Take over an existing lounge bar

The venue's existing regulars and local crowd, plus new customers you attract with a refreshed menu, events and service.

Drink and food sales, with bookings and events. Starting with trading history and a fitted-out space can mean faster income than a new build.

• Customer service and hosting
• Reading financial statements
• Managing and retaining staff
• Negotiating a lease or sale

• Check whether the liquor licence transfers to you or needs a new application, and what conditions apply, as this varies by state
• Check the lease length, rent reviews and any exit conditions before paying for goodwill
• Ask about existing staff entitlements, awards and any unpaid liabilities that may come with the business
• Verify the books independently, as past takings may not continue under new owners
• Insurance, food business registration and music licensing may need to be set up in your name

Startup costs are typically around $80,000 to $400,000, depending on the price of the business, any goodwill, the lease terms and the condition of the fit-out and equipment. Check the lease before paying for goodwill.

Monthly revenue is typically around $40,000 to $150,000, depending on the venue, its regulars and your menu and events. Past takings may not continue under new owners, so verify the books independently.

Check whether the liquor licence transfers or needs a new application, as this varies by state. Also check lease length and rent reviews, existing staff entitlements and unpaid liabilities, and set up insurance, food registration and music licensing.