- November 13, 2017
- Posted by: admin
- Category: Business Brokers, Business plans, Buying a Business, Finance & accounting
Las Vegas is a place with plenty of value available for all business types, but the one place where it really thrives is in the alcohol industry. The value of a tavern or bar in Las Vegas is unparalleled, and the city may have more bars, taverns, nightclubs, or liquor shops per square mile than anywhere else in the world. The availability of purchasing a bar, tavern, or club is up at the moment, and we’re here to advise you on whether or not you should take the plunge.
The Las Vegas Valley is surprisingly` not known for having a stellar bar scene. Despite hosting some of the world’s most profitable bars, the city has become known for a bumping nightclub and fine dining scene. This might seem like a negative to prospective tavern or bar buyers, but the somewhat unknown bar scene in Las Vegas actually offers a great opportunity to inject personality and creativity into your business. Nightclubs have become so popular that they’ve become almost streamlined and offer more or less the same amenities in a different color scheme, but bars still offer the personal touches that so many people appreciate.
Offering a personal touch and allowing your creativity to run rampant is great, but buying a business is about much more than a dream. Although we would advise giving us a call to set up a personal evaluation, we can give you a little insight into the numbers here. Bars, taverns, and pubs do have a high start up cost: on average, $110,000. This might seem like an astonishingly high number, but there is an upside – average revenues for off-the-Strip bars are approximately $25,000 a month, with operating costs roughly $20,000. On average, Las Vegas bars and taverns can be paid off within two years, if they earn a consistent profit and hit minimal roadblocks.
While the revenue can be enticing for many buyers, do not overlook the prep work that needs to go into setting up a bar. Even if you purchase an already established bar, you will still need to procure liquor licenses, permits, and insurance. These documents can take considerable time and be costly, so we advise taking that into consideration when looking into buying a tavern or bar in Las Vegas.
There are always many factors to consider when acquiring a business, but we’re here to help navigate the process with you. Overall, owning a tavern or bar in Las Vegas can be extraordinarily profitable and relatively easy to maintain – if you’re careful and know what you’re doing. Give us a call at 702-278-1346 to set up your appointment and get your new business running!