Steps you can take to begin putting a business plan into motion Gov. Andrew M. Cuomo recently announced the launch of the Taste NY Inaugural Craft Beer Challenge, in which New Yorkers were invited to vote for their favorite New York craft brewery in celebration of their diversity, range, and quality. It began with nearly […]
Steps you can take to begin putting a business plan into motion
Gov. Andrew M. Cuomo recently announced the launch of the Taste NY Inaugural Craft Beer Challenge, in which New Yorkers were invited to vote for their favorite New York craft brewery in celebration of their diversity, range, and quality. It began with nearly 70 breweries from across the state on May 4. Then by May 10, 100 more were added into the competition. The challenge coincided with American Craft Beer Week, which ran from May 15-21 and celebrated craft beer across the country.
“New York’s craft beverage industry is thriving, driving tourism and creating jobs across the state. The inaugural Taste NY Craft Beer Challenge will celebrate the best of New York’s craft beers and connect our world-class beverage producers to new consumers and markets. When New Yorkers buy New York products, everybody wins.” Gov. Cuomo said.
Statistics and information provided by Empire State Development (https://esd.ny.gov/industries/craft-beverage) point to continued growth for this industry in New York state.
Craft beverage industry — Key facts from Empire State Development:
• ew York state ranks No. 3 in the nation for wine and grape production, No. 2 in apple production, and No. 3 in the number of distilleries. The state is home to three of the nation’s 20 top-selling craft breweries.
• he Empire State’s roster of craft-beverage manufacturers includes 460 wineries, 278 breweries, 124 distilleries, and 35 cideries.
• he state is the second-largest wine-producing state in the nation and was named Wine Region of the Year in 2014 by the prestigious Wine Enthusiast magazine, citing the quality of wines, industry growth, and improved business climate.
• ore than 130 farm breweries operate in New York state. Farm breweries are a part of a growing beer industry that has generated more than $2.9 billion in direct and indirect revenue within the state, and another $554 million in direct and indirect wages, for a total economic impact of nearly $3.5 billion.
New York state currently has 19 designated craft beer, wine, and cuisine trails, which can be found at https://www.ny.gov/sites/ny.gov/files/atoms/files/TasteNYTrailMap.pdf.
So does all this make you want in on the action in New York’s craft beverage industry? Here are some steps you can take to begin putting a business plan into motion.
1) tart by discussing your idea with a mentor from one of the local resources listed below.
2) et your thoughts, ideas, and experience down on paper before you meet with a mentor. This will give him/her something to work with and begin to help you in molding your ideas into a business plan.
3) ook at your resources: what cash or assets do you have personally to invest into the business?
4) ind a mentor and other local resources that are knowledgeable about the craft-beverage industry.
5) ind out where your credit stands. If it needs work, begin a strategy to get your credit score up to a minimum score of 680 in order to obtain financing, if needed, from a lender.
6) egin researching what your startup costs will be. This could include equipment, inventory, licenses and permits, and labor costs just to name a few. This will give you an idea of how much to request when talking to a lender or investor.
7) nce initial startup costs are calculated, you can then begin to explore financial projections of your overall income and expenses to ensure that your craft-beverage venture is feasible and profitable.
Feel confident in knowing that there is a bounty of resources and mentors right here in Central New York. Most of them offer free and confidential counseling services to new or existing businesses. Resources include the Small Business Development Center (SBDC) at Onondaga Community College (OCC), SCORE, WISE, SSIC, CenterState CEO, The Tech Garden, and more.
So after considering these key areas, think about what makes your product unique and evaluate whether is it feasible, needed, and properly planned out. If so, take the leap and make your proprietary blend into something all of us can enjoy in the years to come.
Keyona Kelly is a business advisor at the SBDC, located at OCC. Contact her at k.r.kelly@sunyocc.edu.