Bartending has always been a veritable goldmine within the food and beverage industry, but every prosperous bartender in Miami knows that their occupation holds far more potential than its face value implies. In fact, the most lucrative bartending careers are the ones where you reside at the top of your industrys hierarchy and optimize your revenue for maximum profit. This is precisely why many people opt to start their own bartending company. Reaping the profits you deserve is only one well-planned business away!
There are many industries that you can invest your hard-earned finances in. So what makes a bartending company such an attractive proposition amidst all of the alternatives? For starters, bartending is viewed as a recession-proof industry. Many businesses suffer in the face of our ever-fluctuating economy, but the alcohol sales that bartending relies so heavily upon remain constant regardless of what state the economy is in.
As a source of steady income, the average bartending career actually outranks most of the careers that college graduates have. Bartending is therefore not only highly accessible but also pays more than many other careers that require a greater money and time commitment. Starting a full-fledged bartending company will only further enhance your consumer base and financial gain. A highly successful bartender can easily make over a $60,000 annual salary (a few even break six figures!), so just imagine what kind of revenue a whole company is capable of generating.
So How Do I Start My Own Bartending Company?
The process of creating any company in Miami requires a balance of knowledge, finances, and planning. To give you a better idea of how these factors will contribute to your overall success, here are some fundamental steps to follow:
Familiarize Yourself with the Industry
Before you get your foot in the door from a business standpoint, you will want a comprehensive understanding of bartending. Knowledge of mixology should is crucial; everyone in the industry should have an impressive repertoire of new and classic cocktails and an understanding of what makes a high-quality beverage. Learning about product costs is also invaluable knowledge that will help you calculate your companys expenditures. These costs can include alcohol, garnishes, ice, glassware, bartending equipment, and non-alcoholic beverages. Laws pertaining to alcohol distribution in your area and industry terms such as over-pouring should also become common knowledge so that you fully understand your legal responsibilities.
One of the best ways to amass this kind of knowledge is to get hands-on experience as a bartender. When thrown into the chaos of a busy bar or restaurant, you will learn the dos and donts of the industry at an accelerated pace. A few weeks of experience can make a world of difference and a few months or years will introduce you to most of if not all of the intricacies of bartending. Bartending schools and courses offer another avenue for gaining invaluable knowledge about the industry as well.
Make Business Preparations
There are countless things to consider when planning out the business end of your company. From a practical standpoint, you want to hire efficient, knowledgeable, and friendly associates to represent your company. Legality is also a significant factor since you will require the correct permits and licenses to legitimately run your business. Financially speaking, you will want to know your start-up costs, various expenses, and estimated income. You will want to construct your business strategy around these numbers and ensure that your plan is both financially viable and financially beneficial.
Expand Your Company with Marketing
To truly grow and expand as a business, your company will require advertising to spread the word and bolster its clientele. This means creating business cards and flyers to distribute as well as posting your business in online and newspaper classifieds. Keep in mind that your marketing strategy should be calculated into your business strategy from the outset.
Also remember that networking can be invaluable as a form of free advertising. Approaching event organizers or those in similar industries can lead to lasting business relationships. Try searching online for people who require bartending services as well; you may just find a long-term client with such a driven attitude.
Streamline Your Service, Marketing, and Expansion
More and more bartending company owners are turning to mobile platforms to streamline their services and to increase their consumer base. Up-and-coming apps like PartyTap consolidate similar services so that customers in Miami can easily reach bartenders, DJs, wait staff, and more. This kind of on-demand service means more exposure for bartending companies and more convenience for consumers. Working with a mobile platform can save you marketing funds and drastically increase your revenue.
Consumers that have adjusted to streamlined services such as Netflix, Uber, and Amazon shopping expect a higher standard of customer service, and an app-based approach make hiring a bartender a much more viable and appealing option. Collaborating with a mobile platform could very well be the next step your Miami company needs to take to encourage further expansion!