Bar Competitive Analysis
Your competitors are divided into two categories. Direct competitors serve the same target market for the same need. Indirect competitors differ from you in either target market or specific need. For example, another bar around the corner would be a direct competitor while a liquor stores is an indirect competitor.
In your business plan , detail direct competitors individually, focusing on what makes your bar different. Group your indirect competitors together and mention them as a whole.
There are multiple ways to differentiate your bar from competition. For one, you could decide to open a specialty bar and focus on certain types of drinks (e.g, wine, gin, beer, whiskey, etc.). Service also makes a huge difference in attracting crowds; offering something unique like an ‘unlimited refills night’ or being generous with free bar nibbles could help you build a loyal customer base. You could also consider hosting entertainment nights with live music, stand-up comedy, karaoke etc. to keep the audience entertained.
Stocking an exclusive collection of alcohol from around the world is also one way to stand out in the market.