How To Start A Bar Business
To start a bar business you have to think hard about the management team
, write a compelling business plan, and find the required funding.Management Team
Who will be the management of your bar from its planning and launch phase to its regular operations? If you do not have all of the needed skills or experience, consider whether you can hire such a manager and if you may need to make him or her a partner in the business as enticement. While management can, eventually, be learned on the job, if you need outside investment to make your bar a reality, investors will be unlikely to bet their money on untried leaders.
Business Plan
The plan is the formal blueprint describing who the bar will serve, what it will offer, where it will operate, when it will open, how it will deliver its services to customers, and why it is an exciting opportunity for an investor to be a part of. Plans come in a range of lengths, but generally do not have to be longer than 25 pages to make the case. Longer plans can go into further detail, but this is probably unnecessary to make the case for a proven business like a bar.
Funding
Opening your bar may cost hundreds of thousands of dollars all told to cover the start up costs to create the bar, buying the beginning inventory, spreading the word to the community, and covering your cash shortfalls until you the business is profitable. Start with your own resources, as most investors want to know that the founder is personally invested in the company. Consider friends and family who might invest. Then consider bank loans or angel investors. Banks are generally able to offer business loans when there are assets in the business that can act as collateral and be seized in the case of default. A bar and its inventory and equipment meets this requirement. Angel investors are individuals who make investments in many businesses, with each investment ranging from thousands of dollars up to two million dollars depending on the angel.
Conclusion
Opening a bar takes a set of skills very separate from those required to operate the a bar. Make sure you take care to assemble the right team, write a good plan, and get the funding you need to launch.
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