Franchise Spotlight: Bar
The bar franchise sector is a lucrative one, with a bright, long-term future ahead.
In 2020, the market value of the bar & night club industry in the US was estimated to reach an impressive $24.1 billion in revenue. Bars come in many different shapes and sizes and tend to have a specific focus including: sports, family friendly or music themed bars and those that also offer food. This is an industry that lends itself perfectly to franchising, offering a host of options to choose from.
Restaurant franchise industry analysis
Buying a bar franchise is a potentially lucrative sector but is a fast paced and demanding industry to work in. The hours can be long and unsociable. Those who are looking to attain a good/ work life balance or want a business that allows them to put family first will likely struggle in this sector. However, if you have enthusiasm, drive, love meeting new people and enjoy a challenge, this could be a great area for you.
One of the great benefits of becoming a franchisee in this sector is the famous brand names. Many bar franchises promote their brands nationwide and franchisees can reap the rewards of this marketing – the scale of which is near impossible for independent businesses. Franchises also offer assistance in setting up your site and provide training, ongoing support and access to the best suppliers at discounted prices. These famous brand names, however, come with a hefty price tag. Do your research to ensure affordability and get the right one for you and your success.
Analysis shows a dip in 2020 industry revenue, as the recent pandemic has meant that people have been unable to gather and drink in bars in the same way. However, industry trends predict a spike once the dust settles as people will be eager to go out, socialize and make up for lost time.