Feeling like wanting to be an entrepreneur? Before anything else, it is important to know the ins and outs of the business you want to try opening. A bar business, for instance, can only be successful if you do all the necessary steps in making it into a bar that people would love and visit frequently. Get your commercial bar blender ready and let the creative juices flow as you open your dream business. Here is a guide you might want to follow:
The Planning Stage
One of the things you should do first is to recognise the current situation of your chosen business. Look at the competition and find out how you can start your own despite having them around. Factor in what kind of bar you are going to open and how many alcohol choices you want to start with. The competition may be tough, but by knowing what you are doing, your chances of earning are high.
Having some sort of financial strategy will up your game. Know what to expect like sudden price hikes or emergencies that will cost you more. Also, what are your financial goals? Do you expect to breakeven in three to five years or are you hoping that you are already earning by that time? Think about your savings and other ways to keep your finances on track.
Hiring your first employees can be tricky. You need to know how many staff you need. This is when the business plan comes in. You also need a good bookkeeper so everything is properly documented.
Other factors you should think of are the food and beverages. People love food and drinks so this part of your business can make your clients go back for more or have them running away. That is why you should be careful when choosing your menu.
Decide on a good location. You want a place where there is a lot of foot traffic. It should be accessible so people do not have to through all the trouble. Another thing that will play a huge factor in this is how much you need to pay for the space. If it is worth it, then grab it.
What Kind of Bar Do You Want to Open?
There are several kinds of bars, and knowing each kind will help you determine which you will open.
- A neighbourhood bar is the type of place that people frequent. If you are going to man this kind of bar, you will know several people in the long run.
- The second one is a sports bar, which usually serves burgers, pizza, appetisers, and sandwiches. There is always a big TV in sports bars because the people going there are after watching their favorite games while drinking beer.
- A brewpub or a beer bar is where you can brew your beer. This is usually called a microbrew.
- The last one is a specialty bar, which as its name says, ‘specialises in one drink or offering’ like a cigar bar that houses a lot of cigars.
There are many things to consider when opening a bar. Have a specific mindset so you know the journey you are taking. You can also ask for help from investors or mentors so that you have an idea on how to open such business. This is a long process of preparation but be persistent and determined to open the business of your dreams.