Publisher’s summary
According to Statista, sales in the drinking sector in the US have steadily grown since the mid-1990s, reaching $23.15 billion in 2015. The sector includes bars, pubs, lounges, taverns, and nightclubs, as well as other drinking places that primarily sell alcoholic beverages for immediate consumption. The National Restaurant Association estimated that food and drink sales in US bars and taverns would reach $19.9 billion in 2016. This is a relatively small figure in comparison to the wider restaurant industry, for which food and drink sales were expected to rise to approximately $783 billion during the same year.
As a smart and savvy business person, I am sure you can understand we all want to be a part of an industry that shows growth and not decline. What better industries to be a part of than this? Especially when this sector has shown steady growth year over year for decades.
If you are not 100 percent convinced yet, here is little more of the truth from Investopedia. The bar, tavern, and nightclub industry in the US is expected to have total revenues greater than $24 billion in 2015. Of the total sales, 42 percent is made up of beer, 31 percent is made up of distilled beverages, and the remaining 27 percent is made up of food and other sales. The average revenue per employee for a bar establishment is roughly $64, making it an attractive business for an entrepreneur.
I am sure by now you would agree that getting into this line of business can be a great idea. But just because it is a great idea doesn’t mean everyone has to open one of these, right? Well, true. But you have to also understand; not everyone is cut out for owning and operating such business establishments. It takes a certain type of personality and willingness to own and operate and see great success in this business.
Here is what I show you in this audiobook:
- Who should open a bar and why
- Profitability of a bar business
- Six ways to find money to start your business
- Knowing the market and setting a trend
- Naming your bar or club
- Putting together a business plan
- Legal side of your bar business
- Incorporating your business
- EIN, bank account, and city, county, and state licenses
- Liquor license (application to approval)
- Commercial, BOP, and liquor liability insurance
- How to find an existing bar for sale
- How to find a suitable location
- Negotiating a commercial lease
- Planning and building a bar
- Signage, menu, décor, and furniture
- Sound, lighting, and music
- Supplies and equipment
- Management and employees
- Managing bar inventory
- Drink pricing, profitability and POS
- Accounting and bookkeeping
- Marketing and promotion
- How to increase and upsell liquor
- And so much more
Cheers and good luck!
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