Pros:
1. Unique atmosphere – A speakeasy bar business offers customers something unique that is hard to find in any other establishment. The private, intimate setting, coupled with classic cocktails, creates an alluring experience that patrons will appreciate.
2. Potential for high profits – Speakeasy bars often charge higher prices than regular bars and can attract a more affluent crowd. As such, the potential for high profit margins is definitely there.
3. Low overhead costs – Many speakeasy bar businesses are run on shoestring budgets with minimal upfront costs. This makes it easier to get started and stay profitable in the long run.
Cons:
1. Limited customer base – While speakeasy bars can be popular, they often attract a niche crowd rather than a more general one. This means that the customer base is usually much smaller than what you’d find at traditional bars and restaurants.
2. Difficult to acquire permits – Depending on where you’re located, it can be difficult (and expensive) to acquire the necessary permits and licenses to legally operate a speakeasy bar.
3. High competition – There are many successful speakeasy bars out there, so the competition is quite high. This means that you’ll need to work hard to differentiate your business and stand out from the crowd.