Essential Tips for Financing Your Brewery or Distillery
July 30, 2024 | Last Updated on: October 16, 2024
July 30, 2024 | Last Updated on: October 16, 2024
Disclaimer: Information in the Business Financing Blog is provided for general information only, does not constitute financial advice, and does not necessarily describe Biz2Credit commercial financing products. In fact, information in the Business Financing Blog often covers financial products that Biz2Credit does not currently offer.
With nearly 10,000 breweries in the U.S. (and nearly 500 opening every year) and over 2,000 distilleries, the competition is hot and the stakes are high for entrepreneurs in this industry. Whether you’re looking to launch your first location, increase market share, or expand your operations, securing the right financing is crucial. This guide provides essential tips for obtaining the necessary funding to start or expand your craft beverage business. From term loans to innovative funding methods, we offer practical advice to help you navigate the financial landscape of the craft beverage industry.
In this article:
Starting a brewery costs an average of $250,000 to $1.5 million, according to the POS system provider Toast. That wide range highlights the necessity of accurately forecasting and budgeting for your startup or expansion costs. This will ensure that you get the right amount of funding for your needs.
Start by creating a detailed financial plan that will help you understand your business funding requirements and prepare for potential challenges. This plan should include a comprehensive budget, projected cash flow, and financial projections for at least the first three years of operation.