I owned and run my liquor store with a partner. We split 50/50. We work 6 days a week each and 65-80 hrs a week per person. Some time 100 hrs depending on the week. Sound crazy right? O u own a liquor store u must be balling. Wrong. I worked my butt off. I’m the big boss, cashier, stock boy, manager, customer relation, human resource, security, customer relation and everything in between. I basically live at my store and there are some day I do. But I love it.
LISTEN TO THIS MAN! Working your own store is very fulfilling and rewarding, but you have to be in it for the right reasons. I have a CBD store. Had a partner that thought he was just going to put a manager in and have that manager run his portion of the business. That ended up being a very bad idea. Within two weeks I caught him stealing from us. I ended up buying my partner out completely because he never wanted to show up. Don't think you can put your startup business on cruise control. You have to be willing to work it and put in the hours. Great video! Keep them coming.
You are absolutely correct. You have to be in the store all the time. Not to mention the big boys chain stores are into liquor business at very low margins. The owner have to cater to the customer demand and special order where the big stores are not able to do. Also staying open after the bars closed and that means til 4 or 5 am. Great video as always. Thank for sharing
All I know is I opened a liqiour store in Dothan AL N BEEN KILLIN IT!!! yea me and my wife run the store but we earning 30k profit monthly put in the work and enjoy the rewards!
My parents worked tirelessly to own a liquor store, and now, I've expanded by purchasing more liquor stores and convenience stores. I'm bringing on couples-husbands and wives-who genuinely want to change their lives, making them 50 percent partners. All they have to do is run the store, and they also receive payment for the hours they work. This arrangement allows me to oversee that all the stores are running properly, rather than doing everything myself.
Not saying running the stores is easy, but you've got to start somewhere. My parents took the first step, and I took the second step by expanding. I wish Americans would rather invest in generational wealth rather than kicking their kids out at 18 to figure it out for themselves
How many of your employees are illegal aliens? Indian business owners running scam rings must be prosecuted. The problem here is exploitation & you are doing your living in America while employees illegal aliens. All these business practices needs to be unmasked, raided, fine & jail time!
@@lariosfades8658 no. I'm still rebuilding my vending business after covid. I need to knock out a little debt first then I can move into other businesses
Its very saturated high upfront cost w/ no guarantee of high return high risk - really if you want to own a self storage biz - use the stock market! A REITS (including storage reits) - are by law required to pay 90% of free cash flows to shareholders - so you get the strong rental income - plus you benefit if the value of the properties appreciate - and you are not directly involved at any step since managements role is to run the REIT - also no liability to shareholders in case of default - you never lose more than the principal you invested - really not a horrible way to earn passive income
Besides shrink, which he mentioned, there is another big thing to be careful of. These places when not in a good area are magnets for shakedown artists. There was a family in Boston had a store and one day Whitey Bulger showed up at their door and said he was taking over. He paid a fraction of what it was worth. You are in a not great neighborhood and some guys come in and "accidently" knock some bottles on the floor to break. Then they walk out. After a few times of this someone comes in when they do it and chase them off. He "suggests" that for $200 a week he can keep out the riff-raff. Don't laugh, it happens.
The small ones get robbed once in a while too. I always thought these were the best cash businesses to have but there is a lot of competition now with that online delivery stuff. Luckily they are charging more for the third party service so it does make it possible for the little guy to make it. But overall, it is harder. Here in Chicago Binny's is building up more and more and taking market share from grocery stores and little mom and pop shops. I talked to an owner and asked how much is the initial investment for inventory 50,000? he was like no, more like 200,000-500,000. Yikes!
All the liquor stores in California are owned by Asians. They began buying them up in the early 80s. There are few exceptions. The first thing I noticed was open registers and cash only. They would ring up one out of 4 or 5 transactions, and write down the rest day. This way the register tape that recorded sales only reflected a fraction of income
Steve Kovacs It’s a 9-5 job. It’s stable and the revenue don’t go up or down. All inventory purchases are recorded by authorities, you can’t get away with it. Maybe some write offs. Cash means saving from credit card processing fees.
@@FranchiseCityOnline Consumers tend to be price driven, thus these large chains, ofton whom are not mainly into spirt sales, dominate the retail sales here.
Not as passive as you would think. Ours is a constant headache. Machines fault due to people washing extra muddy clothes they won’t wash in their home machines or nasty pet beds full of hair. Also lots of phone calls when machines break and/or wont come on. And repairs are pretty expensive too
I just bought a really nice comercial space here in México, its going to be located in a brand new commercial plaza in the entrance of an already established neighborhood. Im going to pull the trigger on a liquor store because Mexicanos we like Coronas and alcohol and fiesta so that's it. Im planning on making a liquor store franchise I would like to expand to other areas of the city in the near future. Hopefully Im going to be able to buy me a Rolex and a Porsche in 6 years.
Being frugal and putting money aside each week. Start a side gig can speed things up. Lots of ways to build an online business starting with just a few dollars. There might be loans or grants available including SBA, but some lenders will not loan on a license so you will still need available cash. Every state is different so you should check on local requirements first to see what you need. Thanks for the question!
Do some research. The spike caused by Covid is a temporary one time event. The USDA said in 2019 that per capita consumption. of milk has dropped 40% since 1975 and the trend has been accelerating in recent years. There have been many dairy farm bankruptcies in the last couple of years. The long term future for anyone selling milk by any channel is bleak.
The vast majority of jobs are provided by small business. Doubling minimum wage and increasing benefits, will more than crush these businesses. Even if you clear 6 figures, look at the liability. Everyone isnt a greedy billionaire.
This sounds so expensive and so toxic for a person to run lol I’m sober and I run a bars liquor inventory and it’s just not a business for me. The bar is already confusing enough for my sobriety. Lol like I’d love to run one because I’m excellent with numbers however.... I bet the theft from customer and employees is a ton. 1088 people down and out! Yikes.
last minute of your video is the meat and potatoes -- thank you for all the useful info (not that I'll ever purchase a liquor store hehehe). Cheers 🍸🍹🍺🍻🍻🍻
This is definitely NOT true ! Beverly Hills California is full of Persian peolple who are very cheap. Ironically, a Liquor store in a lower class area can be much more profitable. This guy is WRONG about this point. Let me give you one example to shut you up. A 1500 square foot store in Beverly Hills California will cost you now at least minimum $10,000 rent a month. A store in lower middle class Pacoima with 1500 square feet will cost you about $3000 a month. IF YOU DON'T BELIEVE ME GO ONLINE AND LOOK AT STORES FOR LEASE AND GIVE THEM A CALL. The distance between these two cities is approximately 24 miles( look it up.) You are saving $7000 a month right there alone. 🏅
The key word in your comment is "now". The real estate market has changed considerably since the making of the video. Commercial real estate in particular. In relation to your first point I would suggest doing a bit more research. Do you really believe an owner operated store in a bad neighborhood makes more than a high end big box selling wines? Not to mention the volume discounts they receive. "This guy" prefers to rely on industry reports and actual statistics over the presence of a few frugal Persians 🙂 Thanks for the comment.
Its not a magic bullet - you still need good location/prices/ etc. All things considered it does provide an added level of convenience for local customers that can give you a competitive advantage. Until the competition sees how well you are doing and gets one too :-)
Possibly but there are some risks - this video may be of interest: ua-cam.com/video/S977GCcp1w0/v-deo.html If a listing agent is involved they will still have to get paid by the seller. Thanks for the question!
I've watched your video, appreciate all the valuable info. Ive been doing extensive research for quite some time on the liquor store perfect for me, just haven't pulled the trigger on a seller finance deal. Is there someone who can look at the financials before I go into escrow and just double check it for me?
@@AlexMendoza69 Pro accountants, preferably ones with experience in the industry, can check the books and point out any glaring inconsistencies.That said, if the owners were adept at hiding smaller inconsistencies, even a skilled accountant could miss them. You can also get a valuation done to see if you are overpaying. Make sure leases, suppliers agreements, and all licenses are transferable. There is lots more but those are the big ones. Diomo used to have a complete guide on buying a LS, not sure how updated it is but u can try Googling Diomo and liquor store and check it out. Hope it helps and all the best!
There are several types of cash flow, but "cash flow" at it's most basic level is all the money flowing in and out of a company. sba.thehartford.com/finance/cash-flow/what-is-cash-flow/ Thx for the question.
I currently own a consulting franchise and have previously owned service based franchises. That said - the most important thing to remember is that each persons situation - their business goals, skills, lifestyle preferences, local market etc. is different. A franchise that is good for one person could be terrible for the next. Of note, not one of us at Franchise City has owned or owns the same franchise! 🙂 ua-cam.com/video/1yunaxZKyFE/v-deo.html Thanks for the question.
Successful liquor stores should sponsor orphanages. World hunger could be wiped out in twelve years. And liquor makes trillions of dollars a year. The successful liquor stores could do it.
@@FranchiseCityOnline No, I'm not suggesting that at all. This video does have a negative tone about it though. It emphasizes risk. It makes a fairly lucrative year round pandemic/recession proof business seem like a risky cruddy business model.
Don't take it the wrong way, I enjoy your content! You give every potential business owner serious food for thought as to the actual trials and tribulations of starting a business! Hopefully we can talk one to one one day!
I owned and run my liquor store with a partner. We split 50/50. We work 6 days a week each and 65-80 hrs a week per person. Some time 100 hrs depending on the week. Sound crazy right? O u own a liquor store u must be balling. Wrong. I worked my butt off. I’m the big boss, cashier, stock boy, manager, customer relation, human resource, security, customer relation and everything in between. I basically live at my store and there are some day I do. But I love it.
Thanks for the comment!
Hire people?
How's business? What do you net per year?
How much net profit a mounth?
@@Iamsugarbrown open one and see it for yourself
LISTEN TO THIS MAN! Working your own store is very fulfilling and rewarding, but you have to be in it for the right reasons. I have a CBD store. Had a partner that thought he was just going to put a manager in and have that manager run his portion of the business. That ended up being a very bad idea. Within two weeks I caught him stealing from us. I ended up buying my partner out completely because he never wanted to show up. Don't think you can put your startup business on cruise control. You have to be willing to work it and put in the hours. Great video! Keep them coming.
You are absolutely correct. You have to be in the store all the time. Not to mention the big boys chain stores are into liquor business at very low margins. The owner have to cater to the customer demand and special order where the big stores are not able to do. Also staying open after the bars closed and that means til 4 or 5 am. Great video as always. Thank for sharing
All I know is I opened a liqiour store in Dothan AL N BEEN KILLIN IT!!! yea me and my wife run the store but we earning 30k profit monthly put in the work and enjoy the rewards!
Nice!
You've got to add all that you'll be saving , buying alcohol at wholesale for personal consumption, most of which can be written off as shrinkage.
Hello can you plz tell me the prices of alcohol licence plz
These are GREAT QUESTIONS to ask and answer for any endeavor. He speaks with wisdom
My parents worked tirelessly to own a liquor store, and now, I've expanded by purchasing more liquor stores and convenience stores. I'm bringing on couples-husbands and wives-who genuinely want to change their lives, making them 50 percent partners. All they have to do is run the store, and they also receive payment for the hours they work. This arrangement allows me to oversee that all the stores are running properly, rather than doing everything myself.
Not saying running the stores is easy, but you've got to start somewhere. My parents took the first step, and I took the second step by expanding. I wish Americans would rather invest in generational wealth rather than kicking their kids out at 18 to figure it out for themselves
How many of your employees are illegal aliens? Indian business owners running scam rings must be prosecuted. The problem here is exploitation & you are doing your living in America while employees illegal aliens. All these business practices needs to be unmasked, raided, fine & jail time!
Thank you for this video. I've been eyeballing liquor stores for awhile now. This answered a ton of questions
Glad it was helpful!
Did you buy?
@@lariosfades8658 no. I'm still rebuilding my vending business after covid. I need to knock out a little debt first then I can move into other businesses
I heard that self storage biz is a good idea. Is this true? A good investment with little overhead and easy work?
Its very saturated high upfront cost w/ no guarantee of high return high risk - really if you want to own a self storage biz - use the stock market! A REITS (including storage reits) - are by law required to pay 90% of free cash flows to shareholders - so you get the strong rental income - plus you benefit if the value of the properties appreciate - and you are not directly involved at any step since managements role is to run the REIT - also no liability to shareholders in case of default - you never lose more than the principal you invested - really not a horrible way to earn passive income
I would drink all of the profit 🍸
You are the best! Thank you so much, I really appreciated.
Thanks for watching :-)
Man, he got back with you quick!
If you think about running a liquor store in Greenville, I would recommend learning to handle a loaded gun or at the least a cattle prod.
I would take it they get robbed all the time???
Which greenville? The one in sc?
Can you plz tell me the prices of licence to sell alcohol plz
This guy deserve more subscribers the info is absolutly amazing
My friend owns 4 liquor stores in Dallas area and he makes over $500k a year in net profit. Lots of stress and he works long hours.
What's the goal? Make a certain amount and sell this business? Or keep it for the long run?
@@ruthlessmofo He is planning to sell in 4-5 years and retire.
@@damis2372how old is he if you don’t mind me asking
A company that my company works with makes a killing on their stores. Great locations are key to any business but especially in a store like this.
100% true. Thx for the comment.
Yer. Dont want mass jog/ers up in there stealin and shootn.
You always learn something new it’s eight days a week
When Costco was approved or paid their way, to sell booze. The local stores dried up.
It's basically buying a job.
One where you get shot at
Come on bruh😂😂😂
Besides shrink, which he mentioned, there is another big thing to be careful of. These places when not in a good area are magnets for shakedown artists. There was a family in Boston had a store and one day Whitey Bulger showed up at their door and said he was taking over. He paid a fraction of what it was worth. You are in a not great neighborhood and some guys come in and "accidently" knock some bottles on the floor to break. Then they walk out. After a few times of this someone comes in when they do it and chase them off. He "suggests" that for $200 a week he can keep out the riff-raff. Don't laugh, it happens.
Don’t think there are many if any liquor franchise businesses. Seems like it would be a regulatory nightmare especially in Utah.
There's a few- mostly wine and craft beer.
The small ones get robbed once in a while too. I always thought these were the best cash businesses to have but there is a lot of competition now with that online delivery stuff. Luckily they are charging more for the third party service so it does make it possible for the little guy to make it. But overall, it is harder. Here in Chicago Binny's is building up more and more and taking market share from grocery stores and little mom and pop shops. I talked to an owner and asked how much is the initial investment for inventory 50,000? he was like no, more like 200,000-500,000. Yikes!
Very true! Thx for the comment.
Great point about having a strong online presence, it works!
All the liquor stores in California are owned by Asians. They began buying them up in the early 80s. There are few exceptions. The first thing I noticed was open registers and cash only. They would ring up one out of 4 or 5 transactions, and write down the rest day. This way the register tape that recorded sales only reflected a fraction of income
Steve Kovacs It’s a 9-5 job. It’s stable and the revenue don’t go up or down. All inventory purchases are recorded by authorities, you can’t get away with it. Maybe some write offs. Cash means saving from credit card processing fees.
yea asians always never beilive in paying taxes too they pay under the table when u catch blacks or whitesworking in they stores which is good n bad
@@daniellereid7576 you sure like to generalize Asian people...stop being a racist!
I work at a casinos. Asians love to cheat and have the money to post bail if needed
Great.. information.
Thanks for watching!
The big chains will snuff you out! Here in Miami Beach, Total food & Wine, Publix, Walgreens, and many others.
Yep - and happening everywhere. Thx for the comment.
Thank you for putting this out there...... I came to Miami and was debating on opening a liquor store
@@FranchiseCityOnline Consumers tend to be price driven, thus these large chains, ofton whom are not mainly into spirt sales, dominate the retail sales here.
Hello!
What about owning a laundromat business?
Not as passive as you would think. Ours is a constant headache. Machines fault due to people washing extra muddy clothes they won’t wash in their home machines or nasty pet beds full of hair. Also lots of phone calls when machines break and/or wont come on. And repairs are pretty expensive too
I'm currently looking at a local small town liquor store. Ty for all this info! What is the website you were showing with the liquor stores for sale?
I just bought a really nice comercial space here in México, its going to be located in a brand new commercial plaza in the entrance of an already established neighborhood. Im going to pull the trigger on a liquor store because Mexicanos we like Coronas and alcohol and fiesta so that's it. Im planning on making a liquor store franchise I would like to expand to other areas of the city in the near future. Hopefully Im going to be able to buy me a Rolex and a Porsche in 6 years.
Thats a great goal! All the best
I believe in you 🤟🏾
I owned one once but drank all my inventory
This is the best channel
what is the best business to run and make good money with less stress
You should mention how some stores also rely on RIPS on goods to make money
What are some ways to build up the capital to open up your first liquor store?
Being frugal and putting money aside each week. Start a side gig can speed things up. Lots of ways to build an online business starting with just a few dollars. There might be loans or grants available including SBA, but some lenders will not loan on a license so you will still need available cash. Every state is different so you should check on local requirements first to see what you need. Thanks for the question!
Hey Rob love your channel!!!
Can you make a video on a home delivery milk business?
I hear because of this virus its still in great demand
Thanks
Thanks! I'll take a look.
Do some research. The spike caused by Covid is a temporary one time event. The USDA said in 2019 that per capita consumption. of milk has dropped 40% since 1975 and the trend has been accelerating in recent years. There have been many dairy farm bankruptcies in the last couple of years. The long term future for anyone selling milk by any channel is bleak.
have to run bookie operation in back ......lolololol...i kid
Very informative video thank you !!
Thanks for watching!
Fantastic, useful information.
Thank you for watching!
I saw one for 6.5 mil gross profit and is selling it for 2.5 mil is that a good deal??
The vast majority of jobs are provided by small business. Doubling minimum wage and increasing benefits, will more than crush these businesses. Even if you clear 6 figures, look at the liability. Everyone isnt a greedy billionaire.
Wow he lost a lot of weight
where do you find these businesses being sold
Nice video you should do Jewlery buisnesse
Hmmm.... this will be interesting
Hope it was interesting and thx for the comment! :-)
Franchise City you’re one of my favorite UA-cam channels. The insights are always on point!
Can Canadian citizen start a liquor store in USA
This sounds so expensive and so toxic for a person to run lol I’m sober and I run a bars liquor inventory and it’s just not a business for me. The bar is already confusing enough for my sobriety. Lol like I’d love to run one because I’m excellent with numbers however.... I bet the theft from customer and employees is a ton. 1088 people down and out! Yikes.
Love to hear about fulfillment centers. Thank you
Where you make your money is in wine. Well that in Ireland. You make nothing in beer
Best video ever
Hey can you please advice how sweepstakes business work.
Love from india sir . Very interesting video . Learnt a lot from this . Thank you . You have earned a new full-time subscriber :))
Thank you for visiting!
last minute of your video is the meat and potatoes -- thank you for all the useful info (not that I'll ever purchase a liquor store hehehe). Cheers 🍸🍹🍺🍻🍻🍻
You never know! Thanks for watching!
This is definitely NOT true ! Beverly Hills California is full of Persian peolple who are very cheap. Ironically, a Liquor store in a lower class area can be much more profitable. This guy is WRONG about this point. Let me give you one example to shut you up. A 1500 square foot store in Beverly Hills California will cost you now at least minimum $10,000 rent a month. A store in lower middle class Pacoima with 1500 square feet will cost you about $3000 a month. IF YOU DON'T BELIEVE ME GO ONLINE AND LOOK AT STORES FOR LEASE AND GIVE THEM A CALL. The distance between these two cities is approximately 24 miles( look it up.) You are saving $7000 a month right there alone. 🏅
The key word in your comment is "now". The real estate market has changed considerably since the making of the video. Commercial real estate in particular. In relation to your first point I would suggest doing a bit more research. Do you really believe an owner operated store in a bad neighborhood makes more than a high end big box selling wines? Not to mention the volume discounts they receive. "This guy" prefers to rely on industry reports and actual statistics over the presence of a few frugal Persians 🙂 Thanks for the comment.
Anyone can you plz tell me more about prices of licence to sell alcohol plz
Wait I thought cash flow is profit. Revenue is gross income. And I thought cash flow was the remaining income after expenses
Cash flow is money flowing in and out of a business. A "cash flowing" business is just one that has money coming in - it may not be profitable.
What do you think of a drive thru only store?
Its not a magic bullet - you still need good location/prices/ etc. All things considered it does provide an added level of convenience for local customers that can give you a competitive advantage. Until the competition sees how well you are doing and gets one too :-)
How to contact you because I am interested in buying liquor store
What's the name of the site selling these various liquor stores? Thanks
Bizbuysell.
What website is that????
Can I acquire a liqour store with no money down through seller financing? Does the listing agent get screwed in the deal?
Possibly but there are some risks - this video may be of interest: ua-cam.com/video/S977GCcp1w0/v-deo.html If a listing agent is involved they will still have to get paid by the seller. Thanks for the question!
I've watched your video, appreciate all the valuable info. Ive been doing extensive research for quite some time on the liquor store perfect for me, just haven't pulled the trigger on a seller finance deal. Is there someone who can look at the financials before I go into escrow and just double check it for me?
@@AlexMendoza69 Pro accountants, preferably ones with experience in the industry, can check the books and point out any glaring inconsistencies.That said, if the owners were adept at hiding smaller inconsistencies, even a skilled accountant could miss them. You can also get a valuation done to see if you are overpaying. Make sure leases, suppliers agreements, and all licenses are transferable. There is lots more but those are the big ones. Diomo used to have a complete guide on buying a LS, not sure how updated it is but u can try Googling Diomo and liquor store and check it out. Hope it helps and all the best!
🍾🍾
What website were you using to locate these stores for sale
bizbuysell
"Hydro and water.«".. Haha
What website is this to search franchises
www.franchise.city
what is cash flow?
There are several types of cash flow, but "cash flow" at it's most basic level is all the money flowing in and out of a company. sba.thehartford.com/finance/cash-flow/what-is-cash-flow/ Thx for the question.
What franchise did YOU buy into? 👍👍
I currently own a consulting franchise and have previously owned service based franchises. That said - the most important thing to remember is that each persons situation - their business goals, skills, lifestyle preferences, local market etc. is different. A franchise that is good for one person could be terrible for the next. Of note, not one of us at Franchise City has owned or owns the same franchise! 🙂 ua-cam.com/video/1yunaxZKyFE/v-deo.html Thanks for the question.
Chin Beard!
Lol 😂 not everyone drinks but everyone needs to make money. I see drunks I see cash 💵
Where my fellow booze bags at?
Hydro???
Sorry - Canadianism slipped through eh. www.quora.com/What-do-Canadians-mean-by-Hydro . Hydro is power/electricity in Canuck.
@@FranchiseCityOnline lol no worries.
They say selling cocaine is profitable
Liquor store business in Utah is not a good idea
How come?
Successful liquor stores should sponsor orphanages. World hunger could be wiped out in twelve years. And liquor makes trillions of dollars a year. The successful liquor stores could do it.
So negative.
How are facts negative? Pls. explain. Are you suggesting people should not do their research or know of potential drawbacks before buying a business?
@@FranchiseCityOnline No, I'm not suggesting that at all. This video does have a negative tone about it though. It emphasizes risk. It makes a fairly lucrative year round pandemic/recession proof business seem like a risky cruddy business model.
Sounds like a terrible business
He makes it sound like a terrible business. But it's actually pretty profitable, it's recession and pandemic proof, and alcohol sells year round.
The dream killer returns!🤣
Lol - nah being realistic doesnt kill dreams all of us own businesses: ua-cam.com/video/1yunaxZKyFE/v-deo.html
Don't take it the wrong way, I enjoy your content! You give every potential business owner serious food for thought as to the actual trials and tribulations of starting a business! Hopefully we can talk one to one one day!
@@fatboywins Thanks ! I actually did read it as tongue in cheek - I just never miss a chance to shill a video link :-)
silly question but can you sell liquor online through your website ?
provided all licensing is in place for selling and shipping, yes.