I am looking to purchase a bar but I would like some info from people who are in the business. What is the action plan I should take to realize this goal? What is important to starting this business and make it successful?
2006-09-04 20:57:33 · 3 answers · asked by gemir69 2 in Business & Finance ➔ Small Business
The best routes to take are to research the process of starting a business as well as the industry you're interested in.
I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.
Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.
Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:
* Start and Run a Money-Making Bar by Bruce Fier
* Upstart Guide Owning & Managing Bar or Tavern by Roy S. Alonzo
* Start Your Own Bar and Tavern (Entrepreneur Magazine's Start Ups) by Entrepreneur Press
* The Food Service Professionals Guide to Bar & Beverage Operation: Ensuring Maximum Success by Chris Parry
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
2006-09-05 05:48:44 · answer #1 · answered by TM Express™ 7 · 1⤊ 0⤋
Location, location, location, a liquor license (make sure it's transferable... some aren't even if they are selling you the business), and lots of luck... You are going into a business with a HUGE failure rate. That doesn't mean you will fail, but just be aware of what you are getting into. If this is an established bar (solid customer base), DO NOT try and change the bar too much. My uncle sold his (very successful) bar to some lady that tried to change it to a high class joint. It drove all the regulars away, never attracted new customers, and eventually flopped. Stick with what works, and make slow changes according to feedback from the current customers...
Good luck!
2006-09-05 17:51:06 · answer #2 · answered by onin90 2 · 0⤊ 0⤋
u may very well consider these:
- the location. is it in the urban area? suburbs? near offices? school? within the community?
- your target market. YUPPIES? local folks? students?
- the area. are there similar bars around? SWOT analysis will do u a little help so as to keep track on how u'd do
2006-09-05 04:07:41 · answer #3 · answered by JurisDoctor 1 · 0⤊ 0⤋