4 Important Tips for a Successful Bottled Water Business
Are you looking to set up a bottled water business but aren’t quite sure how to get started?
Running a bottled water business can be very lucrative. In fact, in 2019, Americans consumed 14.4 billion gallons of bottled water, an increase of 3.6 percent from 2018.
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But, how do you get started in the bottled water business?
Check out this guide to learn everything you need to know about running a successful bottled water business.
Create a Business Plan
Every successful bottled water business begins with a detailed business plan. A business plan is a formal written document that highlights your business goals as well as how you plan on achieving these goals.
Here are some things you need to include in your business plan:
- Your startup costs and ongoing costs
- How you plan to fund your business and grow your revenue
- Who your target market is (ie, gender, age, location of consumers)
- How much you’ll charge per water bottle or case of water
- What your business name will be
- How you’ll market your water bottles
- How you’ll stand out from the competition
You’ll also need to figure out how you’re going to source your bottled water, i.e., if you plan to source it from local tap water or natural spring water. You also need to figure out how you’re going to put together a bottled water production line.
Form a Legal Entity
Once you’ve put together a business plan, it’s time for you to form a legal entity. This means you need to choose a business structure to function under.
You can choose between a corporation, limited liability company (LLC), or sole proprietorship. If you establish a corporation or LLC, you’ll be protected from being held personally responsible should your bottled water company be sued.
After you form a legal entity, you also need to register for taxes on the state and federal level.
Set Up a Business Bank Account
Setting up a business bank account allows you to separate your personal assets from your business assets. It also makes accounting and filing taxes easier.
In addition to setting up a business bank account, you’ll also want to take out a business credit card to keep your expenses separate.
Establish Your Brand and Web Presence
Once you’ve set up your business account and figured out how you’re going to produce your bottled water, it’s time for you to establish your brand and web presence.
Even if you plan to sell your bottled water solely in stores, you should still set up a website to raise awareness about your brand and promote your products. You can then begin marketing your bottled water company on social media and online so people will recognize your brand when they visit grocery stores, stadiums, and other events.
Are You Ready to Start Your Bottled Water Business?
Now that you’ve read this guide, it’s time for you to start your bottled water business. With these tips, your bottled water business should take off in no time.
Be sure to check back in with our blog for more tips and tricks on running a successful bottled water business.