How do I Open my Own Bar?

Open a BarBars are one of those retail businesses which have a relatively low barrier to entry for new startups to enter and compete in the market.

In other words, all you really need is money in order to open your own bar.

However, to remain profitable, you must have the knowledge to run it yourself or be able to hire an experienced team who will manage the business.

If you’re thinking about opening a bar, here’s a useful step by step guide on how to open a bar:

  1. Write a Detailed Business Plan
  2. Budget for the Required Startup Costs
  3. Budget for the Cost of Stocks and Bar Inventory
  4. Analyze the Overheads & Operating Costs
  5. Allow for a minimum of 3 months Working Capital
  6. Finalize the Total Capital Required
  7. Find the Money to Fund the Business
  8. Confirm a Name for the Bar and Company
  9. Incorporate a Company
  10. Open a Bank Account
  11. Deposit the Capital into the Bank
  12. Find a Location for the Bar
  13. Sign the Property Lease/Rental Agreement
  14. Register the Business with the Local Authorities
  15. Get all the Relevant Permits and Licenses
  16. Engage an Interior Designer & Contractor
  17. Renovate & Furnish the new Premises
  18. Purchase all Bar and Operations Equipment
  19. Hire the Management Team and Staff
  20. Train & Get Uniforms for all Team Members
  21. Confirm your Menu & Stock Requirements
  22. Enter Menu Items & Pricing into the POS system
  23. Negotiate Contracts & Terms with Suppliers
  24. Purchase all Inventory necessary to run the bar
  25. Test all Audio, Visual and Lighting Equipment
  26. Do a trial run with the entire operations team
  27. Open the Bar for Business

Okay, that’s just the broad outline. Now, you really need to think through the details within each point mentioned.

Unless you’ve run a similar business before, chances are that you may not understand some of the steps highlighted. Make sure you figure them out, as you should really try to know the business inside out before starting out.

In the meantime, click the following links to learn more about whether you can make money investing in a bar business and how much capital you need to open it.

1 thought on “How do I Open my Own Bar?”

  1. One essential step that should be added to the list above is to sort out your marketing & promotions plan right from the start. It’s easy to open a bar if you have the money. The challenge is to make it successful, and that requires a solid strategy to attract and retain customers.

Leave a Reply

Your email address will not be published. Required fields are marked *