Buy an existing bar and turn it into an irish pub

The bar's existing regulars plus new customers drawn by pub nights, whiskey tastings, trivia, live music and holiday events.

Drinks and food sales, with events and private bookings on top. Starting with a trading bar can mean quicker income than a new build, but you also inherit its reputation and costs.

• Hospitality and customer service
• Reading basic financial statements
• Managing and retaining staff
• Negotiating a purchase and lease

• Liquor licenses may not transfer automatically, and approval timelines and rules vary by state and city, so check before signing anything
• Hidden liabilities such as unpaid taxes, past license violations or equipment in poor condition
• Sellers' sales figures may be overstated, so verify them against tax returns and bank records
• Liquor liability insurance, health permits for food and fire or occupancy limits
• Existing regulars may dislike big changes, so plan the rebrand in stages

Startup costs are typically around $80,000 to $350,000, depending on the bar's price, its condition and how much you refresh. Check the purchase and lease terms carefully, and negotiate before signing anything.

Monthly revenue is typically estimated around $25,000 to $100,000, depending on the bar's existing regulars, location, menu and events. Sellers' figures may be overstated, so verify them against tax returns and bank records.

Check whether the liquor license transfers, since approval timelines and rules vary by state and city. Also check for hidden liabilities such as unpaid taxes or past violations, plus liquor liability insurance, health permits and fire or occupancy limits.