There’s a lot of benefits to being a small business owner. You get to chart your own course, act as your own boss and reap all the rewards of your success as the years go by. That’s a significant reason why small business owners are often found to be some of the most satisfied people in the country.
Running a bar can be an even more enjoyable variation on this lifestyle. Providing people a place to gather, hang out, and escape from the problems of life for a little while can be a great public service.
If you’re new to your role as a bar owner, you may be seeking out some advice to get your new nightlife spot up and running properly. There are many things you can do to make your bar a success. Read on and we’ll walk you through what you need to know.
1. Start on Solid Financial Ground
Far too many bars and nightlife spots open and shutter within months because they don’t have solid handling of their finances. It’s important to be very realistic about your expectations for-profit and the needs you’ll have to face to keep your new business up and running.
A successful bar will require a solid amount of funding, covering rent, construction, inventory, employment, marketing, and a lot more. If you can make an extremely detailed budget prior to getting started with your project, you’ll be in a much better position as things get going.
Your bar is not likely to be something you’ll be able to finance out-of-pocket unless you’ve been very lucrative via other means. Ensure you have a solid group of investors aboard or a great connection to loans and other forms of investment.
The last thing you want is to be three months into your run and facing the realization you don’t have enough money to keep running.
2. Learn From Other Bars
If you’re making the decision to open a bar in your neighborhood, you’re likely already a lover of the nightlife experience. In order to make your own outpost a success, you’ll want to make a list of everything you want your bar to be.
It can be helpful to hold up other bars as examples when coming up with your dream bar. What seems to work with other bars in your neighborhood? What appeals to your own sensibilities, and what makes these watering holes a success?
It’s important to note that these two elements might not always overlap. It’s important to note that even things you may not love yourself might contribute to keeping certain other bars afloat.
Even picking out things you don’t like about other bars can be helpful. Knowing what kind of experience you don’t like can be just as educational when crafting the setup of your own bar.
It’s also important to know the layout of your neighborhood to understand how your bar can fit into the current scene. Is there a niche that isn’t being filled that your bar could step in and provide?
3. Establish Relationships
It takes a village to take any enterprise successfully and this is no different with running a bar. In order to make a business successful, you’ll need to build relationships with other businesses in the neighborhood.
There are many different opportunities to help others and have them help you.
Is there a cheap eatery nearby? You might be able to work a deal out where customers from one store can get a discount on the other. Is there a movie theater around the corner? Allow a discount on drinks if they show up with movie tickets.
The more you can build relationships with other vendors, the more you’ll find new and creative opportunities to get new people through your front door.
These relationships can also be beneficial in other ways. Running a small business will always have its challenges, and it can be helpful to have a community of other people doing similar things to talk with.
Whether you need advice on the best under bench fridges or emotional support during a difficult city mandate, your community of neighborhood business owners will be there for you.
4. Schedule Regular Events
People are always looking for a drink at the end of a long day, but you’ll need to offer a little bit more to ensure that people will keep showing up as the week drags on.
To keep the weeknight crowd coming in, consider hosting various events at the bar during these nights. You could host a karaoke night, trivia night, or have evenings where you show certain films at the bar. Of course, you’ll be serving alcohol during all of this.
These kinds of events can help build up a community that you can keep counting on to come back week after week. People are always looking for somewhere in the neighborhood they can make their spot, and hosting events of this kind can help make your bar just that.
Partner these events and practices with a warm sense of hospitality and you may be able to position yourself as the new favorite bar of many of your neighbors.
Tips on Running a Bar
If you’ve got an idea for a bar that you just can’t let go of, you might be fired up about making it into a reality.
However, in order to ensure your new bar is a success, you’ll need to make sure you’re doing everything right. The above information on running a bar can help to ensure that your new enterprise will be the talk of the town.
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