Planning To Put Up A Bar Soon

Putting up a bar of your own can be a lucrative investment, as long as you do some careful research beforehand and follow the correct steps. It’s not enough to think about your concept and give your bar a name. You will have to figure out everything about funding and permits as well. In this article, you will find some tips to aid you through the process of starting your bar and running it successfully.

Set Up a Business Plan

Your initial business plan can be the key to success. If you set up a structure on how you want to run your bar before opening it, you will decrease your chances of failing. Focus on long-time goals, but don’t fine-tune them initially. Smaller details often change over time, so they are less important than larger ones at the start of your business. You will also have to decide if you want to register your business as a sole owner or share it with partners.

Choose a Proper Location

Location is everything, and you will need to consider a few things before you establish your bar. For example, you will need to decide whether your style will attract the right customers at a certain location or not. Different areas of a city appeal to diverse demographics. If you want lots of regular customers, it’s recommended to have your bar at a location that has good accessibility and offers enough parking space. Finally, you will need to consider whether your profit will cover the rent for the chosen location and space or not.

Get All the Licenses You Need

As an establishment that serves alcoholic beverages, snacks and has music playing, your bar will need to have licenses for all. This is legally required in every state, and not acquiring the proper permit can cause your bar to close down. Plus, you will be required to pay penalties even if you close your bar, so you really must not skip this step. Whether you are starting the place from scratch or remodeling an old establishment, you will also need to secure building permission from the local government agencies. Make sure you get all the legalities right from the start.

Advertise Your Bar

You can advertise your bar locally by passing up flyers in your community, making street signs, and having an inviting storefront. Having good quality neon beer signs is a sure way to get noticed by potential customers. They are popular, affordable and your patrons will remember them. Another great idea is to promote your bar on social media platforms. If you want to take it a step further, you can host a special event or invite a known influencer to help you with the promotion.

Stack Your Inventory

If you want your grand opening to be triumphant, you will need to make sure you have every necessary item stocked. And don’t go for cheap ingredients either. Cutting costs in this department can result in unsatisfied customers who will never return. To keep track of your bar inventory, you will need a bar point of sale system or POS. This system can help you figure out which items are most profitable in your bar and set your prices accordingly. If you also use this information to help bartenders make more effective drink recommendations, you will noticeably increase your profits.

Hire Qualified Employees

Besides skills, you may want to hire staff with a personality that fits your bar, which is especially true for bartenders. Great bartenders always respect their craft, are creative, and most importantly, they will be the face of your bar. If you plan to have table service, alcohol training for servers is paramount as well. Once you have a few trusted employees, you can rely on them to find more candidates from their network. If you aren’t trained in accounting, you will need a qualified accountant as well. This way, you will always be able to see how your business is going and whether you need to make any changes or not.

As with any other competitive business, a great start is also essential in the bar industry. Without a strong opening, you will hardly have your bar running successfully and make enough profits to sustain it for a long period. But, by promoting your bar through the appropriate channels and ensuring that you stock everything it needs, you can have a successfully running bar. Remember to hold your service to the same standards after the opening to keep the customers coming.