Opening up your own bar is a unique business experience, not least because you’ll be enjoying that late night vibe with your customers every night, and there is nothing more interesting and exciting than being in the middle of all of the action. However, a limited amount of bars make it through the first few years of business, and you really need to make sure that you’ve come up with the right business ideas if you want to make it through this tough period. We’ve put together some simple tips, for those looking to make their mark in this sector of the hospitality industry!
Make A Business Plan
Every good business starts with a detailed plan, and this is no different when you start up a bar. Though you’ll go through a lot of changes in the first few years that you’re open (when you learn new things about how your establishment should function) you need to have a good basis if you’re going to get this right. You should be deciding what products and services you’re going to provide, what your financial projections are, and how you’re going to run in general as a business, so think all of these things through before you get the ball rolling. Without any prior planning, you could end up with a failed business!
Think About What Makes You Unique
A key part of owning a bar is thinking about what sets you apart from the competition, and this is of increasing importance in the hospitality industry. You need to get a reputation for yourself as a business that pushes the boundaries of convention, so think about what you can do to really ensure that you stick in people’s minds. Perhaps you want to maintain a decor theme throughout your bar and use this as your selling point, or you’re going to offer a range of drinks that people can’t get elsewhere. Whatever it is that you’re going to do, make sure that it’s unique, and it will help your brand to grow in popularity.
Choose A Popular Location
When it comes to bars, a lot of people are likely to frequent those that are in trendy areas, where they also have a few other options that they can choose from if they want to go out. Look into the locations in big cities that are up and coming, and think about opening your bar where the rents aren’t too high, but you can grow a big enough customer base that you can continue to pay it even if it increases. If you’re going to be successful, you really need to pick your location wisely – and it will depend upon the type of bar that you’re opening – so look into the best options before you sign any rental contracts!
Sort Out Legal Issues
As with any business, you need to sort out the legal side of your bar before you can get it off the ground. In some countries, you will need a license to sell alcohol, so you need to get this sorted, and you may also need to get approval from the relevant authorities to open this kind of business. On top of this, you should sort out the health and safety side of your bar, so that you don’t have to face any issues here (these injury attorneys can explain) and there is a range of different standards that you need to attain in order to meet the regulations. You also need to register as a business, too!
Find A Great Team
Although offices obviously need to be full of great employees, this becomes of primary importance if you’re opening a bar. Your bartenders will be greeting your customers, and their presence will create a real vibe for your business, so you need to make sure that they are positive, hardworking, and happy to have a laugh and joke with your customers. Bar work requires a specific type of disposition, so be aware of this when you’re conducting interviews with potential staff members, as you should be looking for more outgoing types. Ask the right questions, and get the right team on board!
Think About Your Finances
Again, finances are something that any business needs to consider, and this is the same when it comes to opening up a bar. You have a whole lot of stock that you need to get in – and the more expensive spirits can put you out quite a lot – and you also need to pay out for all of the decor, and the other costs of starting a business. Whilst you may have some cash saved up, you need to make sure that you’ve got everything covered, and you may want to look into getting a loan to ensure that this is the case. Whatever you decide to do, make sure that you’ve planned it out thoroughly so that you’re not in the red.
Decide What Type of Bar You Will Open
OK, so you know that you want to open up a bar, but do you know what your target market is, and what kind of bar it will be? Your passions will come into this, and your prior experience in business or hospitality, but this should also be based on something that you’re pretty passionate about. For example, do you want to open up an affordable sports bar for students, or are you more interested in high-end nightlife for those who are older (and probably have a little bit more cash)? Deciding what your ideal market is, and what your bar is going to be like, will be key to your ongoing success.
So, if you’re thinking of opening up your own bar, why not follow these simple tips? Choose a location, a decor theme, and what type of bar you’re going to open, and sort out all of the practical and legal stuff, and you’ll soon be on the road to having a successful bar. Good luck, and have fun with your new business endeavor!
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