Opening a small store in a college town is a wise decision. There will be many students with student loan money looking to buy a variety of items. And if you are opening a store in a college town or already have a small one running, you should definitely invest in a liquor license.
Binge Drinking Remains Popular In College Towns
The moral implications of binge drinking in college towns may concern many people, but it hasn't stopped drinking from being one of the top activities in most universities. The reasons for this are simple. College-aged students are usually on their own for the first time and are experiencing the joys of freedom by having as much fun as possible.
That's why liquor stores usually do so well in college towns. However, these shops have to buy specific liquor licenses in order to sell items like vodka, rum, and gin. Understanding the full benefits of these licenses can help you decide if they are the right investment for your new store.
Liquor Licenses Attract Business
If you decide that a liquor license sounds like a good step for your small shop, it is important to fully understand their many benefits. While a liquor license will obviously attract many college students, it can also attract full-time residents. Beyond that, it can allow you to hold certain contests and giveaways provided by liquor companies. In this way, you can attract even more business, particularly college students who love getting free stuff. Before buying one, however, it is important to take a moment to understand just how much money you'll be investing.
Assessing Your Cost Investment
When deciding on whether to add a liquor license to your store, you need to understand the complications of buying one. Their cost is rather broad and varies depending on your state. For example, some states charge just $300 to buy a liquor license while others will charge up to $14,000 to buy and maintain one.
Budgeting that into your business expansion costs requires finding a loan or another way to save up enough money to buy it. You also need to know how long it will take to process the license. Most of the time, it will take up to six months. During this period, you will still be able to sell beer but won't be able to sell liquor.
However, the cost and the wait is worth it for your college-town shop. You'll quickly find a large number of people coming to your store regularly not only for liquor but for food and other items. That makes a liquor license a wise investment for just about anybody. Click to find out more about filling out your liquor license application.