Bar Business Plans - Not Just For Investors
Your bar business plan is, of course, a key document that investors and lenders alike
need to examine to consider providing you with capital for your new bar. However, don't overlook this document's importance as the means for you to think through all of the elements of opening your bar and avoid missing key steps. In the process of creating the business plan for investors, you are improving your chances of successfully launching, finding customers, and managing the bar.Customers + Need + Service = Opportunity
In your mind you may be clear that you have spotted an excellent opportunity for a new bar. However, until you test yourself by explaining the opportunity on paper, you may miss key aspects. Consider that you are fulfilling the equation given above. First, find real evidence that there are potential customers who have a clear need for your bar. Real evidence includes statistics, surveys, and other sources of quantifiable data. Next, show that the specifically designed services of your bar will serve the customer needs better than competitors so that they will have clear reasons to frequent your bar.
Timing the Steps
You may be clear on all of the steps you have to take to open your bar. To know if you can successfully execute them in the order that you must can be determined by preparing the timeline for your business plan. By looking carefully at the order of the steps you must take, their expected time, and the wiggle room that you should allow for each task, you can plot the launch tasks to accurately determine when you can open. This exercise will give you a schedule against which you can check your progress throughout the pre-launch phase and beyond.
Knowing the Costs
Planning out the start up and operating costs of the bar through creating the financial section of the business plan forces you to do the legwork of establishing contacts with vendors and contractors early on. As long as you document the research you undergo and are careful in your comparisons and calculations, this will save you valuable time later on.
Knowing the real cost involved also saves you from making mistakes in how much money you raise and how much of a stake in the company you give away. If you raise too much money you may be taking on unneeded interest payments or losing equity that you could have kept for yourself. It is more likely to raise too little, however, in which case you can be forced to take on more debt at higher rates, give away even more stake in the company, or find yourself without the means to cover the shortfalls when the time comes.
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