Starting a specialist whisky shop

[Lefty Guns]

How long would you expect it to take to turn first profit?

I already have a ltd co for my consultancy and thinking of ways to soak up profit and reduce corp tax...

cheers,
Left

[ShadownINja]

Depends if you believe the economic data out this morning or not.

You'll need to do research into whether there's enough demand in the area, surely.

Personally, I'd drink all the profits.

[TimCrighton]

There is one in Alton, Hampshire which opened about 12 months ago, might be worth looking at for some research

[Lefty Guns]

I am thinking of Aberdeen, unbelievably, there is not a decent whisky shop here.

I'm sure there is a market for it, most people I know either buy online or go out to a shop 40 miles away (or to the distilleries themselves if they're looking for a Speysider).

[flyingjase]

Don't know but if you stock Middleton Very Rare then I'll buy some from you!

[stuart-b]

I assume it would have a strong online presence?

I think if I could educate myself on your website, I would try a lot more things.

Mixers, party ideas and so on...

I have only just tried Australian Rum... Bundaberg, great stuff.

Take a look at other successful online wine stores.

Good luck,

Sorry I missed the whole point of mentioning the website. Means you could reduce costs and turn a profit faster than a shop... potentially... with a bigger market audience. Spend money on Google advertising rather than leasing a nice premises...

Edited by stuart-b on Thursday 23 July 13:58

[G_T]

Be sure to fork out for a tobacco licence whilst your at it. Cigars and Whiskey make for good bed fellows.

I wouldn't neglect to get a website but I'd strongly disagree with not leasing a shop to maximise your profits. In my experience customers should be able to go online to reorder products they're happy with but also able to come into the shop to chat about alternatives if they fancy a change. This is part of the market I feel is often neglected.

But I guess that depends on sort of client you're looking for.

[a_bloke]

flyingjase said:

Don't know but if you stock Middleton Very Rare then I'll buy some from you!

Airports are great sources of cheap Midleton. Got mine there for about £75.

[a_bloke]

Lefty Guns said:

I am thinking of Aberdeen, unbelievably, there is not a decent whisky shop here.

I'm sure there is a market for it, most people I know either buy online or go out to a shop 40 miles away (or to the distilleries themselves if they're looking for a Speysider).

If none of the local off licences have felt a need to have a large whisky stockholding, is there a requirement for an entire shop to stock it?

Also, will you be able to compete with the online sellers? No matter what people say, they will, ultimately, buy from the cheapest source as an expensive bottle of whisky is not often a 'need it right now' type purchase.

A retail unit in any location that you'd want one will cost you a lot of money to lease / rent and fit out (and, ultimately, stock).

[Podie]

I love my malts, but in most case choices are based around current special offers, more than preference.

If you could competitively price for online purchasing / delivery (I don't mind waiting a few days) then I'd certainly consider using your services.

That said, if you're looking for a Midlands based expansion at any point in the future, I'd like first dibs.

[Eric Mc]

If your whisky trade generates a loss, there is no guarantee that you will be allowed to offset those losses against trading income from another activity. You need to play loss relief very carefully.

[a_bloke]

Also, if you're not going to stand in it yourself - presumably as you are running your own consultancy - are you going to employ an 'expert' to work in it for you? If so, what will that do to your overhead costs, if not, are you just going to have some 'bloke' standing there at the till?