A bar can be a profitable business.
Operating a bar or nightclub is a rewarding and possibly financially lucrative business endeavor for the success-minded entrepreneur. Like any business, bars or nightclubs carry with them their own unique challenges and obstacles to overcome and get right. There are no fast and hard rules when it comes to opening a nightclub business. The costs can vary from tens of thousand dollars to a million dollars to launch a venue.
Instructions
1. Identify a need for it. Before doing anything else, consider the fact that nightclubs have a very high failure rate for a variety of reasons. If after you are satisfied that a nightclub is needed in your area, go for it.
2. Specify a theme for the nightclub that best captures the targeted customers. The theme must suit the audience.
3. Determine which types of customers you expect to serve. Targeting college students may be easier than targeting those in their 40's or 50's.
4. Choose a location. The location is important and should not be approached lightly. A real estate agent can assist you in picking the best spot and can provide data to help you decide.
5. Figure out the costs. As with any business, figuring out how much the venture is going to cost is paramount. Costs will quickly add up: rent, leasehold improvements, mortgage, insurance, interior and exterior design, refurbishing, alcohol licenses, business permits, employee payroll, furnishings, equipment, legal fees, inventory.
6. Build or buy and then open the nightclub after all of the necessary steps of financing, licensing and other formalities have been met.
7. Market the nightclub. Promotion will be an on going process to keep customers coming through the front doors. Use both commercial and creative ways to bring attention to the nightclub.
8. Work hard to create an entertaining atmosphere. As long as the venue is entertaining to patrons, it stands a good chance of being successful.
Tags: