Download This Episode Here Paying rent and electricity for a bar that is only open in the evenings leaves a lot of money on the table during the day. In this episode, we discuss how you can monetize those off-hours.

What We Discussed

• • Private parties
  • Calculating open bar prices

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Summary

Whether your bar is open 24 hours a day or 1 hour a day, there are always opportunities to monetize your establishment that doesn't include selling booze at midnight during karaoke.

Private parties are one of the easiest and most accessible methods of generating more revenue when your bar might be close or even when you know it'll be a slow day. We go into calculating the cost for a private party including open bar. Open bar prices depend entirely on the number of people you'll be hosting and what to include. If you figure a party of 30 people with access to all the booze in the building, a safe estimate might be between $30 & $40 — appending food to the mix should bump that up about $5; again, this is all entirely on the prices your bar already offers and will vary depending on location and such.

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