Are you thinking about opening your own bar? Owning one of these establishments can be both profitable and fun, but like any business, it does require a good amount of work. You’re not going to be a huge success without putting in many long days, especially in the beginning. If you’ve never opened a business before, you may not know what to expect. Even if you have, operating any establishment that serves food and drink is different from other types of businesses. Here are a few things to keep in mind.
Do Your Homework
Before you move beyond the idea phase, it’s important that you sit down and research what it takes to open a bar. This includes the cost of renting or buying the space, furnishing it, purchasing all the things you need, hiring bartenders, getting the correct licenses, and much more. There’s a lot that goes into creating a new business.
You also have to keep in mind that unless you have a business partner, a lot of the work is going to fall on your shoulders. You’ll have to do more than just run the bar and supervise the staff. If you don’t hire people to handle your finances and do all the marketing, you’ll have to do those tasks too. It can all quickly add up.
Make a Plan
Once you know what you need, it’s time to sit down and create a business plan. This plan should outline your business philosophy, the structure of your business, your goals, and other important aspects of the company. If you’re going into business with others, it will also outline things like who has what responsibility and how the business is split between you.
Do the Paperwork
Registering your business is the next step. This officially establishes your bar as a legitimate business. You’ll be able to set up all of your tax information and other legal documents. Once you’ve done this, you can open a bank account for your company as well. You’ll need to do this before you find a location or start buying wholesale bar supplies.
Find a Location
Finding the right location takes time. You want to look for a space that gets a good amount of traffic and isn’t near a competitor. Once you do find it, you may have to go through a bank to get a loan. You don’t want to rush this process because the right location could make or break you.
Furnish Your New Bar
This part may also require a loan. Once you have the location, you need to purchase all of your supplies. This includes bar stools and tables, of course, but it also involves buying things such as glasses, shakers, napkins, and straws. There are a ton of different things you’ll need to think about purchasing. Make a list of everything you can think of before you start buying so you can create a budget. Remember to buy wholesale because you’ll save a good amount of money, too.