Business

7 Steps To Start Wine Business In Nigeria

Here in this post, you are going to learn all you needed to know on the 9 steps to start wine business in Nigeria. This business is very lucrative.

The wine business in Nigeria is just gaining foot on a low-key. Wine is being sought after by many individuals of the high class and middle class of the country.

Even during occasions like weddings, naming ceremonies and other occasions, wines are being used to mark celebrations.

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7 Steps To Start Wine Business In Nigeria
Wine Business In Nigeria – Photo Source: https://www.nairaland.com

Wines are expensive that is why it is only a select few that can afford the luxury of purchasing a bottle of wine. So it is mostly the upper class and the middle class that patronise wine shops.

Getting into the wine business would mean you taking one or two aspects of the business. You could be a distributor or supplier to retailers and wholesalers; due to the fact that no one produces wine in Nigeria. You could be a direct importer from the wine companies or dealers from outside the country.

Also you could be a wholesaler selling to retailers in bulk quantities. Then you could own a wine bar where people can come and sit down to talk or meet over a bottle of wine. Whichever method or line of the business you wish to follow; there is meaningful profit for you in this business.

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Profitability

Due to the fact that occasions do come up regularly, people do see the need of wine during most of their events, the use of wine in an event shows class and prestige to the rich folks, so if you happen to be the person contracted with the supply of wines for the event, you are surely going to make a great gain on this alone.

If you have a wine shop for the sale of wine, you will be patronised mostly by the rich class and middle class citizens who love to have a taste of good wine.

One of the top suppliers and sellers of wine in Nigeria is Ekuloworld Wines. This company eve have their own website where you can make online purchase and book for wine orders.

With the tips you will get in this article, you could be like Ekuloworld Wines.

Opportunities in The Business

People do love to have a taste of new wine and great wine, so if you are able to meet demands of the customers with good quality wines that give quality taste.

As there are many flavours and wine varieties in the market, people tend to go for new tastes and flavours. So as there are new products in the market, there will also be increase in demand for wine.

Target Market and Competitions

Just as I have been saying in this article, the best people who patronise this business are the middle class and the high class.

They can afford the cost of whatever type of wine they wish to purchase. Competitions are considerably normal in this business as everyone has a chance at getting their own customers, you just need to have the kind of drinks your customers need and also at the right price. These factors help a business owner in winning competition

There are various ways by which we can go about this business if you deem it fit to start the business and have a passion for drinks; these steps will help you succeed in the business.

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How to Start This Business

1. Have Good Knowledge About Wine Drinks

The first step to take when it comes to the wine business is to know very much about the about what you sell, you should know about their tastes, alcoholic content if any, most preferred by customers, which wine matches each particular stand.

2. Get A Location For Your Business

Before you can decide on where you can get a shop space, consider your customers and target market are the high class and middle class citizens who live in highbrow areas.

You have to get a shop space within the urban area of the state so as to get a good number of reputable customers who patronize you any time.

3. Get A Shop

Getting a shop for your business is important as this helps you showcase your stock of drinks. It helps you keep a good stock of the popular drinks which the customers may need.

Having a spacious shop is a boost to the business because you will have enough room to display lots of wine which will attract your customers and make them want to come back again, if not to get the same drink but maybe to get another type of wine.

4. Get A Reliable Supplier

Getting a reliable supplier who will supply as much quantity as you need and at a reasonable price. Also get someone who delivers on time as this is important to your business. Getting good quality wines supplied at the right time makes your service trust worthy to your customers.

5. Stock Your Shop

After getting your shop, the next thing you should do is to fill your shop with the types of wine you want to sell, you should lots of varieties and types of wine from different producers.

You should be able to go with the trend and always get what is trending for your customers. The same way you will have Bacchos Tonic wine, you should have champagne, red wine, Belaire Rose and the rest of them.

This will make you a choice above others, you should have all varieties and types of wine even those which are of low cost, so you can make room for those who may not be able to afford the costly wine, they can afford the ones of lower prices.

After stocking your shop, you can begin sales of your wine.

Read Also: Top 4 Sources of Funds for your Business Ideas in Nigeria

Source of Funding

One may be asking where to get funds to start up this business; I would suggest that you have your own personal savings for this business, as this business entails a lot of capital in it.

No one will want to patronise you if you have just a small shop with few wines on your shop shelves. If you go for a loan from a bank, you may not have the comfort of time to work naturally and repay your loan debt. So it is advisable to start with your own savings or may be financial support from family members.

Business Name Registration

Every business is being registered by the Corporate Affairs Commission; you have to get your business registered with them. Also get to find out about any laws guiding the sale of wine or drinks in your vicinity so as not to fall short of the law.

Service Tips/Management

Get a shop assistant, may be two or more to help with the sale of your product, your assistants need to be courteous and be able to advice a customer on the best wine to buy and why they should buy it. Also your business should have a good branding which will help it fair better than others around you.

Promotion Tips

Always be ready to advertise yourself at any given opportunity, get a business card and some of your business flyers with you.

Talk to people about your business, let them know where it is, even offer to escort them to your shop. Advertise on signposts and Radio stations within your vicinity.

If possible get a website for your business so people can know what you sell, make it possible for them to reach you with ease on phone or through the site. Give discount prices to those who purchase in large quantities.

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Conclusion

This business is one to take a lot of time to start yielding steady profits but when the business has gained ground, the profits start to turn in.

With effective management and consistency, one could be a major supplier in a particular region. Embrace the opportunity in wine business and let your profits trickle in.

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Godspower Ugadu

Godspower Ugadu is an Economist an a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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