Owning and running a winery is no small feat. It doesn’t matter the size of the business, big or small, they both require a lot of hard work and dedication. It can be quite a demanding and resource-consuming venture however, even on a small scale, wineries can be very profitable. Just like with regular businesses, there are certain things small wineries can do to improve their business and grow it to the next level.
Hire The Right People and Outsource as Needed.
No matter how good a business plan is, it is will fail without the active and qualified input of the right people. Small wineries need staff members who not only understand their job description but also have a firm grasp of the wine industry and what it means to run one. It is also important for a winery to know when to outsource certain responsibilities to more qualified individuals or establishments ensuring they get the best results.
List Wine on Discoverable Platforms Where Investors Will Find Them.
A major source of growth for a small winery is finding ways to be more visible and for prospective investors to pick interest in their brand. Regular marketing and advertising go a long way to project the product to the world. However, another highly effective method is through wine platforms like the underground cellar which draw wine enthusiasts from all over the world to discover and purchase different types of wines. They also help prospective investors discover and choose wineries to invest in.
Stay Within Production Capacity and Avoid Bad Debt.
Very few wineries ever make it past the first five years. This is mainly because they overestimate the production capacity of their business and extend it beyond what it can handle. This often leads to the acquisition of a lot of bad debt. Wineries should be operated within their limits and allowed to grow gradually. As long as owners understand what their customers want, how to make it, and how to advertise and market it, it is only a matter of time before a major investor comes along and helps expand its production capabilities.
Running a winery is tough but the right growth strategies can scale even a small winery to international relevance.