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How to Start Wine Business in Nigeria

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Wine Business in Nigeria

If you are interested in starting a drinks business in Nigeria and you feel the soft drinks business is too common. You should consider starting a wine business instead. This business is a lucrative business that can fetch you daily profits because Nigerians love wine, especially alcoholic wines.

So in this article, we are going to be explaining in detail how you can start a wine business in Nigeria, whether the business is profitable or not, how much capital will be needed to start the business, and the equipment needed to kickstart.

Is Wine Business Profitable?

Wine business whether wholesale or retail is a lucrative business because Nigerians consume wine for different reasons and on different occasions. As a wine seller in Nigeria, you can sell wine in bulk to event planners who organize weddings, birthdays, and every other type of party. 

As a wine seller, you can also sell wines to individuals as many Nigerians like to stock their homes with alcoholic wines. And to maximize profits the visitor needs to buy your wine from distributors so that you can get them at the lowest price possible.

Capital Needed to Start Wine Business

The cost of starting a wine business in Nigeria depends on whether you want to be a wholesaler or a retailer. It also depends on the area you want to start the business. However, with a capital of 2M – 10M, you can be able to rent a shop, buy the equipment needed, and also buy the wine you want to be selling.

It is advisable not to borrow funds to start this business especially if you are a newbie to the business.

Equipment Needed to Start Wine Business

Below are the equipment you will need to start a wine business in any startle in Nigeria whether as a wholesaler or retailer.

  1. Wine shelves
  2. Wine openers 
  3. Lights
  4. Generator 
  5. Fans
  6. Delivery vehicle

How to Start Wine Business in Nigeria 

Below is the step-by-step process to starting a wine business in Nigeria whether as a wholesaler or retailer.

1. Conduct a Market Research 

The first step to starting a successful wine business in Nigeria is to conduct market research. Despite the fact that Nigerians like alcohol it will still be ignorant to just a wine business. You need to do your proper findings. For example, it is more lucrative to start a wine business in states like Edo, Rivers, and Lagos because the consumption of alcohol is high in the led state.

There are other findings you need to do like discovering which wine brands are most consumed by Nigerians. Knowing this helps you to prioritize your drinks making sure you are able to supply the demands of your consumers.

You can conduct your market survey by yourself by using different survey templates online or simply hire an organization to do it for you.

2. Write a Business Plan

Another thing that is very important when it comes to the wine business in Nigeria is to write a business plan. If you are a regular reader on this entrepreneurship blog you will have noticed that will plan emphases on getting a business plan before starting any business.

So many businesses have failed in the past because many people feel that the only thing they need to start a successful business is capital and the information they read online. Business plans are tailored to make your business kick off and sustain itself.

This is because they contain the capital needed to start, the equipment needed, the ethics of the business, and how to make profits from the business despite it being new. You can employ the services of business consultants to write a business plan for you or you can write it yourself following our step-by-step guide on how to write a business plan in Nigeria.

3. Get the Capital Needed

It is impossible to start a business like this without having capital. You need capital to do many things because they cannot be gotten for free. As I mentioned earlier you will need a capital of 2M – 10M to start a wine business as a wholesaler or retailer in Nigeria but if you cannot afford it you can check out our post on how to get funding for your business in Nigeria.

4. Rent a Shop

Your wines need a cool place where you can store them and your customers can come in to buy them. This is why you need to rent a shop for your wine business. There are many factors to consider before renting a shop for any business in Nigeria. You need to consider location, and how much you have as capital and security.

These three factors are very important as they will also make your wine business successful. So you need to take your time and rent the right shop.

5. Equip and Furnish the Shop

After renting your shop for your wine business you should proceed further to equip and furnish your shop. You should furnish it with wine shelves and equip it with lights and fans or air conditioners. You should not forget to install your burglary to protect your shop from thieves who want to steal your wine or money.

A good signboard posted at the top of your shop will also increase attraction from your customers.

6. Making Profits from Wine Business

There are different ways you can make money from a wine business in Nigeria. I mentioned some of them earlier but I will list them again as a reminder.

A. By selling your wines to event managers.

B. By selling to individuals that want to buy in their homes.

C. You can also make money by selling to bars, restaurants, and hotels in your area.

Conclusion 

The wine business is a profitable business if you do your proper findings before venturing into the business. You can also make profits if you buy your wines from distributors as they sell at much cheaper rates than other sellers. If there are any questions left unanswered in this post please ask them in the comment section below.

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Ralph Bamigboye is an Accountant. He is the owner of TheInfoWorth.com, NetWorthVerse.com and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

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