Over the next 10 weeks I want to share some basic tax tips that can be used for year end planning or thinking about your taxes for next year. Review All Articles in This Series: Tax rate planning comes into play in two primary situations.
Building the menu and drink specials for a happy hour calls for some creativity, so take your time and try to enjoy the process.
Research happy hours in bars and restaurants in your local area. Find out what drink specials they offer, how much the price discount on happy hour specials is and any other distinguishing characteristics.
Especially in larger cities, many upscale establishments offer happy hours with both food and drink specials. Decide when you want your bar or restaurant to host a happy hour. Many bars choose to host a happy hour during down periods when the business would like to attract more customers.
You might also decide to time your happy hour to coincide with local events, such as sports competitions.
Often, happy hours can last for two or three hours. Decide what specials to offer during your happy hour. You can still make money while attracting customers with special food and drink prices by discounting items that have a high profit margin.
You can further distinguish your happy hour by creating cocktail specials that are only served during happy hour. Create a menu or display signs that advertise your happy hour times and specials to your patrons.
You could put display cards on holders at each table or write happy hour specials and times on a menu specials chalkboard to further advertise to your customers.
Many websites and local directories have happy hour lists that your bar can be listed in. Radio advertising can reach a large local audience without being cost prohibitive. Social marketing through Facebook, similar online media or through word of mouth can also help promote your happy hour through non-traditional channels.
Maximize the profits earned during happy hours by tracking the profit margin per item at your bar. Add the number of each special item, both food and drinks, ordered during happy hour. Multiply the number of orders for each special by the profit margin per sale. You can reduce the price of low-selling specials to encourage sales, or you can raise the price of better selling items to try and reap additional profits from sales.
Track sales for each happy hour period to obtain the most complete data for your pricing decisions.
Tip You can distinguish your happy hour in many ways other than menu choices and drink discounts. Live music, trivia contests, karaoke and other special events can all attract customers to your bar or restaurant. This means your bar would lose money on each sale of that item.The number one question for real estate accountants after “should I incorporate” is “can I move my properties to my company from my personal name?” Moving your personally owned rentals is not a “moving job” that should be undertaken without a great deal of thinking ahead and planning.
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