgment both in terms cancharge higher prices for the convenience component they arealmost always greater in liquor typical store requires at least hours per week to operate inthe past If this is not the job and the minimumrequirements of experience addition the ground rules should be setin the hiring wagespaid The first step for an Social Security numberrequired on individual income tax Business Reporter Getting Started Entrepreneurs have is corporation-owned withstores of fairly large size up to after oneyear and a long-range goal of sales hours per day and return anaverage profit of percent down-payment The franchising costs after theinitial investment including a grand opening Silvester Another franchising operation company does not supply the equipment which must can enter in partnership with deciding whether or not to affiliate with an organization theentrepreneur proposed site should be assembled and discussed withlocal by the care and thoroughness withwhich they entrepreneur that successfulstores usually require six In sum the entrepreneur should investigate References Bank of America Small Business your ownbusiness Secaucus NJ Lyle Stuart managing asmall building business U S Government Printing includesanalysis location financial planning merchandising and personnel Analysis Liquor stores can secure help in buying and in resolving managerial problemsthrough store is based on a rathersimple concept and This may be attributed to the charging of of building sq ft to mins Customer trips per week to SBA Statistics On the average percent of the the way toobtain special or premium income available to the liquor to cars Most liquor stores operate for the store is located SBA Statistics Location The individual learn a the number of people within ashort walking distance a potentially good location because liquors storesare highly care should be taken tomake have been considered additionalaspects must be businesses that clash The strengthof the neighborhood merchants and municipal assistance Directly related to the appearance ofa adjacentretail space to incompatible or competing businesses landlords may to zoning isthe lease agreement Before entering cost of the facilities if an established business or of Newequipment costs usually range from to If a liquor store rangesfrom to Operating licenses cost be raised by about A commonfinancing plan Inventory constitutes a large proportion of total itsprofitability SBA Starting and managing Therefore nationallyadvertised brand name items a speedy turnover and a high unit margin customers Welsh White Merchandising Liquor stores to percent the range in liquor stores is percent labor productivity is low because of sales per transactionaverage about to SBA Statistics Personnel be hired then the Process should besystematic For instance write or three associates The associatesshould participate in the search and every business with one or with the employer's regional Internal Revenue Service Center Thisidentification Employer's Tax Guide IRS Publication which provides franchise andaway from corporate ownership almost all the six employees Supervision by the corporation is exercised of feet by feet with parking spaces The stores investment is about only one-quarter of this for services legal accounting supervision business training and assistance and is which is brokendown as follows Inventory Deposit Cash store A new entrepreneur may find that obtain actual store management experience beforeentering into a franchise guarantee isrequired this should be noted too This material along applicants to sources of financing to invest in the proposedventure Welsh White It needed for the new store sothat initial operating be made of the advantages of business NewYork Mentor Silvester J L How Small Business Administration Locating your business U S Government Printing White J F The entrepreneur's masterplanning Although the topic is small business in general theprimary focus complex with some training and experience an individual hasadequate liquor store is a small scaleoperation requiring only minimal supermarkets butgross margins and income are higher time Small Business Administration SBA Statistics for national market analysis week to Parking spaces available to Sales per customer Average to customers who drive to store Weekly sales to day on other trips Aboveall the store is store minutes is the key to the success of the convenience located to serve aneighborhood occupying to square feet demanded items low cost items as well as premium items elaborate statisticalsurvey is not absolutely of competition Greene Almost any in company with a barbershop and a drycleaning outlet Anexisting those food items which theliquor store sells refers to stores that generate given area thereby saving the merchants money the Placement and size of signs byforegoing or ignoring location and surrounding area tobetter ascertain restrictions construction and changes total investment required for a firms Land may cost or more in an urbanized location plant costs can bemarkedly reduced of one of the larger of from to of long-term debt getting the best investment for one's dollar andin terms of to a policy of stockingonly the most frequently ofthe item's contribution to net profit and as it relates of their sales Therange of margins on stores SBA Statistics Measures of productivity are less important Sales per manhour are seldom more than possible personal references provide suitablecandidates Employees are usually recruited and education A selection committee should process by establishing a personnel manual to avoidsubsequent employer is to obtain an employer'sidentification number required returns At the time of application thebusiness owner should request the option of owning or franchising Because square feet which are open sevendays per week for per year Monthly goals arealso set Strict productivity orientation is net before taxes The firm reports thata typical are a one percent of gross sales for royalties operates on a similar basis However beprovided by the franchisee Silvester Experience in retailing is a a successfulretailing operation It is should determine detailed financing requirements particularlyfor banks or development organizations specializing in providingfinancial and prepare their preliminary studies and estimates and to months to break even and the various franchising cooperative and voluntary Reporter Bank of AmericaPublication Greene G Small Business Administration Business plan for Office Small Business Administration Statistics for nationalmarket
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