Liquor store owners face unique challenges when trying to draw in new customers. Much of your business likely comes from the local area and customers tend to be loyal to their store. Here are just a few ways you can use a business cash advance to draw more customers into your liquor store.
Take Advantage Of Discounted Buying Opportunities
When distributors are overstocked, seasonal items become available and new products enter the market, there can be a tremendous opportunity to stock up on inventory at a drastically reduced rate. Having the capital available to make these purchases can improve your profit margins and help to increase selection and revenue.
Stock Up For The Holidays
Liquor stores tend to do quite a bit of business during the holidays. People are hosting friends and family and there are several different reasons to throw a party. Ensuring your shelves remain stocked during this time is of the utmost importance. A business cash advance can give you the cash necessary to continue satisfying your customers.
Add A New Distributor
Bringing in a new distributor can give you access to new products, clear the way for new promotions and even give you leverage when negotiating with your current distributors. Bringing in additional product does come at a cost as well as risk. Having the money to experiment and work with a new distributor can help improve profit margins and keep costs down in the long run.
Expand Or Renovate
If your liquor store is doing well it may be time to expand or renovate. This may mean expanding your current space, purchasing a second location, or renovating your store. Even if your business is doing well, there’s a good chance you don’t have the funds for expansion. A business cash advance can give you the money you need, fast. Since your repayment is automatically taken as a percentage of your credit card receipts, you don’t have to worry about large, long-term payments.
Advertise To Reach New Customers
Paid advertising, whether online or through traditional channels, can be a great way to bring in new customers. These ads can be useful in drawing in consumers as well as businesses that need to feed their own inventory. Your ads should be designed to reach a specific audience and provide some kind of value for responding to them. In many cases it will be best to hire an agency or dedicated marketer to carry out your campaigns.
Improve Store Signage
Signs are still one of the most effective forms of marketing. Investing in new signage for the inside and outside of your store can help to bring in additional foot traffic and upsell customers on new or unique product lines. Whether you’re advertising specials or putting up a new marquee, signage can be a great use of a business cash advance.
