AI 2018 Business Excellence Awards

Acquisition International - 2018 Business Excellence Awards 13 “Excitingly, the craft beer industry in the U.S. has enjoyed a decade double digit growth but is starting to reach a saturation in some markets currently. Opening a craft brewery in this market doesn’t guarantee success like it once did. The greater selection of craft beer and high-quality beer has increased consumer expectations for craft beer.” “Statistically, the craft brewery business has a lower failure rate then other industries but potential new ones entering the market need to take time and do diligent research and be sure the market is there to be successful. Another area to watch is the increase of Spirits sales. That industry is experiencing a boom right now that is like what the craft beer movement experienced which makes it something to consider when performing your research to open a craft brewery.” There are many challenges and opportunities which the team has faced during its time at Norsemen, and Jared explains that the size of the business was a key challenge which the team had to overcome. “Being a small business with only four owners the biggest challenge we had was securing finance and ensuring we have all the appropriate forms and licenses acquired. The craft beer industry is heavily regulated and there is a lot of red tape to go through to get these items. This did present an opportunity to work with many different local business leaders and companies and such have met great people who helped us fulfil our dream.” Ultimately, the team is excited about what the future holds for the brewery and what current aspirations the team has for the facility. Attracting new customers and retaining long-term ones is a key factor in the future of Norsemen, as Jared comments on. “ Moving forward, our current aspirations include continuing to make improvements to the taproom and event space so that it helps attract and retain customers. We want customers to get more than a well-crafted beer; we want them to have a great experience. Keeping our space as nice as possible and making improvements to the look and feel to immerse them into our Viking theme is one of our biggest priorities. As we continue to grow, expanding into a few more fermentation vessels to allow us to experiment with more different type of beers is also very important.”