Editor’s Note: After becoming the first EXPO speaker to generate a “group hug” amongst convention attendees, Chris Lenahan of ExcellentBars.com and the author of “The Little Black Bar Book: A comprehensive guide to starting, owning and operating your own bar or nightclub” returns to EXPO to provide another one-hour seminar. Here, Lenahan provides a glimpse into his “Overlooked Revenue Streams” seminar, including specific areas that he will address.
Revenue streams are key components to any business. Many times, these are overlooked; or in some cases, many viable revenue generation sources are completely ignored. Revenue steams may require additional staffing or retraining of existing staff to capture and increase revenues. In most cases, simple training of existing staff can be the answer alone; but thinking outside the box to maximize these revenue sources is a task for the operator to implement.
Operator complacency is the single most damaging vice to any service-based business. The fact that venues will look at a possible revenue stream only to reply, “But we have been doing it this way forever!” I get so frustrated when I hear this, just because you do it this way, does not mean that this is the only or correct way.
Things that you will need to do to manipulate these revenue streams to work for your venue may be as reorganizing paperwork, permits, training staff or even enforcing or implementing policy changes. Once in place they will pay dividends for the long haul. Setting up and dialing in these revenue streams to work with your particular business model will take some thought, planning, and even a little trial and error.
Here are some areas of overlooked revenue streams that I will be discussing at EXPO 2013:
• Bottle sales of wine, liquor and champagne
• Liquor/beer/wine/energy drink vendors sponsorship/partnership
• A “sliding” cover charge
• VIP table sales
• VIP cards
• Gaming/social gaming
• Cigar bar
• Concerts/Special guest DJs/comedy shows
• Bar crawls
• Dating/single events
• Venue rental events
• Corporate/private parties
• Advertising revenue/digital signage
• Cashless Payment System
• Gift cards/discount cards
• COGs (cost of goods)
Keep in mind that you should never stop looking to maximize your sources of revenue while minimizing your COGs. It will only make you and your business that much more viable. So remember to keep your head up and eyes open to all revenue stream opportunities and most important, stay “above the bar.”
Register for EXPO 2013 at www.EDpublications.com, or by calling (727) 726-3592.