I live in NJ and manage 4 stores for the same owner so can't speak on other states but, if any Jersey liquor store is making a million gross... they're severely undercutting their prices. Our smallest did 1.8 million gross last year and our largest did 7.2 million. These aren't in high demand areas either. A 25-30% markup and a well managed store can easily turn any store owner 6 figures a year net in our state. But that's just MY experience!
This is kind of true. I got into the liquor store business with my friend with the goal of buying more stores from people who don’t know what they are doing. We buy in so much bulk, nothing we buy is less than 40% margin, except for tobacco. Each store needs allocated spirits that make so much money if you are a good sales person. Water is so profitable, it should be illegal. I’m taking over 200% margin. I personally know two people that own over 15 stores and their take home is about 700k to 1 million a year after after all taxes and expenses because of the solid customer base they built from being sales people. The goal is to not own one store. The goal is to own many stores, a gas station, sell a few homes a year, and invest in new business ventures. But guess what, it all started with 100+ hour weeks, no sleep and no employees. For the end goal of never having to work at the store, rather manage it from behind the scenes. Also, you have to factor in lottery sales. The more you convince your customers to buy scratchers and draw games, the more money your store makes. My store alone makes over 200k in lotto sales a year because people are hooked, almost at shameful level like a casino. If your county permits this, add a food truck to your lot. You get rent from the truck. Or you can buy one and not know what you are doing and lose so much money that you fail miserably.
No to mention the opening after hours when the bars closed if you are independent. Also the liquor license is over $100 grand and finally thieves who does beer runs is a guaranteed service
I see liquor stores are mostly ran by the owner's families. If you have to work your own business you're a slave to it. I've wanted to buy a liquor store but that fact alone keeps me away. Appreciate your local mom and pop spot! They work harder than you'd think.
Folks, never profit off of one business, keep opening new businesses. In this case I would take a 5 year pay cut, and through the 5 years I would open 5 or more liquor stores depending on sales.
Forget you're average take home pay which is enough for a decent living. Think about all the expenses you can tax write off, employee tax credit, loans you can easily get from a bank/private lender to acquire new venture's that adds more passive income to you're portfolio.think big not small guys. Then on top of that after 5 -10 years of scaling you're liquor store and heavily marketing the company you can franchise the brand out to franchisee's or either take the sell the company route. I'm 21 years old now and looking to get in the liquor space this year! Wish me luck everyone! Be blessed you guys I wish you all the most of success❤
I wonder what would happen if Subway started serving alcohol. lol Also, what happened to that Taco Bell concept that was going to be like a real Mexican restaurant with alcohol?
Still sounds like someone in this situation is making 50-90k a year or so which is hardly uncomfortable. You could make a lot more as a skilled trades person or a professional of some kind, but this sounds like a pretty comfortable living that a lot of people not cut out for a profession or a trade could reasonably achieve.
You've totally forgotten about initial costs and investment. We're talking hundreds of thousands probably. If you have that much money you're not the type of person you're envisioning.
All I’m hearing is whining. At most you’ll need a weekend manager and a full time stockboy, maybe not even full time. You can run a liquor store fine without all the other people working for you.
Not sure whare you are or what forms you see people saying that on but yeah most cashiers are minimum wage employees or barley above that. Like 15 - 20 USD is a high average meny make less.
Now servers in restaurants can easily make 100k or more thanks to tips but they make 1/4th or so of minimum wage base pay. All depends on who and how much you serve.
Ask some indian ppl and they tell you wether it’s profitable or not 😂
I live in NJ and manage 4 stores for the same owner so can't speak on other states but, if any Jersey liquor store is making a million gross... they're severely undercutting their prices. Our smallest did 1.8 million gross last year and our largest did 7.2 million. These aren't in high demand areas either. A 25-30% markup and a well managed store can easily turn any store owner 6 figures a year net in our state. But that's just MY experience!
Do you know anyone who is selling?
This is kind of true. I got into the liquor store business with my friend with the goal of buying more stores from people who don’t know what they are doing. We buy in so much bulk, nothing we buy is less than 40% margin, except for tobacco. Each store needs allocated spirits that make so much money if you are a good sales person. Water is so profitable, it should be illegal. I’m taking over 200% margin. I personally know two people that own over 15 stores and their take home is about 700k to 1 million a year after after all taxes and expenses because of the solid customer base they built from being sales people. The goal is to not own one store. The goal is to own many stores, a gas station, sell a few homes a year, and invest in new business ventures. But guess what, it all started with 100+ hour weeks, no sleep and no employees. For the end goal of never having to work at the store, rather manage it from behind the scenes.
Also, you have to factor in lottery sales. The more you convince your customers to buy scratchers and draw games, the more money your store makes. My store alone makes over 200k in lotto sales a year because people are hooked, almost at shameful level like a casino.
If your county permits this, add a food truck to your lot. You get rent from the truck.
Or you can buy one and not know what you are doing and lose so much money that you fail miserably.
Hi where do u buy liquor from
what would you say is the best way to start your first liquor store? costs and planning?
No to mention the opening after hours when the bars closed if you are independent. Also the liquor license is over $100 grand and finally thieves who does beer runs is a guaranteed service
I see liquor stores are mostly ran by the owner's families. If you have to work your own business you're a slave to it. I've wanted to buy a liquor store but that fact alone keeps me away. Appreciate your local mom and pop spot! They work harder than you'd think.
Why did i expect him to say “you are not the father” at some point 😂
Thank you!!!
Thanks for watching!
Folks, never profit off of one business, keep opening new businesses. In this case I would take a 5 year pay cut, and through the 5 years I would open 5 or more liquor stores depending on sales.
Well dam 😂😂
still more than i make lmao
Forget you're average take home pay which is enough for a decent living. Think about all the expenses you can tax write off, employee tax credit, loans you can easily get from a bank/private lender to acquire new venture's that adds more passive income to you're portfolio.think big not small guys. Then on top of that after 5 -10 years of scaling you're liquor store and heavily marketing the company you can franchise the brand out to franchisee's or either take the sell the company route.
I'm 21 years old now and looking to get in the liquor space this year! Wish me luck everyone! Be blessed you guys I wish you all the most of success❤
I wonder what would happen if Subway started serving alcohol. lol
Also, what happened to that Taco Bell concept that was going to be like a real Mexican restaurant with alcohol?
Still sounds like someone in this situation is making 50-90k a year or so which is hardly uncomfortable. You could make a lot more as a skilled trades person or a professional of some kind, but this sounds like a pretty comfortable living that a lot of people not cut out for a profession or a trade could reasonably achieve.
You've totally forgotten about initial costs and investment. We're talking hundreds of thousands probably. If you have that much money you're not the type of person you're envisioning.
Don't go direct to the franchise! Call a broker. Why? ruclips.net/video/Ekj2I05JjmE/видео.html
Then own 2
@GaryVee, thoughts?
All I’m hearing is whining. At most you’ll need a weekend manager and a full time stockboy, maybe not even full time. You can run a liquor store fine without all the other people working for you.
Thanks Dad I'll get right on it.
Can you hire a cashier for 30k in usa? I thought that salaries starts at 60-70k...
At least on the internet everybody says that they make 100k+...
Not sure whare you are or what forms you see people saying that on but yeah most cashiers are minimum wage employees or barley above that. Like 15 - 20 USD is a high average meny make less.
Now servers in restaurants can easily make 100k or more thanks to tips but they make 1/4th or so of minimum wage base pay. All depends on who and how much you serve.