You make good money, but you’re never home, you hate your boss, whatever industry you’re in is either uninspiring or downright evil, and you want to take your ill-gotten gains and leverage them in to something that gives you the lifestyle you’ve always wanted.
Do you open a Subway franchise? No way. Where’s the fun in that? You want to do something fun. You want to open a bar.
A bar is a no-brainier. You buy beer in a keg at a nickel a pint, and sell each one for seven dollars. A bottle of vodka might cost fifteen bucks, and you sell each shot for nine. Who couldn’t make those numbers work?
The problem is, it’s not that simple. Opening a bar is hard, and running a successful bar is infinitely harder. A disturbing number of people think that if you can scratch together the money to get in, a bar will return astronomical profits, just because it is well stocked and the doors are open. The phrase I’ve heard most often is, “In good times, people drink to celebrate. In bad times, they drink to commiserate.” You’ve got all of your bases covered, right? Good economy or bad, you’ve got the booze, and people will always want to buy it.
It usually takes about $150,000 to $200,000 to buy a basic mom-and-pop tavern—think of a 1,500-square-foot space with pool tables—that’s already generating a reasonable profit. “You would probably have to spend twice that amount and a year of your life to go build that on your own,” he says. Buying is also easier than building because it’s often simpler and cheaper to transfer an old liquor license to a different owner than to obtain a new one altogether.
We will work with you every step of the way and help you decide on the right choices. The first choice is whether you want to buy a franchise, or build a bar from the ground up, or buy an existing business. We will help you determine the choice that’s best for you.