Funding Can Help You Take Advantage of a Flowing Market
Liquor store loans can provide the cash you need to improve your business. Opportunity abounds for beer, wine, and liquor stores. Research from IBISWorld makes the potential clear, pointing out that per capita income is rising, leaving consumers more likely to spend on goods like alcohol.
You can use liquor store loans to take advantage of the growing market, including investing in niche alcoholic beverages or engaging in innovative sales models. You’ll need to find the right source for a loan given your financial situation, time frame, and priorities. Once you secure a liquor store loan from the right lender, you can overcome many of the typical hurdles small businesses face in this industry.
Liquor Store Industry Overview
As a liquor store business owner, you will be pleased to learn the alcoholic beverage market is continuing to grow. Those operating convenience store businesses that sell alcohol are benefiting from this as well. According to IBISWorld, the U.S. beer, wine, and liquor store market is valued at $61.1 billion for 2019. This comes after the sector expanded at a compound annual growth rate of 3.1% from 2014 to 2019. By the end of 2019, the sector is expected to continue expanding at the same rate. This growth is faster than the rest of the retail trade sector.
Opportunities are particularly strong for distributors focusing on beer. According to the Brewers Association, overall beer sales added up to $114.2 billion in 2018. Of this amount, $27.6 billion, or about 24% of total sales, came from the craft beer sector. It may be a smart idea to use liquor store loans to invest in craft beer products in addition to the traditional staples filling your shelves and fridges
The Right Source for Liquor Store Loans
If you’ve never taken out a loan for your business before, you might not know where to begin. You might consider a traditional bank if you’re looking for a large loan amount and face-to-face service. Small Business Administration loans are another option to explore. However, both loan types have their share of drawbacks, including long, complicated application processes and high rejection rates. In addition, the SBA has strict guidelines on how you can use your liquor store loans.
Many small business owners find better luck securing loans through alternative lenders. These sources also offer loans that are tailored in type and amount to fit your specific business needs. Plus, the application is straightforward and you get access to the funds quickly.