Opening a bar is a lucrative business opportunity if you get it right. Let’s face it, the demand for places to drink alcohol is never going to diminish. Even with the market as it is there is always room for more. The only problem you might have is opening the bar in the first place. Although it looks simple, it is far from simple when you delve deeper. If you are interested in opening a bar but don’t know how to get started, here are a few of the basics.
1. Create a Business Plan
The first thing to do is to create a business plan. It doesn’t matter what kind of business you plan on opening because a plan is still vital. In this case, your plan should take into account your liquidity or the amount of money you have before you go bankrupt. Also, you will need to figure out how much all of the expenses will cost in the long-term. Remember that you have to factor in the cost of the licenses and premises as well as the inventory. Finally, factor in the cost of insurance. Bars have a tendency to cause accidents, and you will need a safety net.
2. Get a Liquor License
You can’t open a bar without a liquor license. The fact is that you will need to sell beer to make a living. And, without a license, you can’t legally trade any alcohol on the premises. A license should be easy enough to obtain as long as you go through the correct channels. All you have to do is search the Internet for the contact details and get in touch. They will ask you questions like ‘is your business new or is it an existing business?’ And ‘what type of alcohol do you intend to serve?’ Answer the questions honestly and thoroughly.
3. Find a Location
Your bar needs to be in a central location to take advantage of the vibrant nightlife. If it is too far out of the way, no one will bother drinking there. Bearing that in mind, you need to hire or buy premises that are easy slap bang in the center of town. That way, your bar should buzz with customers on a regular basis, whether it is Saturday night or Wednesday night. The main thing to worry about is the price. You will have to pay more for a central location, so factor it into your budget.
4. Follow the Law
Once you open the bar, you want to serve as many customers as possible. But, in your haste, don’t serve customers that are underage. If you do, you could find yourself out of business very quickly. Always get the bar staff to ask for I.D if they don’t look old enough, or invest in ID age verification. Instead of leaving it gut instinct, the verification software will tell you whether they are for real or are trying to pull a fast one.
5. Get Creative
The first couple of months might go well, but you have to keep it alive for the foreseeable future. The key is to book bands and entertainment that people want to see. Then, they will flock to the bar in their droves. Another good tip is to reduce the price of alcohol.
There is nothing better than cheap beer!