Towards Startup Winery Profitability: When do I Start Making Money?
Gregg McConnell, Farm Credit East
Many wineries have been started in the past decade with the dream of making great wine as well as making a return on investment. High capital costs and slow turning inventory often hold back income during the early years. We will discuss what is a reasonable expectation of profitability for a winery based on its size, when can that profit be expected, and perhaps most important, when will that profit turn to cash flow.
Customer Satisfaction Drives Tasting Room Sales
Miguel Gomez, Cornell University
Tasting rooms play a key role in the business strategy of wineries in emerging wine regions. We have examined the drivers of overall customer satisfaction in tasting room visits and the impacts of overall satisfaction on tasting room sales. We found that excellent service is the primary driver of customer satisfaction; on average, highly-satisfied customers spend additional $10 and buy one additional wine bottle in comparison to the average tasting room visitor.
Registration closed on April 5th. A recording of the webinar will be posted a few days after the live webinar on April 9th.