Owning a catering company is a huge accomplishment on its own. But, if you have a passion for good food and drink, as well as business growth, you might always be on the hunt for ways to expand your horizons. One of the best options that could fit seamlessly into your existing company is an event bartending business.
Incorporating a bartending service into an existing catering business is a great way to attract new clients, expand your events, and increase your profit margins.
But, it takes a bit more than simply buying a few bottles of wine and liquor to get started. If you want to start an event bartending business the right way while using your catering company’s name as a way to promote it, there are a few key steps that will lead you toward success.
Legal steps
Before you start making changes to your business or marketing your bartending services, it’s essential to make sure everything is legal and take the appropriate steps to set up your bartending business. State laws vary, so start by checking your state’s department of alcoholic beverage control (DABC). You and your staff might be required to obtain a bartending license in order to make and serve drinks, and your business will likely have to obtain a liquor license.
In addition to the right licenses, you’ll also want to ensure your bartending business is insured. Bartender insurance is different from the business insurance you might already have. It’s designed to protect bartenders from specific incidents often associated with alcohol, including auto accidents that might occur if someone leaves an event where your business was serving drinks.
Funding your business
If your catering business is already successful enough that you can fund a bartending venture on your own, funding is something you don’t have to stress about. But, before you take the plunge, make sure you have a full understanding of your business's financial reports, including:
- Income statements
- Balance sheets
- Statements of cash flow
- Management reports
- Budget variance reports
Understanding your business’s finances will make you feel more secure about the funds you can put into branching out, and it will also make you fully aware of what your new business should bring in each month so you can make a profit.
Expand your offerings
Once you have everything in place to get your bartending business up and running, make sure your staff is fully on board. Train your existing staff to become cocktail experts. They need to know traditional bar lingo, basic liquors, mixers, and equipment. They also need to know how to make classic cocktails people expect from a quality bar, as well as any signature drinks you want to use to stand out.
Consider stepping outside of the box with some of your offerings, especially if you’re trying to get your new business noticed.
Signature cocktails that are unique, original, and great tasting will not only get your company’s name out there faster, but if there is some entertainment value in what you’re serving, you’re likely to get hired at more events. Don’t be afraid to have fun with your cocktails and let your bartenders get creative.
Market your business
As a current business owner, you likely already have some kind of marketing strategy in place. If you’ve been around for a while, you might get a lot of your clients from word-of-mouth advertising. Or maybe you’ve become close with different wedding venues or event centers in your community.
When you’re branching out into a new area of service, however, building a marketing plan to promote it is necessary. Start by connecting with those same people you already have an established rapport with, including businesses, event centers, and past clients. Send out emails, fliers, and potentially a press release about your new venture.
You can also use this opportunity to try a new marketing approach, or to completely revamp the look and feel of your existing business as you move forward. Consider who your ideal client will be now that you’re planning on serving alcohol and consider that client to be your target audience as you change marketing strategies. Where are you likely to reach your ideal customer? You might consider branching out on social media, especially if you’re targeting people interested in weddings or parties.
Starting an event bartending business within your catering company makes a lot of sense if you have the market for it. While it can feel like a big undertaking, you’re also likely to have a lot of fun and grow your brand name while you’re at it.
