Investment in WINE BAR
One of the most profitable investments today is a wine bar and entrepreneurs across the globe are looking to leverage on the benefits inherent in this opportunity. One of the major attractions of investing in a wine bar is the low barrier to entry, which includes a relatively low cost of starting a bar, allowing for attractive profit margins.
Costs Involved in Starting a Wine Bar
The different costs involved in opening a wine bar are not the same in every situation. The basic rule, however, is to take each step at a time. The first is to have a business plan, with the expenses listed by category to allow for a more accurate estimate of the amount needed to set up the business.
The initial cost involves the cost of acquiring the location. In most cases, a deposit of the first month’s rent is required, in addition to charges for utilities. Next will be to build out the wine bar and subsequently furnish it. Necessary permits that will include business license and liquor license will have to be obtained as you furnish the bar.
Like every business, you need to make a profit or at least, break even in the first years of commencing the business.
Furnishing the Bar
The cost of building out and furnishing the wine bar will depend on the size of the bar. One factor that you, however, want to consider when putting your estimates together is the level of food service you intend to offer at your bar, as this determines the kind and size of kitchen equipment you will be getting.
The cost of running the bar on a day-to-day basis is one of the major challenges faced by new bar owners, especially after spending a lot trying to build the bar. It is, therefore, important that as you set up the bar, you set aside some money for the payment of salaries, taxes, utilities, and of course, stocking up with good quality wines.
A wine bar continues to remain a profitable investment option particularly for small entrepreneurs, and the guide will go a long way in setting one up.