Opening a bar, restaurant, or nightclub can be an exciting thought. Just think, being self- employed would be great, wouldn't it? These types of industries are exciting to many people and for most people, they feel they anyone can do it. I mean, what's the big deal? Right? What most people don't realize is how much you need to know before tackling such an adventure. Don't be a know it all and lose your savings, your house, or your retirement. Doing anything in life requires the education, and experience. It doesn't matter the industry. Just look at the job you do now. You couldn't do that job, and do it well, without the training and experience that you currently have. Chances are, that someone walking off the street couldn't do your job. Right?
So why is it that most people think they can get into the bar, restaurant, and nightclub industries without this same training and experience? I am here to tell you that you do need this. When you walk into any of these venue's it may all seem like it is so easy. There is much more that goes on behind the scenes that you realize.
Do yourself a favor and don't be a know it all. There are many considerations to take into account before you make this leap of faith. Please learn as much as you can. Talk to people already in business and ask advice. Read as much on the subject as you can, and then read again.
Do you know how many square feet of space you need for your new venture? Is the parking lot big enough? And should you buy or lease a space? Should I Incorporate? Should I Incorporate under a Sub Chapter S or an LLC? Do you know how and what to order from commercial food service companies? Do you have enough capital to keep you going for at least a year? Have you looked at the demographics for your area? Is there a need for what you want to open? Why are customers going to come to you and not your competition? What is going to make people to want to come to you? How are you going to be different from everyone else? What is insurance going to cost? Do you have any knowledge of commercial equipment? How much money does it cost for a liquor license and what are the restrictions?
These are just a few questions in the grand scheme of things. There are many, many more. It would be sad to see you lose all that you have. Educate yourself. Ask questions and learn. The best way is to work in the industry of your choice and see first hand the trials and tribulations of the business. Make a successful start, and you will make a successful business.