Craft beer is a booming industry in the United States, as proven by the increase in the number of sophisticated drinkers who have got tired of consuming mass-produced, yellow, and fizzy beer. In fact, according to 2015 Craft Beer in Review by the Brewers Association, there are now 4,144 breweries in the U.S., which is a record-high since 1873. With the continuous increase in demand, which is favorable in terms of profitability, there is no wonder why thousands of craft beer entrepreneurs, craft beer enthusiasts and homebrewers are targeting this industry. Nonetheless, given the competition in the market, it is important to standout from all others and to establish a craft brewery that will get the nod of your target.
Enhance your Network
One of the most important things to do to succeed in the craft beer industry is to know how to make friends. Invest in your networking strategies to get in touch with craft beer drinkers, distributors, and even other brewers. Embrace other brewers and focus not on the triumph of your beer as an individual entity but on the resonating success of the industry as a whole.
Invest in Marketing
When competing with the bigwigs and the established names in the beer industry, marketing has a big role to play. Even if you are a small-scale business, there should be no excuse to not harness the power of effective marketing. Social media marketing, for instance, can provide you with a cost-effective platform to reach your target market and to spread awareness about the product that you are offering.
Identify your Goals
While craft brewing is more of a passion for most people, your love for it will not be enough in order to propel its success. You should have a clear sense of direction on where you want to be in the near future. From the very start, take time to identify your goals, making sure that they will be smart, measurable, attainable, realistic, and timely. Once you have set your goals, think of the specific strategies that should be pursued to meet your objectives.
Seek Help for Financing
At the end of the day, it is inevitable that finances will play a huge role in your business operations. From marketing to product development and equipment, you will need to have a steady stream of cash flow that is required to advance further in your business endeavor. There are a ton of internet portals an online lenders selling cookie cutter, one size fits all small business loans these days. Don’t fall prey to “buying” a small business loan from a telemarketer or someone sitting in a phone room smiling and dialing. There are only a select few who know and understand craft beer finance, as it relates to not only sustaining, but growing craft breweries. LVRG is able to provide craft brewery finance options that make sense, along with a team of craft beer industry experts who understand your business.