One thing I have been kicking around in my head lately is opening a bar/pub. I'm not talking about a hole in the wall, power drinker puke fest type of place. Someplace nice with a good atmosphere, a few dart boards, and a big screen or two. Kind of an upscale happy hour type of place. What type of things must be considered going into a venture like this? I know I need to look at licensing and insurance, distributors, vendors, etc...but what else? This would be a few years down the road but I would like to start researching it and putting together a plan now. I also realize that location is a major factor in a venture like this so should I look to buy a bar already in place and fix it up or start from scratch?
liquor license is the key. And in many states it's very expensive because it's a gold mine and they tend to be limited.
Most restaurants/bars last about 3 to 5 years where they REALLY make money. Or they fail immediately.
Cash flow cash flow cash flow.
Lots of hours
potential for major return.
Insurance is probably ugly.
I owned a bar. I had alot of great times there, as well as alot of terrible times.
Some things to consider that I've been through in my bar.
1. We got sued for 2+ million for deadly shooting in bar.
2. We also had about 3-4 petty lawsuits a year filed by customers that "got hurt" in the bar.
3. Bartenders, most of them, are raging drug addicts and alchaholics.
4. Bartenders like to steal from you.
5. I thought it was very stressfull.
Now, dont get me wrong, we made alot of money being in the bar business ( we also owned a liquor store, thus reducing our costs even further). My game plan was to build it up in 5 years, and sell it, and that is what I did.
It's harder to make money in a "small" local bar, because the locals tend to just hang around. A busier place will have more customers, thus more revenue. Getting women in the place will be the key to success. Women bring the men in and the men spend the money.
Make sure you have a GREAT attorney, and accountant. We also got audited every year we were in business.
You're better off opening a topless bar.