Before you launch into opening your own bar, there are many things to consider, and this article will help you determine some of those critical factors.
The first thing to consider is what kind of bar you are going to open. As someone brand new to bars, it is strongly recommended by us, and most other experts, that you consider either purchasing a franchise or an existing operation that is for sale.
There are several reasons for this, including lower capital requirement, with a better chance of funding, lower risk, higher chance of success, and in the case of an existing restaurant, you get immediate cash flow, and often a fully trained staff and loyal customers.
Clearly, many people who dream of owning a bar don’t dream of owning someone else’s place, or a franchise, but the chances of being successful, and the best way to learn how to operate a profitable and successful bar and restaurant is to do it in one that has a lot of the details worked out already, and which is already proven to be successful.
You wouldn’t want to learn to fly in a 747, or to drive in an Indy car, right? And once you have one bar under your belt, the second one will be much, much easier, including getting the money for it.
If you already have extensive experience managing a bar or bartending, similar in concept to the one you want to own, and you have the resources to start one from scratch, then by all means go for it. Notice we said managing! Being a waiter or a chef or a hostess are all tough jobs, but don’t especially qualify you to take over the whole show.
If you are sure you want to start your own bar from scratch, then even more than in any other situation you need a very solid business plan and financial projections to allow you to raise the money to get it started. The cost of opening a bar will run anywhere from $50,000 to over $1 million depending on where it is located and how big and lavish you want to make it.
Now matter what your goals are, you can accomplish them, you just have to have the right tools and the right attitude, and then you have to actually get started!
The ultimate guide to creating a “guaranteed to get funded" plan for Starting a Bar quickly and easily was created by the author, former restaurant owner, owner of the Starting a Restaurant website and full time startup business consultant Matt Remuzzi, also owner of the website CapForge.com, one of the top web hubs for information on starting a business