SPEAKEASY BAR BUSINESS
Craving a twist of nostalgia with a dash of liquor? Consider opening a Speakeasy Bar business! This enticing type of business spins you back into the 1920's Prohibition Era but without the legal restrictions. Hidden entrances, clandestine vibes, live jazz, and handcrafted cocktails set the mood. The Speakeasy Bar business is all about providing an alluring, intimate bar experience that stands in stark, fascinating contrast to the commonplace nightlife venues.
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SPEAKEASY BAR MINI BUSINESS PLAN
This a quick reality check to help you identify the strengths and weaknesses of your business concept before you dive in.
Expected Percent Margin:
- Gross Margin: 70-80%
- Net Profit Margin: 10-15%
- Daily Earnings: $1,000 - $2,500
- Weekly Earnings: $7,000 - $17,500
- Monthly Earnings: $30,000 - $75,000
- Annual Earnings: $360,000 - $900,000
Actions to Hit Those Numbers:
- Initial Investment: At least $50,000-$100,000 for interior design, alcohol stock, sound, and lighting system.
- Supplier Network: Develop relationships with reliable alcohol suppliers and keep track of trending drinks.
Marketing and Customer Acquisition:
- Social Media: Post pictures and stories of your unique drinks and ambiance. Feature events, promotions, and discounts regularly.
- Word-of-Mouth Marketing: Design a unique, immersive, and enjoyable experience to fuel positive customer reviews and referrals.
Sales and Customer Experience:
- Staffing: Employ staff knowledgeable in mixology and excellent at customer service.
- Pricing Strategy: Maintain competitive pricing while ensuring quality of offerings. High volume mixed drink trading should have a higher margin.
- Rent: Choose a location with affordable rent. Ideal locations are in busy nightlife areas.
- Utilities and Staffing Costs: Manage operations effectively to control overheads.
- Opening Hours: Open during peak nightlife times, at least 4-5 nights a week.
- Transaction Volume: Aim for 50-100 transactions per night with an average sale price of $20-$25 per transaction.
Remember, these numbers can vary greatly depending on location, amount of competition, and other variables unique to your specific situation. Always seek advice from business and financial experts before making decisions.
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Grab Your Business Website Name
Before you get caught up in the whirlwind of setting up your business, invest in a domain name. It's a small but significant step that lays the foundation for your brand and makes it easier for customers to find and trust you. Just like you wouldn't build a house without securing the land first, don't build a business without securing your domain name.
"Why? Can't that wait?" Here's why it shouldn't
Step 1: Determine if a Speakeasy Bar Business is Right for You
Breakdown of Startup Expenses
Before starting a speakeasy bar business, it is important to understand the startup costs associated with the venture. This includes costs for the space, equipment, legal fees, licenses, permits, and any other necessary costs. Additionally, you should consider the cost of any renovations or improvements that need to be made to the space. It is also important to consider the cost of hiring staff, such as bartenders, servers, and security. Finally, you should also consider the cost of marketing and advertising your business.
Breakdown of Ongoing Expenses
In addition to the startup costs, it is important to consider the ongoing expenses associated with running a speakeasy bar business. This includes costs for supplies, such as alcohol, glassware, and food. Additionally, you should consider the cost of utilities, such as electricity, water, and gas. You should also consider the cost of insurance, taxes, and any other necessary fees. Finally, you should also consider the cost of any repairs or maintenance that may be needed for the space.
Examples on Ways to Make Money
There are a variety of ways to make money with a speakeasy bar business. The most common way is to charge customers for drinks and food. Additionally, you can also charge a cover fee or a membership fee. You can also offer special events, such as live music or comedy shows, and charge an additional fee for these events. Finally, you can also offer merchandise, such as t-shirts or hats, and charge customers for these items.
Step 2: Name Your Speakeasy Bar Business
Tips on Choosing a Name
Choosing a name for your speakeasy bar business is an important step. The name should be unique and memorable, and should reflect the atmosphere and theme of your speakeasy bar. Consider using a play on words, or a pun, to make your name stand out. You can also use a combination of words or phrases that evoke the feeling of a speakeasy bar. Make sure to avoid any names that are already trademarked or copyrighted.
Tips on Registering the Name
Once you have chosen a name for your speakeasy bar business, you will need to register it with the appropriate government agency. Depending on your location, this may be the Secretary of State or the Department of Corporations. You will need to provide the name of your business, your contact information, and the type of business you are registering. Once your name is registered, you will receive a certificate of registration that you can use to open a business bank account and apply for business licenses.
Step 3: Obtain Licenses and Permits
Licenses and Permits Needed
Starting a speakeasy bar business requires obtaining a variety of licenses and permits. Depending on the state or city, the business may need a liquor license, a food service license, a business license, and a health permit. Additionally, the business may need to obtain a license to serve alcohol late into the night, as well as a license to serve food. Furthermore, the business may need to obtain a license to play music and a license to host live performances.
How to Obtain Licenses and Permits
The process of obtaining licenses and permits can be daunting and time-consuming. It is important to research the requirements for the state or city in which the business will be located. Additionally, it is important to contact the appropriate government agencies to determine the specific licenses and permits needed for the business. Furthermore, it is important to understand the fees associated with obtaining the licenses and permits, as well as the timeline for obtaining them. Finally, it is important to understand the process for renewing the licenses and permits, as well as any additional fees associated with renewing them.
Step 4: Find a Location
Factors to Consider When Choosing a Location
When choosing a location for a speakeasy bar business, it is important to consider the local zoning laws, the size of the space, the amount of foot traffic, and the surrounding businesses. It is also important to consider the cost of rent and the amount of time it will take to make the space suitable for a speakeasy bar. Additionally, it is important to consider the demographic of the area and the potential customer base.
Tips on Negotiating a Lease
When negotiating a lease, it is important to be aware of the terms of the lease and to negotiate for the best possible terms. It is also important to be aware of the landlord’s expectations and to make sure that the lease is in writing. Additionally, it is important to negotiate for a reasonable rent and to negotiate for any improvements that may be needed for the space. Finally, it is important to negotiate for a reasonable length of time for the lease and to negotiate for any additional amenities that may be needed.
Step 5: Design the Space
Tips on Designing the Space
When designing the space for your speakeasy bar, it is important to create a cozy atmosphere that encourages conversation and mingling. Think about the type of atmosphere you want to create and the types of people you want to attract. Consider the layout of the space, the lighting, and the type of music you want to play. Additionally, you should make sure to include a bar area and seating areas.
Tips on Choosing Furniture and Decor
When selecting furniture and decor for your speakeasy bar, it is important to choose pieces that are comfortable and inviting. Choose pieces that are in line with the atmosphere you are trying to create. Consider adding vintage pieces, such as antique bar stools and tables, to give the space a classic speakeasy feel. Additionally, consider adding art pieces and other decorative items that reflect the theme of your speakeasy bar. Finally, make sure to choose pieces that are durable and easy to clean.
Step 6: Hire Employees
Tips on Hiring Employees
When hiring employees for a speakeasy bar business, it is important to find individuals who have experience in the hospitality industry. They should also have a good understanding of the speakeasy concept and be able to provide excellent customer service. It is important to have employees who are knowledgeable about the drinks and food that will be served. Additionally, it is important to find employees who are reliable, trustworthy, and have a good attitude.
Tips on Training Employees
Once the employees have been hired, it is important to provide them with the proper training. This should include training on the speakeasy concept, customer service, and the menu. Additionally, it is important to provide training on the proper handling of alcohol, as well as any safety protocols that should be followed. It is also important to provide employees with the proper tools and equipment they will need to do their job. Finally, it is important to provide employees with a clear understanding of their job duties and expectations.
Step 7: Promote Your Speakeasy Bar Business
Tips on Creating a Website
Creating a website for your speakeasy bar business is a great way to reach potential customers. Make sure to include a description of your business, the types of drinks you offer, and any special events you may be hosting. Include images and videos to give customers a better idea of what your business looks like. You should also include a contact page with your address, phone number, and email address.
Tips on Creating a Social Media Presence
Social media is a great way to reach potential customers and build a loyal following. Create a page for your speakeasy bar business on popular platforms such as Facebook, Twitter, and Instagram. Post regularly about your business and upcoming events. Use hashtags to reach a wider audience and engage with customers by responding to comments and messages. You can also use social media to run promotions and giveaways to attract more customers.
Step 8: Create a Menu
Step 8: Create a Menu. When creating a menu for a speakeasy bar business, it is important to consider the type of atmosphere you are trying to create. The menu should reflect the theme of the bar and the types of drinks and food that customers will expect. When creating the menu, it is important to consider the cost of ingredients, the time it takes to prepare the food and drinks, and the cost of labor. Additionally, it is important to consider the types of drinks and food that will be popular with the customer base.
Tips on Creating a Menu. When creating a menu for a speakeasy bar business, it is important to consider the type of atmosphere you are trying to create. The menu should reflect the theme of the bar and the types of drinks and food that customers will expect. It is important to consider the cost of ingredients, the time it takes to prepare the food and drinks, and the cost of labor. Additionally, it is important to consider the types of drinks and food that will be popular with the customer base. Consider offering a variety of drinks, including classic cocktails, craft beers, and wines. Additionally, consider offering a selection of small plates and appetizers.
Tips on Pricing Menu Items. When pricing menu items, it is important to consider the cost of ingredients, the time it takes to prepare the food and drinks, and the cost of labor. Additionally, it is important to consider the types of drinks and food that will be popular with the customer base. Additionally, it is important to consider the local market and the prices of other speakeasy bars in the area. It is important to price the menu items competitively to attract customers. Additionally, consider offering discounts and promotions to encourage customers to return.
Step 9: Establish Policies and Procedures
Tips on Establishing Policies and Procedures
When starting a speakeasy bar business, it is important to establish policies and procedures that will ensure the safety and security of your patrons, staff, and the business itself. Policies and procedures should be created to ensure that all staff members are aware of the expectations of their job and that all patrons are aware of the rules and regulations of the business. Policies and procedures should also be established to ensure that all employees are following the laws and regulations set forth by the local government.
When creating policies and procedures, it is important to consider the needs of the business, the safety of the patrons, and the legal requirements of the area. It is also important to consider the type of atmosphere that you want to create in the speakeasy bar. Policies and procedures should be tailored to the specific needs of the business and should be reviewed and updated regularly.
Tips on Ensuring Compliance with Regulations
In addition to establishing policies and procedures, it is important to ensure that the speakeasy bar is in compliance with all local, state, and federal regulations. This includes obtaining the necessary licenses and permits, as well as establishing safety protocols and procedures. It is also important to ensure that all staff members are trained on the laws and regulations that apply to the business.
It is also important to ensure that the speakeasy bar is in compliance with all laws and regulations regarding the sale and consumption of alcohol. This includes ensuring that all staff members are properly trained on the laws and regulations regarding the sale and consumption of alcohol, as well as ensuring that all patrons are of legal drinking age. Additionally, it is important to ensure that all patrons are aware of the laws and regulations regarding the consumption of alcohol in the speakeasy bar.
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