Happy New Year to all. I can’t believe another year has come and gone already. For myself, as the new year turns I’m taking a moment to reflect back on how well I achieved the goals I set for myself last year and to create new ones. Hence, it’s been a good time to dust off the old business plan to reflect on progress made or the lack thereof. In other words, I’m holding myself accountable for doing what I told myself I was going to do. So far, my persistence and diligence is bearing fruit for those new goals I’ve taken on. I’m also looking to scrap those goals that aren’t working.
I know some of you are contemplating taking the plunge this year to establish your own winery or wine based business. If so, this is a great time to lay your foundation towards developing a successful winery or wine and hospitality based business by creating your business plan.
Creating a business plan forces you to focus on identifying your goals and objectives as well as how to set plans on how to reach them. In other words, where do you see your business 1 year from now, 3 years from now, or even 5 years from now? Who are your customers? What specific products will you offer? Have you identified your competition? What are your start up costs and sources of funds? What is your mission? Who is your target market? How will you manage the local, state, and federal regulations governing the business of alcohol? Exactly how will your business take shape in 2016?
These are just a few questions to think about when starting your own winery, wine or hospitality based business. As the beginning of the year unfolds, use this time to build your business plan and set achievable goals. Your business plan will keep you on the right track in 2016 and the years to follow.
We can all probably agree that building your new winery or hospitality business takes hard work, dedication, perseverance and boatload of money. Whereas the baby boomer generation typically relied on traditional forms of financing such as bank loans, savings accounts, small business administration loans and daddy, today’s millennial entrepreneurs are turning to non-traditional forms of financing and lending sources.
Millennial hospitality and wine business entrepreneurs who have struggled to find access to capital are relying now on more organic ways to fund their wine and hospitality businesses. One such way is by pursuing alternative crowd-funding financing. Crowd-funding, also known as peer-to peer lending, is a popular and growing alternative method of raising money.
Unlike an angel investment in which one person typically takes a larger stake in a small business, crowd-funding attracts a crowd of people, each of who take a small stake in a business by contributing towards an online funding target. Its main benefit is the creation of a strong network of support for your business. Your investors often become your evangelists for your brand.
On such crowd funding source is Kickstarter (www.kickstarter.com). Typically there is no cost to launch a crowd-funding campaign. If you business is successful in its funding, Kickstarter takes a small fee plus payment processing. If your campaign fails, there are no fees.
Crowd-funding can provide a fantastic opportunity but it should not be taken lightly. You may wish to contact your lawyer or CPA for professional assistance. For more help and information on this alternative financing source, you should also consult the Small Business Administration’s (www.SBA.GOV) online course on Crowdfunding for Entrepreneurs.
Now go out there and “show me the money.”
Happy holidays and best wishes from the Law Offices of Judy M. Young, LLC. Its hard to believe its been almost eight years since the launch of Pennsylvania Winery and Hospitality Lawyer. Its been a real joy and a blessing to serve the needs of the Pennsylvania wine and hospitality community. As 2015 approaches, we look forward to serving your future legal needs. We hope your new year is filled with good health, happiness, and cheer.
The public voting is complete for the 2014 Wine Blog Awards. The public has spoken and these lucky winners are the folks who’ve got the juice! A special shout out to Philly’s own Wine School of Pennsylvania. You do Pennsylvania proud.
Best Blog Post of the Year
Lauren Mowery’s Turkish Wines: Vinkara Winery Working to Preserve Indigenous Varieties with Delicious Results, from the blog, Chasing the Vine.
Best Original Photography or Video on a Wine Blog
Jordan Winery’s blog, The Journey of Jordan Winery, organized by Lisa Mattson.
Best Industry/Business Wine Blog:
Tom Wark’s Fermentation: The Daily Wine blog
Best Wine Reviews on a Wine Blog:
Best Single Subject Wine Blog:
Best Winery Blog:
Best Writing On a Wine Blog:
Best New Wine Blog:
Best Overall Wine Blog:
U.S. wine drinkers are the biggest wine consumers in the world. Perhaps that’s good news for the American wine consumer. Because it didn’t take long for some very discerning wine drinkers to realize they were drinking counterfeit wine. In other words, fake wine bottles with fake wine labels were being shipped overseas for consumption, with the expectation it be sold at higher prices. Thanks to some discerning palettes, the worthless wine was readily identifiable. Are you drinking worthless wine? Watch below:
Now that summertime is here, your Winery, Restaurant, Wine Business or Bed and Breakfast may permit using your facility for events such as festivals, weddings, outdoor jazz concerts and other events that attract customers to your venue and promote goodwill in your community.
When working with event planners you’ll need to remember to have a carefully prepared Agreement that will protect your risks and liabilities for the event.
A brief look at things you’ll want to consider:
**Outline the premises and facilities that the other party participating with you will be authorize to use. You may desire to restrict certain areas of your property.
**Identify the purpose of your agreement, the parties involved, and the duration of the agreement. Allow yourself a provision that gives you the power to terminate the agreement if necessary.
**Detail the necessary payments, deposits and schedule for which they are to be paid.
**Be clear about which party is responsible for particular services and amenities (food, beverages, security, entertainment, lighting, janitorial clean-up.)
**State which party will be responsible for event permits and licensing.
**Identify who will be responsible for monitoring alchohol consumption of the guests. Make sure the alcohol servers are RAMP trained so they may prevent underage service, excessive consumption and intoxicated guests from driving.
**Allow yourself a provision to be compensated for premise damages that may be incurred during such events.
**Have your legal counsel prepare and/or review your written Agreement prior to the execution by each party.
And by all means enjoy your summertime events!
Are you’re looking for a guide on American wines and those who make it? Is so you might wish to take a look at this new book by author and wine expert Janis Robinson. Janice takes a look at American winemakers in all fifty states. For more:
Governor Tom Corbett (R) is expected to unveiled his plan to privatize Pennsylvania’s state liquor stores. The Governor proposes one stop shopping by allowing consumers to purchase wine and beer at grocery stores or big box store. The plan anticipates that prices would be driven down and calls for the auctioning off of some 1200 liquor licenses and the closure of some 600 stores. The Governor’s plan would have to be approved by the State’s Legislature. For more:
View more videos at: http://nbcphiladelphia.com.
The promotion of alcohol brands through the use of internet and social media has caught the eye of the Federal Trade Commission. Wineries, brewers and distillers are under fire by critics for not doing enough to protect its underage viewers. The Federal Trade Commission, empowered to protect consumers from deceptive practices, intends to conduct a study focused on the issues related to underage exposure. For more information read Reuters: FTC Study Taking Aim At Online Marketing of Booze and Kids.
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668 Stony Hill Road Suite 339
Yardley, Pennsylvania 19067
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