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How to Start a New Malt Whisky Business?
Jim Swan, a whisky consultant once said that if you are selling every little thing you make, you are making your own money. He advises all the distilleries about Scotland’s prized single malt whiskies. Single malts are whiskies coming from one distillery with the use of malted berry alone. This is most commonly offered at higher price than whiskies that are blended.
The industry is soaring high these days. According to Scotch whisky Association, there has been a 5% increase in the first half of 2015 amounting to £406m. While many business-minded people are considering a malt whisky business a good investment, it is a fact that not all can push this through.
Establishing this kind of business will need one to shell out millions of pounds first. A period of 10 years should be waited for the whisky to be ready for sale. With at least £5m, one can start making whisky and then spend more to continue making until the year comes when the whisky is ready to be sold.
To be able to continue running a small puree, one should have at least £250,000 each year. The hardest part here is that eight to ten years may be needed in order to break even. But, still there are a lot of distilleries in Scotland, which is the largest single malt producer in the world. Apparently, there are 117 in total, and 30 of them are small and independent.
According to Douglas Clement, the founder of Kingsbarn Distillery, there will be huge challenges you are going to face when it comes to your initial investment and the waiting time for your product to be out the market. He also added that the only setback when it comes to whisky is that you will have to wait 10 years to see your profits.
Stuart Nickerson has also worked in the whisky industry for a period of three decades. He was with his wife and the couple Frank and Debbie Strang in establishing the Shetland Distillery. They use their own money and grant coming from Scottish Government’s economic and community development agency. In November 2014, they started selling.
Another man who has entered the whisky industry is Anthony Wills who founded Kilchoman Distillery. For him, it is all about weighing your options before starting the business.
These three men believe in the promise of whisky business. It comes with a lot of challenges though but for them, it will all be worth it.
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