To many people, there’s nothing better than the idea of owning a bar that is adorned with their name, which is styled in the way they think a bar should look. While there are many challenges to running a bar, and the success rate isn’t as inspiring as some other business ideas, the sheer allure of being in such a cool, happening industry means there will always be people up to the challenge of running their version of ‘Cheers’. Could you be one of them? Here are some things you’ll need to think about it.
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Knowing the Differences
We hate to burst the bubble straight away, but: owning and running a bar is not the same as visiting one. In fact, they’re not even close. It’s not even the same as managing a bar. You’ll be creating your establishment from the ground up, and there’ll be a lot of details to comb through. Where do you want the bar to be? How will you get a license to serve alcohol? Will you serve food, and if so, will they be full meals or ‘bar food’? These are a few questions to get you started: much more will follow should you take the plunge!
What You’ll Need
You’ll need experience of working in a bar, so you know what it is generally like ‘on the other side of the counter’, and you’ll also need to keep in mind that the location will greatly influence the type of people who will walk past your bar. Because of this, market research is essential. You’ll also need to think about the infrastructure beyond the tables and chairs. You’ll need a keg system, and a walk in cooler to keep all those bottled beers nice and chilled. Health and safety is a big thing when it comes to bars, so you’ll need dishwashers and the like, too.
Finding Your Niche
Every bar has a vibe. Some are dive bars, some are hipster hangouts, some are fancy cocktail places, that are visited by the well dressed and well groomed. This is your opportunity to put over a little bit of your personality into the bar. If you’re fanatic about sports, then it would make sense to create a watering hole that is ideal for watching a sports match. If you like your bars traditional, go for the old neighborhood corner bar, emphasizing the coziness of the establishment.
Playing the Long Game
Few bars are successful over night. It takes time for the word to get out, and to build loyalty among your clients. As a general rule of thumb, it’ll take somewhere in the region of 3- 5 years before your business breaks even. As such, you should be prepared to be patient and not get too disheartened by the uphill task you face to make it profitable.
Rollercoaster
Owning a bar is not for everyone, but if you’re drawn to the excitement, glamour, and unpredictability of running your own place, then it might be the right choice for you!
