There are different pros and cons to owning a bar for people with different mindsets, financial positions and industry experience.
This article will share a range of advantages and drawbacks of being a bar owner, where readers should adapt the tips to suit their individual profiles.
We will examine the strengths and weaknesses of the business from various perspectives including:
- Finance & Investment
- Social & Business Networking
- Lifestyle & Working Hours
Financial Pros & Cons
From an investment angle, bar businesses offer a number of significant advantages for owners:
- Cash Business
- High Margin Sales
- Can be Very Profitable
- Potentially Short Payback Period
However, these benefits also come at a cost:
- Large Initial Investment
- Limited Business Lifespan
- High Operational Costs
Networking Pros & Cons
Customers at bars often want to know the owner, especially at successful bars.
For most people, this is a huge perk of owning a bar as it provides great opportunities to meet lots of new people for business and pleasure.
However, for people who value their privacy, being popular may actually be one of the downsides of being an owner.
Lifestyle Pros & Cons
People who run the bar as well owning it have the benefit of:
- Working in a fun and entertaining environment
- Earning a Living by doing what you love
- Getting out of a 9 to 5 desk job at an office
At the same time, there are also hazards to your lifestyle by operating a bar:
- Working in the Evenings
- Working on Weekends and Holidays
- Getting home late every night
Some other pros:
1. Free/Cheap Drinks
2. Meeting lots of cool people