Trying To Open A Liquor Store

[Rivukis]

Hello my name is Brian. I'm wanting open a liquor store in Oklahoma. I have a good location in mind (at least I think so). It is right by a major highway in a town with about 30,000 people. Also, there are 4 or 5 liquor stores currently open in the same town, however, they are all on the south side except one is halfway (in the center of town). The location I'm looking at is on the north side. What I'm not sure about is all the different licenses I will have to get, how they will take to get, and what is required to get them. Also, this is my first business and I'm not sure how to go about getting a loan. If anybody has any ideas for me they will be greatly appreciated. Thank you in advance.

[torka]

You should check with the Oklahoma ABLE Commission to find out more about the rules and regulations related to alcohol in the state.

The Oklahoma Department of Commerce has a business start up checklist you might find helpful.

For general business issues, the Small Business Administration is a great resource.

Hope this helps!

--Torka

[TCCDepot]

Hi Brian. Securing a loan can often be difficult for a few reasons. One, you have a poor FICO score and don't meet the criteria that bank wants. Another could be you don't have any business credit. Business credit allows owners to build a credit asset that is beneficial to their company. It helps create a Paydex score which is similar to a FICO score but for a business. Once you have started building your business credit, you can apply for loans and you become more appealing to the bank. The other interest for you is that there are some banks that will give you a loan with NO personal guarantee as long as you have built your business credit up. Hope I was helpful.