Bit of a side topic for a stock forum but perhaps someone on here has experience owning/running a bar.
Basically I am helping out a family member, they are running their figures on a bar they are looking to open and I am planning devils advocate and running separate figures.
Just wondering if anyone out there has industry average figures/knowledge for:
1. Sales per square metre
2. Avg Gross and Net profit margins
I have run my figures but the sales PSM to make a decent profit seems way too high to me approx $9,500 psm, which equates to an avg of 440 patrons a day drinking on avg 2.5 drinks at an average price of $3.75
Any help will be appreciated
P.S. the family member who is looking at this will get all the proper account/legal/consultants in at a later stage. This is very much a broad brush approach to see if a "small bar" does stack up
Edit: Just noticed a spelling mistake in heading - Every should be ever - perhaps a mod can change it?