Business Overview:

If you’ve often tossed around the idea of owning a thriving bar and think it’s for you, now might be the time to learn more about how to open a bar of your own. Opening a bar can be a fun and lucrative business idea, especially if you’re serious about it, you have a solid bar business plan, and you heed the advice of others who have succeeded in the field. It’s important to keep in mind that starting a bar comes with heavy responsibility—to your business, to your customers, to your local neighborhood, and to the law—so it’s important that you pay careful attention when learning the ins and outs of how to start a bar. You’ll first want to secure the financial end of this business, knowing that a bar business requires an investment of at least $25,000. Then you’ll want to ensure you’re set with the legalities—a business license, permits, and insurance, not to mention a liquor license. After that nitty gritty is taken care of, you can focus on the more enjoyable aspects of opening a bar, like choosing a location and a name. You’ll also want to determine the type of bar you want to open, for example a nightclub or a pub or just a local watering hole. Finally, you will want to interview and hire your bar staff and decide how you’ll market your bar to attract the most—and most returning—customers. With some effort and sound business sense, your bar business will be off to a toast-worthy start!

A Day in the Life of a Bar Business Owner:

This article brought to you by Business Ideas! If you enjoyed this article, make sure to subscribe to the Business Ideas Newsletter to get ideas sent straight to your email inbox.Your days (and often nights) as a bar owner will be busy, but you can temper your work by hiring a competent and trustworthy staff to work for you. Beyond the bartenders’ and other employees’ responsibilities, you will still want to keep a close eye on your business, especially your finances. In a business like this, where cash is king and tips are part of your employees’ expectations, you need to account for your daily inventory and revenue if you want to succeed. While you want employees to make money and customers to be happy, you will always want to keep your eye on the bottom line. You also will spend a good part of your days ordering from suppliers, ensuring your bar is clean, keeping up with staff concerns, and maintaining your permits. Finally, you will want to find new and ever-enticing ways to draw crowds to your bar and remember, too, to enjoy yourself and your business every now and again.

About Your Customers:

Your customers will be interested in having a drink, mingling with others, watching sports, or just enjoying a night out at a bar. Depending on the type of bar you open, you will either have many regular customers or an ever-changing crowd of partiers. No matter, you will want to ensure every customer of your bar enjoys himself, feels perfectly safe to enjoy herself, and is treated well by every member of your staff. With these in place, you will likely find yourself with many repeat customers.

What You Need to Start:

• Startup capital of at least $25,000
• A business license, permit, insurance, and liquor license
• Bar location
• Catchy name for your business
• Inventory
• Staff
• A marketing plan
• Financial-tracking software

The Good:

• This business can be extraordinarily exciting and you may find you never have the same day at work twice.
• You can stand to make a lot of money as a bar owner.
• You can bring a valuable small business to your neighborhood.
• You might decide to open another bar if you find success in the business.
• The bar business is a stable one, no matter the economy.

The Bad:

• Bars have a history of quick turnovers.
• You have to be serious about starting a business like this, especially considering the startup investment and the potential for long days.

Resources:

• National Bar and Restaurant Management Association
• Bar Owners Association
• Bureau of Labor Statistics on Food and Beverage Serving and Related Workers
• Wikipedia on Bars

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