There are many business opportunities that are available for you to research on. If you are on a low budget, then businesses such as cleaning services, business consultancy agency or online stores are a few options. What do you have in mind? Have you given a thought to setting up a bar or club? If you have then, you have come to the right page.
Clubs and bars are social gathering places for people to chill out with friends, relax and spend a night out. There are various places that have board games, entertainment options and lounges. Setting it up might not be as easy as you think. It involves a lot of researching, budgeting, planning and so on. Here are some tips that you might benefit from:
Research the market
It’s very important that you research the market very well. Without studying and analyzing the prospective of this business, you might end up losing profits. For example if you know other individuals who have this kind of business, meet up with a few of them. Get to know about the views and opinions to start of with.
How much of funds should you put in?
Most businesses fail and go into bankruptcy either because they don’t enough of funds or they have lack of knowledge about this. Once you’ve done the research you would have an idea on what needs to be spent on. As a fact, you will be able to be prepared and organize the capital required for this investment.
Deciding on expenses for inventory such as liquor, soft drinks, food (such as burgers, pizzas), etc. In addition, calculating the cost of purchasing furniture for the tavern.
Deciding on the type of bar?
After the research, you have to decide what type of a bar you wish to open. However, make sure that you decide wisely, keeping the budget in mind. There are neighbourhood, sports, specialty taverns, etc. You have to organize entertainment packages such as hiring live jazz bands and so on. Run an in-depth search about these options.
An important pointer is finalizing the location. For this matter, choose a place where you can target customers. If it’s a neighbourhood tavern, then you set it up near such a location. Or, are you planning to open a high-end nightclub? Then, you might target an area with high-class customers. Then again, consider the cost of inviting musicians such as live jazz bands, DJ’s, etc. to the location you choose.
Next, you have to think about the staff, as you would not be able to handle the business all on your own. Initially, start with bartenders, waiters or waitresses, cashier and cleaners. Get them trained or you could train them if you have experience. With time and based on the demand for your business increase the staff.
Follow these tips and start up a club or bar that would draw customers from the start.