It’s safe to say that most people believe that they would be successful in establishing and running a bar; however, doing so isn’t just one big party, as a lot of people expect. Instead, establishing a bar is serious business, and it’s in no way without its challenges. As a result, if someone wants to be successful in the establishment and running of a bar, there are a number of steps that must be followed. Unfortunately, the hospitality sector has taken a hit due to the COVID-19 pandemic and then the cost-of-living crisis. As a result, many people aren’t as keen to enter the market; however, when carried out effectively, businesses can thrive in even the most challenging of climates.
Carry Out Market Research
Regardless of the industry you’re looking to enter, market research is essential. After all, you need to be familiar with what’s out there to understand whether your idea is needed. The bar market is a saturated one, meaning you can’t simply open a mundane bar. You need an idea that sets your bar apart from what’s already out there. Similarly, you’ll need to establish a target market, including age range and occupation. These aspects will make it easier for you to come up with a suitable theme later down the line.
Think of a Theme
As previously mentioned, a mundane bar simply isn’t going to cut it. This means that you need a solid theme and the décor to go with said theme. For instance, cabochon lighting gives a retro feel, which might be best placed in a bar that’s dedicated to a specific era. Other popular bar themes include island life, the prohibition era, magic, and more. Just consider your individual interests, what the market is lacking, and various other aspects to decide which would be best suited to the location. This way, you’ll be able to come up with something unique and exciting.
Compose a Business Plan
It’s impossible to establish and run a successful business without a business plan, meaning it’s of vital importance to compose a proper business plan at this stage. The purpose of a business plan is to bring all ideas together in a succinct manner, and this will place great emphasis on the atmosphere you’d like to create. After all, a bar’s theme is central to its success, meaning this needs to be properly thought out and described. In addition to this, the structure of your business is also an important object of consideration, as this will determine how your business is legally registered.
Think About Expenses
Don’t consider opening a bar without a starting budget of at least $20,000. After all, you’re going to need to cover the cost of rent, stock, your liquor license, insurance, and many other fees. These fees will vary from establishment to establishment; for instance, if you’re intending to sell food, the cost of stock, electricity to cook, and kitchen staff will all also have to be factored in. There’s no one size fits all solution when it comes to expenses; instead, you’ll have to carry out a thorough analysis of your individual circumstances.
Spread the Word
Naturally, for your bar to survive, you need customers to frequent the premises regularly. This means spreading the word is of great importance. Your target audience will determine which mode of marketing you opt for. For instance, digital marketing methods are more likely to reach younger audiences (e.g., social media). On the other hand, traditional marketing methods are more likely to be seen by older audiences (e.g., magazines). It’s all about getting people excited about your upcoming business venture.