How to Make Money Opening a Bar
Opening a bar could be a funny way to make money offline, but it is very tough : you have to think very well about this project before starting to move and you must be prepared to work hard in this business if you want to succeed.
You will need patience, motivation, money to invest at beginning, experience managing a bar and if the location choosen require it, you will need a liquor license.
Also remember that on average 90% of restaurants and bars fail in their first year. Of those who survive, 90% fail in their second year.
But if you win, the fact of own a successfully bar can be very rewarding.
In this article you will find the steps involved in opening a bar and the tips in order to succeed.
1 . Visit some successful bars in your area
Buy a drink in each one and take notes on what you like and what you don’t like. Take a look also at the busy time and then come back later at a quiet time. Familiarise with the laws, regulations and other requirements in the area where you wish to open your bar.
2. The theme in your bar
This is probably the most important decision you have to take. To help your choosing, consider that people tend to visit bars close to where they live and take a look to the competition in your area. Start to think about the menu : depending on what you will offer you might have food, drinks and cocktail menus.
3. Your business plan
You have to consider the amount of money you want to invest, with relation to the location, theme and future income statement. You should also need an accountant and interior design or architect. Your business plan is also used to request finance ( if you do not have enough money) from banks or investors for your new business, so be sure to arrange everything.
4. Decide the location
Before select the location for you bar, consider your potential client in the area and make sure you understand the competition in that area. Also, think about the trends and consider the more people in the area, the more clients you could attract. Be careful to choose your location in residential areas, because of the noise, there could be some restrictions on operating for certain hours. Finally, look for vacant premises, for rent or sale, that can be suitable for your bar.
5. Select and purchase furniture
Tables, chairs, couches, bar stools : if you need some help hire an interior design. Your furniture should of course fit with your choosen theme. Think also about audio, lighting and all the other electronices for you bar. Set also computer systems for sales, orders, stock level and payments like salaries and purchasing stock.
You should apply for all the licences that you need in your bar : you will have to get a permit to serve food, a permit to serve alcohol, and all your employees will need food handling permits.
7. Bar staff
This includes bartenders, floor staff, security and d.j. It is very important to hire experienced people, go to personnel agencies if necessary. Consider that the amount of employees you will need depend on the size of your bar. Create your working procedures that the staff has to follow, as bartender service standards or outfits depending on your bar theme.
Bands, dj’s or any other entertainment you can offer to your clients.
9. Opening of your bar
You may choose to make a VIP opening, also for media and celebrities and why not, to your suppliers. Or you can directly organize the public opening party and that’s all !
It is now time to make money and have fun with your new business !!!