Interested in starting your own entrepreneurial journey in wine, but not sure what to expect? Then read up on our interview with Jan Nelson, co-owner and CEO of Maverick Estate Winery, based in Oliver, BC, Canada.
Tell us all about your business...
Maverick Estate Winery is a boutique ultra-premium winery located in the south Okanagan Valley in BC, Canada. We produce outstanding wines from our estate vineyards and offer a welcoming and customized visitor experience to wine lovers visiting the beautiful Okanagan Valley.
What's your background and motivation to grow as a solopreneur?
I grew up in the south Okanagan and left to study and work abroad for 25 years before returning to the area in 2015. Spurred on by my love of quality wine, I have 20 years of experience working with some of the world's leading wine brands and premium wine-producing regions. I acquired Maverick Estate Winery and Maverick Vineyards in 2020 to develop an excellent brand into an industry leader in the area. We have a fantastic team, beautiful vineyards, and strong customer loyalty, all of which drive me to create a sustainable business that brings the beauty and quality of our region to wine lovers near and far.
What's your biggest accomplishment as a business owner?
We took possession of the winery shortly after the Covid-19 lockdown in spring 2020. Our tasting room and main sales channel (70-80% of revenue) were shut, and future COVID-related restrictions were uncertain. We were finally able to open to public tastings in late May 2020, and we recruited our seasonal hospitality team, had them trained, and opened for business in 3 weeks. We had to pivot from an operation based on standing tastings at our tasting bar to a seated private tasting in this period. DTC revenue (tasting room and wine club) grew 40% in 2020.
What's one of the hardest things that come with being a solopreneur?
Our 8-10 year target for the winery is to 4x production and 6x revenue. In our first year, we increased production by 58% and gained 30%. Wine's long production cycle (a short process is six months, the long cycle is five years, with an average of 16 months) and our once-a-year production opportunity. We are allocating our limited resources to increasing wine inventory and production capacity before the investment becomes profitable. Due to the total allocation of all available cash flow to growth, budgeting operations and capital expenditures with limited cash flow is the greatest challenge.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Have a conservative plan, a backup plan, and a contingency plan.
- Create demand in advance of supply. Make sure your route to market is sufficient to deplete all reserves before you invest in the collection.
- Understand your finances and forecast your cash flow. This should be real-time, or at least monthly - budget, actual performance, and forecast.
Is there anything else you'd like to share?
Entrepreneurship is not for everyone, but it can be an exciting adventure. Plan, revise and improve - 'Winging it' is not a business plan. A good goal, understanding your business levers, and working your ass off is all necessary for the ride.
Where can people find you?
Website: https://www.maverickwine.ca/
Facebook: https://www.facebook.com/MaverickEstateWinery
Instagram: https://www.instagram.com/maverick.winery/
If you like what you've read here and have your own story as a solopreneur that you'd like to share, then email community@subkit.com; we'd love to feature your journey on these pages.
Feel inspired to start, run or grow your own subscription business? Check out subkit.com and learn how you can turn "one day" into day one.