Things You Need to Know Before Starting a Distillery
It is normal for each entrepreneur to have different interests and passion. Of the many things one can start as an entrepreneur is a distillery. It would be critical for one to note that a distillery can be so much fun to run and at the same time make profits. It would be critical to know some of the aspects you may need to consider when investing in a distillery.
You would need to begin with creating a business plan to your distillery. It may be a terrible idea to start your business without a business plan. While some business plans are not as elaborate, you would need to make sure that that you have an elaborate one. You may need to have a business plan with details of your startup capital, the distillery production process, your expected break-even period, among other aspects such as the name of the business. You may also need to consider other aspects such as expected returns, pricing of the liquor, target customers among other aspects. It is possible to lack all the money you need to have a standard distillery but a workable plan would help you get where you want over time.
You may also need to make sure that you run a legitimate business especially when it comes to meeting federal business requirements. It would be essential to make sure that you meet all the requirements. You may also need to protect the distillery in question from personal property. In the process of registering for your federal and state taxes, you may need to acquire an employer identification number.
It may be essential to budget for the equipment you will use in your distilling process. Among some of the items you may need to include a water supply, a mill, a cooker, receiving tanks, fermenters and transfer hoses. You may need to note that you need all these equipment in the end before opening a distillery and hence consider buying one by one.
It would also be good to open a business bank account. It tends to be normal for so many people to mix up business and personal accounts. It would be so unfortunate for you in a case where you got sued and your personal accounts were attached to your distillery.
Like any other business, it may be wise to consider attending distilling workshops. The journey of acquiring distilling knowledge is long and hence the need to seize every opportunity you get. You may either have to learn about the process, get networks that may make your procedures seamless or even get networks that make you process your liquor better. You may also need to make an effort of investing in insurance and also acquire licenses and permits.