If you are an aspiring entrepreneur and a social person who enjoys meeting new people, then opening your own bar may be the perfect business choice for you. It can be a very rewarding experience as it gives you the chance to expand your connections, both for business and pleasure, while making good profits along the way.
However, opening and establishing a business like this can be a daunting task that requires careful planning ahead of time. There are so many things you need to consider, from choosing a bar concept to obtaining liquor licenses and hiring the best staff, all of which are essential for success.
To make things easier for you, we have written the ultimate checklist covering the process of starting your own bar and fulfilling your lifelong dream.
Write a business plan
As is the case with other businesses, you need to write a solid bar business plan first if you want your bar to succeed. This plan will serve as your guide and it will outline the main vision for your bar, elaborating on how you will go about accomplishing it.
In the plan, you will need to include several important elements such as an executive summary, company description, marketing, financial plans, and your short and long-term goals. You can refer back to it as often as you like and change it up as your plans pivot.
Choose an appropriate location
If you want your bar to succeed, you need to find an appropriate location. To do this, you should first think about what type of customers you want to serve. If you are targeting students, then choosing a location near a university or college may be the best option for you. But, if you are targeting blue-collar employees, then you should look for a place that is located in the business part of your city.
If finding the right location seems difficult for you, consider hiring a local real estate agent to assist you along the way. They can pinpoint any locations that seem appropriate for you depending on your preferences and budget.
Design the menu
Probably the most exciting part of the process of opening a bar is designing the menu. This is where you need to put a lot of thought and effort in order to create various tasty drinks that will make you stand out from other similar establishments. The more unique your menu is, the more attraction you will get from various customers, resulting in more profit.
Start by determining who your clients are and what they usually order. For instance, if they are businessmen who like cocktails, make sure you include a mix of cocktails with interesting combinations that no other bar offers them. Also, don’t forget to give the drinks unique names to make them more appealing.
Register your business
In order to open your bar and operate legally, you need to register it first. Depending on the area you live in, there are certain conditions and requirements you need to fulfill in advance in order to launch your business.
Besides selecting the right kind of business structure and obtaining an Employee Identification Number (EIN) for tax filing purposes, you should also obtain all necessary permits and licenses to open your bar. Some of the most important licenses required include a liquor license, and a food service license if you plan on serving food at the bar from the Alcohol and Tobacco Tax and Trade Bureau (TTB).
Spread the word
After completing all necessary tasks to open your bar, then your last step is to start advertising and spreading the word that there is a new bar in town. One of the best tools which allow you to promote your establishment the right way and lure in prospective customers is social media.
There are many social media platforms you can use such as Instagram, Facebook, and Twitter, where you can post engaging content with creative captions to attract as many customers as you can. You can also use these platforms to create events and offer promotions which will certainly help you reach a wider base.
It is no secret that opening a bar can be both exciting and daunting at the same time. There are many things you need to consider so it is important that you put a lot of thought, effort, and dedication into it to fulfill your lifelong dream. With a solid plan in place, you will be running your very own bar in no time.