Brand new.

[Mark407]

Hey all. Corporate jet jockey with lots of spare time. Considering starting a craft spirits (Whisky/Rye) business. Looking for any advice as this is brand new to me. Thanks


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[mike24601]

A few things you should do to figure out if this is a good idea is follow the CENTS principles MJ outlines in The Millionaire Fastlane book. It goes like this: Is there a need for another distilled spirit business in your area? What are the barriers to entry keeping others from doing same? Being in Canada, how much control would you have over the business? How do you organize distribution when dealing with the LCBO? Do you anticipate being able to scale your product across Canada and maybe into the States? How long will it take you to go from napkin to soft launch? Whisky usually takes a minimum of 3 years to age before sale.

 

[Iammelissamoore]

Hey Mark407 welcome aboard, I'm not sure if you've read either of the books, but my suggestion would be to at least begin there as it surely brings a lot of insight into making a decision about going into business and how to go about choosing what you wish to add value to as mike24601 is highlighting.