May 10, 2017
Former attendee and training partner in the big League
Congrats to our former attendee to our workshop and training partner Heritage Distilling Co! Read about their latest gig here.
Bah Bah Black Sheep
Why Distillers Should Care about Nursery Rhymes
In this children’s story, the answer is- Yes sir Yes sir three bags full, One for the master, one for the maid and one for the little lad who lives down the lane. He knows exactly who and exactly where his product is going. Do you? This nursery rhyme has been passed on for hundreds of years. It stays in our mind not only because it is easy to memorize, but also because its lesson resonates with us. It is a reminder to truly know our client, and to know what you are distributing and where it needs to go. KNOWLEDGE IS POWER.
Our next signature five day workshop is in June. Join us!
HOBBY OR BUSINESS?
Is your craft distillery a hobby or a business? The difference of course is that a business makes money. One of the most common reasons a business does not make money is it doesn’t price its products correctly.
To do that you must take two steps. Know the actual coat to you of that product and know how both your direct and indirect competition prices their product. To do that you must take two steps. Know the actual cost to you of that product and know how both your direct and indirect competition prices their product. You need to know all parts of your cost. Know what goes into the bottle, the container and all its parts, and the actual manufacturing costs.
Then, what does it cost to keep you doors open; fixed costs. Once you know that make room for a good profit. Look at that price and compare it to the direct and indirect competition. Where do you stand? Is your product priced for top shelf drinkers? Or is it to mix in cocktails, or a happy hour price? This will help you decide how to distribute your product and how to decide what products to make. MORE ON THIS LATER. Or attend our workshop and recieve a year’s worth of free consulting. This is the area we get most questions on after a workshop.
Deanna Burnett Keener, CFO Artisan Craft Distilling Institute