In this video tutorial I explain how to write a business plan for a bar, and then how to open the bar that you dream about opening. Many people dream of opening a bar, but it is a difficult business because it requires quite a bit of capital, years of hard work on it, many licenses and permits, and much more. Long story short, it is very difficult to open a successful bar. In this video I explain the difficult and necessary steps.
The first thing you need to do when you write a business plan for a bar is to create a cash flow statement. The cash flow statement for your bar will help you keep track of the expenses you will incur as you open the bar. Many people don’t realize this, but it can take up to a year to open a bar because you need so many licenses and permits, and are dependent on how your local city gives out liquor licenses and things like that. In some areas it is much more challenging to get a liquor license than others.
Once you understand how much money and time will be needed to open a bar, you should consider whether this is something that you want to do long term. It takes many years to create a successful bar. Do you really want to be doing this for that long?
As you work towards obtaining everything you need to open your bar, one of the things you will come up against the most is raising the money needed to start this business. It can be a very expensive kind of a business to start. Will you get a loan, dip into your savings, or find investors? That is something you need to solve early on, or there isn’t much use in doing most other things because without enough money the dream of opening a bar won’t come to fruition.
Another thing to consider when opening a bar is the concept behind the bar. Will there be a unique angle to the bar? Will it be all about sports? Will it be a neighborhood community type of place? Will it drawn an educated and artsy crowd? All these have different costs associated with them due to equipment and remodeling that is necessary.