Whether you are running a bar and looking for ways to improve your profits, or just thinking about opening oner, these tips will help you make a profit without committing newbie mistakes.
Make Sure You Never Run Out of Stock
One of the keys to being a successful bar owner is knowing your stock. Keep track of your daily sales so you know which items are popular and which are not. After a while, you’ll know what to focus on stocking up, and what you can keep just a safe amount in the storage room just in case someone orders. In fact, focus on your best-sellers and consider dropping non-selling products. This will help improve your profits and cut losses. Have the right decoration will help your bar stand out as well. Don’t forget those beautiful Ikea Ektorp seater sofa cover if you want to impress.
Have Your Signature Cocktail
People become regulars at a specific bar usually because it has something that keeps them coming back for more. If your bar is not getting as many regulars as you would like, have a good look at your current menu. Unless your bar is located in a popular tourist area, you’ll need loyal customers to thrive in the long term.
Organize Happy Hours or Special Events
People are more motivated to go to your pub if you offer them an incentive, such as a discount. If you could get a 20% discount on the same drink, which one would you choose? Go to the pub with the discount offer of course. Make sure to pour out your best cocktail, coffee or any type of drink that you are offering on discount. You want these new customers to keep coming back later even when the discount is missing.
Hire the Right Staff
Nothing scares customers away faster than a rude bartender or server. Make sure to train your staff well so that they know how to engage in friendly conversations with customers, as well as upsell when it’s appropriate.
Know the Law Well
Don’t get into legal issues just because you are ignorant of the current law. Alcohol service is a regularized business area that can give you trouble if you don’t keep yourself protected. Make sure you get the required license as well as train your staff well about the law regarding selling alcohol to the public. Serving alcohol to an intoxicated patron can get you in trouble. Keeping your bar open too late in the night without written permission from the local authority is not allowed either.
To run a bar or pub successful, make sure to follow the above pieces of advice.