Tips on Buying and Operating a Bar in Singapore
Written By Business Takeover Dec 08, 2020
The cosmopolitan city-state, Singapore, is a famous business-friendly country ranking second in the list of ‘World Bank’s Ease Of Doing Business Rankings 2018’. It has a distinctive and remarkable bar scene as well. The bar sector is quite a tough sector in which the working hours are very long and the success rates are low. Among these issues, Singapore is one such place that has high lease costs and a recruitment squeeze accelerated by stringent restrictions on foreign labor. Irrespective of these issues, Singapore stands among the prestigious ‘World’s 50 Best Bars’.
So, with the huge opportunities, if you are planning to buy and run a bar in Singapore, then there are a set of things that you must consider.
Choose The Right Bar
So, if you wish to buy businesses such as a bar in Singapore you can anyway search for bars for sale in the city-state and send inquiries to sellers But, before you get-set-ready to research, focus more on your priorities and budgets. However, some factors that require consideration include:
- Proximity and location from the rest of the bars
- Peak-point negotiations on costs, revenue, and online advertisements
- Analyzing the square footage and the precise number of customers that can accommodate
- The situation of the bar premises, that includes equipment, furnishing, kitchen, and more.
- The pattern and style of the bar. Whether you desire a cocktail bar or no-frills bar or craft-ale specialist bar.
- Check for standard local competition
Singapore Police Force Public Entertainment & Liquor Licensing Division (PELU) has declared a set of licenses required to run a bar in Singapore. This encompasses:
- Public House License
- Beer License
- 1st - Class liquor license, permits businesses to sell alcohol till midnight
- 2nd - Class Liquor license that grants businesses permission to serve alcohol between morning 6:00 am to 10:00 pm
- Outdoor Beer Stall License
You are able to fetch more details here
Key Tips To Run a Bar
Once you acquire a bar, you will be more focused on reducing and lessening the disruption during the phase of transition towards new ownership. Now that you are familiar with the bar business you can work upon the growth of the businesses. It is advised to listen to the staff and customer’s views that will help you understand the potential areas for improvement.
Besides, working hard on your bar, you should also visit the competing and recommended bars that are in your neighborhood. Who knows that you might get some inspiration from them? You can also think about how to appeal to the masses, increasing the traffic and sales of the businesses.
Another outstanding tip is to develop the current strengths or just completely transform the operation i.e. new menus, a new name, new decoration, or something similar along the lines..
Some additional must-follow tips-
- Don’t think of Personal Taste and Opinion - Target demographic and listen to second and third opinions
- Music does matter! Because it creates the right ambiance and the tone of your business.
- Do not overload the menu!
- Treat customers well with excellent service standards. But before, treat your employees well! Because they would be dealing with the customers directly!
- Do not skip taking Feedback from the customers.
So, if you want to run a bar business then start looking for companies for sale and consider these things more prominently!
Business Takeover is the right platform for all those who are looking to buy and run a bar in Singapore. Reach out to us right now!