Are you planning to start a bar business, but you don’t know the exact one to plan for? If yes, we hope to give you some profitable bar business ideas you can explore here.
Stick with us to learn about these business ideas.
Introduction To Bar Business Ideas
When you hear the word “bar”, many things come to your mind, like fun, entertainment, laughter, music, drinks, and friends.
A bar is a place where you can sit and enjoy drinks, either alcoholic or non-alcoholic.
Opening a bar could sound incredible to potential entrepreneurs, but behind the scenes, there is nothing like fun and games in it.
Moreover, every business, including the bar business, has its ups and downs.
However, your success depends on how you choose to handle the business.
To help you better understand what bar business fully entails, let’s consider its benefits and challenges.
First, we will start with the benefits.
Benefits of Owning A Bar Business
It Is Very Profitable
Firstly, the bar business is very profitable.
If your bar is successful, it’s possible to get more than the average annual return of the stock market.
You can also skyrocket your profit if you possess excellent marketing skills.
It Helps Create Job Opportunities
Just like other successful businesses do, opening a bar can help create job opportunities for people.
By doing this, you will be able to help your community grow and curb unemployment.
Overall, you will also be improving the state economy with job creation.
It helps Create An Avenue For Relaxation
One of the major reasons people go to bars is for relaxation, to have alone time, and relieve themselves of their worries.
So if you decide to start a bar business within your neighbourhood, your services will be well appreciated.
Challenges Of Owning A Bar Business
It Is Capital Intensive
In case you don’t know, opening a bar business can be pretty expensive.
Moreso, it requires a large capital investment to get it off the ground.
Therefore, if you don’t have enough resources, it could be a barrier to entry.
It Is Not Easy To Run
Furthermore, the bar business is not as accessible as people see it –You need to be dedicated to it.
You won’t be able to enjoy the business until you build it to a standard stage.
This means that the bar business requires lots of cleaning and bar inventory work.
It Can Be Time-consuming
The bar business is like all-around clockwork; you will have to work every evening, weekend, and on holiday.
This is so you will gain lots of customers and make enough profits.
It Has A High Risk Of Failure
Finally, the bar business has a high risk of failure.
Therefore, you need to have a good marketing plan and be consistent to reach the top.
Hence, the success of your bar business depends on how well you run it.
Nevertheless, there is great profit potential for the bar business.
According to studies, the bar business was worth $20.04 billion in 2020.
More so, the industry is expected to grow at a CAGR of 9.3% from 2020 to 2023.
Overall, the statistics above prove that the bar business is potentially profitable.
However, you’ll need to put in the work to achieve the success you desire.
Now, let’s see the bar business ideas you can choose from.
Bar Business Ideas
1. Open A Mobile Bar
Opening a mobile bar is one of the best ways to operate a bar business.
It is also one of the most profitable bar business ideas.
A mobile or portable bar is usually a vehicle or a truck set up to work as a bar.
Furthermore, if you love site seeing, you should consider this idea.
This is because you will be moving from one location to another.
A mobile bar allows you to choose where you want to attend to customers.
To be successful in this business, you need to have an eye for a good location.
Therefore, you should understand where you can best sell your service in any location.
To start this business, you’ll need to purchase a truck.
You may get a used truck or a new truck, depending on your pocket or budget.
Convert the truck into the most suitable way for bar business.
Then, purchase every inventory that the bar requires.
Furthermore, you should develop a business plan; every business needs to be properly planned.
Additionally, you should obtain permits and licenses or any documents needed to run the business.
To crown it all, devise an effective marketing strategy to gain more customers for your business.
2. Open A Mobile Karaoke Bar
A mobile Karaoke bar is also an excellent bar business idea.
It is similar to the one discussed above but with an element of creativity.
A mobile karaoke bar is a truck-like bar set up for someone to take the stage and sing to an audience while they enjoy their drinks.
This business does not require you to be in a specific location.
Furthermore, the capital investment for this type of business could be more than the average mobile bar business.
This is because you will need to get a Karaoke machine.
You will also need to get lighting, a good sound system, and microphones.
In addition, you’ll need a truck that’s suitable for this type of business.
Once you have all the necessary tools and equipment for this business, get the necessary documents and create a good business plan.
More importantly, having a good marketing strategy and customer relations will help you broaden and excel in this business.
3. Open A Neighborhood Bar – Bar Business Ideas
If you want a bar business with harmony between the customers, you should consider this.
A neighbourhood bar is a kind of bar where you know many of your regular customers.
Also, most of the customers know one another – The neighbourhood bar is the American version of an English pub.
Furthermore, this type of bar is dominant in almost every state.
So, if you’re thinking of starting this bar business in your local community, you should consider picking a location with not many local bars established already.
This will lessen competition in the business.
So to start a neighbourhood bar, you’ll need to rent a space in a good location.
Get the necessary furniture and accessories needed in the bar.
Also, get the bar inventory and other necessary materials.
To make the bar more interesting for your customers, you should install different games.
It could be snooker, darts, jukeboxes, video games, pool tables, and more.
Overall, the size of your bar will determine your capital investment.
You can decide to buy an existing neighbourhood bar, or you build yours from scratch.
Although this bar business is very profitable, your revenue will depend on your location and the size of the bar.
4. Open A Sports Bar
Undoubtedly, sport is a lovable activity that brings people together to share their passion and views.
So, if you are in a location with a huge fan base for a particular sport like football, then starting a sports bar business would be a great idea.
A sports bar is a kind of bar that offers bar services to its customers while showing sports programs.
Aside from selling beverages in your bar, you can spice it up with snacks, appetizers, or any fast food to complement the drink.
As a sports bar business owner, you should ensure that your bar is equipped with the latest television, satellite systems, audio systems, and so on.
To set up your bar, ensure that your bar is in a good location that can be easily accessible to your customers.
Purchase the furniture, electronics, and every other bar inventory for the business.
Also, you will need to register your business and obtain the necessary licenses and permits to run it legally.
Your capital investment in this business will depend on the size of the bar.
Also, you’ll need to have an effective marketing strategy to promote your business and make sales.
In all, your business success will depend solely on factors like location, size of the business, and your determination, among other things.
5. Open A Craft Beer Bar Or Brewpub
A craft beer bar is also one of the bar business ideas you should look out for.
If you have the skill of crafting beer into different flavours, you can maximize huge profits from serving people beer in their favourite flavours.
Not everyone focuses on craft beer alone, so you niching on this idea is a good way to join the bar business owners.
Specifically, a craft beer bar or brewpub is a type of bar that focuses mainly on craft beer rather than wine or liquor.
Furthermore, the demand for craft beers is increasing as people consume less alcohol due to their taste.
With this, you can make a significant profit from the business.
You can get started if you have the basic knowledge of how to brew beers.
Then, you can brew your beer right from your beer bar and sell it to your customers.
Meanwhile, ensure you explore different flavours to impress your customers.
To begin, you should obtain a license and permit to operate a brewpub.
It will be easier to get it because you won’t be operating a full-scale liquor business.
Then, you’ll need a good location for your craft beer business.
Also, you should register your business and develop a good name for your craft beer business.
The size of the bar and concept will determine your capital investment.
In all, your craft beer should be of good quality if you want more consumer patronage.
6. Become A Bar And Drink Review Blogger – Bar Business Ideas
If you are good at tasting different drinks and recognizing the best, you should consider this idea.
Also, if you’re good at writing reviews, you should consider this idea.
A bar and drink reviewer is someone that writes reviews about bars and drinks after having an encounter with them.
Your reviews can either make or mar any bar business, especially if you’ve built authority in this area.
Since you will be dealing with bars and drinks, you will provide reviews through blog posts.
Furthermore, this business is profitable, depending on how creative you are.
You also need to have good writing skills for this type of business.
The business entails visiting different bars and writing your perception about their products and services.
As a starting point, you will need to get a personal laptop with access to the network.
However, you need significant traffic if you want to achieve success in this business.
With high followers, you could get sponsorship and ambassadorial deals.
To maximize your profits, you can also include video content to it.
The video content will be posted on YouTube, Instagram, and other video viewing platforms.
However, you will need a quality video camera with an in-built microphone, a ring light, and a laptop for video editing.
7. Open A Bar Painting Business
Another way to explore creativity in the bar business is by opening a paint-and-sip bar.
A bar painting business is where people take art classes while they take their drinks (it could be alcoholic or non-alcoholic).
This is the best way to bring art-loving people together to create artwork and have fun.
The best way to start this business is by hosting events at your home or rented space.
Impressively, starting it does not necessarily require you to hire staff.
When there is an increase in the number of people that come in for the event, you can expand by hiring more staff.
However, at the start of your business, you will be responsible for organising painting materials for your customers and serving them their drinks as they arrive.
8. Open A Bar Club Or Nightclub – Bar Business Ideas
Opening a bar club or nightclub is also a good bar business idea to consider.
A bar club is a place of entertainment that is usually open at night.
It provides food, drinks, and space to dance.
Studies show that an average nightclub can make up to $1,500 to $50,000 in a night.
This depends on the location, traffic, and the bar’s capacity.
This shows that the bar club is a very profitable and lucrative business.
If you have the resources, you can invest in this business idea.
However, if you want to succeed in the bar club business, you must be consistent in every aspect.
Don’t change your entertainment, product, or customer service techniques.
Quality and consistency work hand in hand.
Hence, here are some tips that can help your bar club or nightclub be successful.
- Get to know the kind of customers coming to your bar.
- Organize events and use entry tickets.
- Sell tickets or tables in advance.
- Promotes events to reach more customers.
- Recognize VIPs immediately they enter your nightclub.
- Bring on different upgrades for each night.
Overall, when setting up your night bar business, do your research and find a suitable location for your business.
Get to know your targeted customers and what they like.
Also, purchase equipment, lighting, air conditioning, and other things needed.
Finally, register your business and obtain the necessary licenses and permits.
Furthermore, if you want to make your bar business successful, here are some things you should consider.
Tips On How To Promote A Bar Business
Here are some useful tips to help you succeed in your bar business.
Create A Website
If you want to reach more customers and promote your bar business, you should create a website.
Hire a web designer if you don’t understand how to do it.
Meanwhile, you need to have a good understanding of SEO.
This will help you use the right keywords to reach your potential customers.
Then, add your business information and the services you offer to the website.
Get Reviews Of Your Bar
One good tip that can help you promote your bar business is social reviews.
Many people prefer to read reviews to see if the bar they are going to offers good services.
Therefore, you can ask your customers to leave a review on your website while they get something in return on their next visit.
This will make them leave positive reviews on your page and be in a good position on their minds.
Host Different Concepts Or Theme Nights
Another tip that will help you attract more customers to your bar is offering different night concepts.
Here are some concepts you might want to consider.
- Honouring a late great musician.
- Host themed parties.
- Offer trivial weekly nights.
- Offer magic nights, and so on.
Using different concepts will keep your customers on their feet.
Thereby making them anxious about what you will be hosting next.
Associate With Your Community
You should get involved in the community you are in.
Create good relationships with other businesses in the community.
Even if other businesses are your competitors, partnering with them will help put your bar business on a positive path.
By doing this, you can host an event alongside another bar.
Finally, you can also sponsor a minor program in the community.
Make Use Of Social Media To Your Advantage
Social media can also help promote your bar business.
Social media is known for its visual concept.
Also, people get attracted to images more than text.
You could hire an excellent photographer to take pictures of your food, drinks, staff, and ambience.
Use these pictures on your website.
It should help promote and attract potential customers.
Furthermore, create avenues to communicate with your customers or audiences on social media.
Overall, using these tips could help you succeed in your bar business.
Conclusion On Bar Business Ideas
Verily, these are the most profitable and lucrative bar business ideas you should consider.
Do you find a business idea that interests you?
If you do, do not hesitate to start working on it.
Also, don’t forget to measure your bar business performance as you progress.
This will help you identify areas of improvement and improve your chances of success.
Moreover, running a profitable business doesn’t happen by magic.
Every business requires consistency, persistence, hard work, and commitment to be successful
We are rooting for you!