Research suggests that starting a spirit brand can be very profitable. With hard work, proper planning, and execution, it can be a great success. However, while this may be true, it can be challenging for entrepreneurs to know where to start.
The good news is that starting a spirit brand is easier than you’d think. Below are our top tips to help you create a successful spirit brand:
- Get to Know What You Like
Before you start producing a range of spirits, it’s a good idea to know what you like. This is because if you want your business to be successful, you’ll need to be passionate about the products you create and sell.
- Develop Your Product with Support from Industry Professionals
Once you know the type of spirit you want to make, the next step is to reach out to people who can help you to create your product, including chemists and industry experts.
- Think About Your Ingredients
At this stage, it’s important to consider what ingredients you want to use in your spirit. For example, are you wanting to make a more high-end organic spirit using organic cane alcohol or organic grain alcohol, or do you want to make a cheaper, lower-quality spirit?
- Choose a Name for Your Brand
The next thing you need to do is to choose a name for your business. Ideally, you need to choose a simple, meaningful, memorable name. Check to make sure the name is available.
- Develop Your Business Plan
Once you know what sort of spirits you want to create and have a name for your business, the next step is to create a great business plan. Your business plan should include things like your customer analysis, industry analysis, your marketing plan, and company overview.
- Secure Funding
Unless you have enough spare cash to get your business up and running, you will need to secure funding for your brand. There are several ways you can do this. For example, you can ask family and friends, consider crowdfunding, or find some angel investors.
- Undergo Legalities
To make your business legal, you not only need to undergo the process of filling out all of the paperwork to register your business, but you also need to ensure your business complies with alcohol regulations. It might be a good idea to consult with a lawyer, as they can help you stay up to date with the rules and regulations.
- Design and Marketing
While the taste of your spirit will play a massive role in its success, the design and marketing of it is just as essential. Every decision, from the logo to your bottle’s shape, design, and material, will affect your product’s appeal. As well as this, the way you market your product can also have an impact.
Lots of aspiring spirit producers find the task of getting a brand started daunting. There are many reasons for this. Not only do they feel unsure of the proper steps to take when starting a business, but they also worry about the laws surrounding spirit production. However, starting a spirit brand isn’t as tricky as it sounds. If you want to start your spirit brand, follow our advice above.