Starting any form of food and beverage business can be difficult, and bars are no exception. Entertainment, friends, good music, celebrations—fun! These are just some of things that come to your mind when you think of owning a bar. However, the reality is quite different—starting a bar is never easy! If you are looking to beat the odds and start a successful bar business, these tips will see you achieve your dreams:
1. Keep a keen eye on bar industry trends
The importance of this cannot be overemphasized; it will help you make informed decisions with suppliers, potential bar vendors and—most importantly—your banker! Use everything at your disposal to strengthen your know-how on bar business.
2. Identify your target customers
It’s surprising that prospective bar owners will always check their driver’s license, but forget about the preferences and tastes of bar customers. Most businesses are faced with a challenge of the ever changing consumers’ preferences, and a bar business is no different. Therefore, to be on the safe side, always know your target customers and what their preferences are before coming up with a bar business.
3. Have a business plan
So, you’ve never been to any business class. Fine! However, since you’ve made up your mind to venture into a bar business, you need to have a sound business plan—it outlines the path that a business intends to take, and thus it greatly increases your chances to succeed. If you have no clue what a business plan is, look for information online and consider getting the help of a professional. Most successful bar businesses had and still have business plans, so you should not afford to miss it.
4. Go to the open market
This means that you start talking to other bar owners about equipment. Chances are that they have idle equipment that they may be selling. And while the decision to go for new or used equipment solely depends on an individual, if you choose to go for the used equipment, you’ll be surprised at the amount you will save. Just weigh your options well as to whether to purchase new or used equipment.
5. Comply with all the licensing requirements
It is a frustrating experience to open a bar only for it to be closed down because you have not met all the licensing requirements. When licensing authorities close your bar business, you may be tempted to think that they are interested in pulling you down. Hell no! It’s their work to ensure that all businesses comply with the licensing requirements, and they’ll always be on your neck if you’ve not complied.
To know what is required of you, contact your county, municipality, and state governments. One regulation that often sinks new bars is a distance regulation from schools, churches, and other bars.
6. Hire good spirits
When you are starting a bar, you may never see the importance of having a good team. You need this team, trust me. You cannot, for instance, hire dishonest people and expect your bar business to thrive. It won’t! If you are to put up a winning team for your bar business, then you need to stay on top of bar business average wages, employment trends, and other market trends.
Starting a bar is not easy, especially when you’ve never owned one before. The above are some tips for starting a bar. Make use of these tips, and rest assured that you’ll start a successful bar business.