Owning a bar is lucrative, but only if you have a clear vision and operate it with an open mind. Running a bar is not about keeping your customer’s glass full. There is so much that goes into the success of a bar.
A major challenge faced by bar owners is the stiff competition. You must understand your customers and offer what they want and need. If owning and operating a bar has been your dream and you want to realize it, consider the factors below to avoid getting yourself into trouble.
What Are the Factors to Consider Before Opening a Bar?
1. Your Personality
Are you the kind of person to operate a bar business? I understand you might not be the one on the counter, but you must be a people person to own a bar. Since it is a night business, it helps if you are a night person. It is crucial to be the one receiving stock.
In addition, you must be able to handle and welcome different personalities. You will meet many types of people, from your customers to your employees. If you cannot manage the bar, hire a qualified manager for your business to thrive.
2. Customer Security
What safety measures will you put in place? CCTV cameras, bouncers, vetting on the entrance are essential and necessary security measures. Customers cannot make your bar a regular if they feel unsafe.
What happens if a customer slips and falls because the floor was wet? Did you know you can be held liable for negligence when a customer is injured in the bar? Yes, the same way you would file a personal injury claim against your landlord if you slipped and fell in the entrance because the cleaner left the floor wet without a warning sign.
Take the necessary measures to keep your customers safe all the time.
What kind of bar do you want to operate? Would you rather entertain the youth or aged customers? What type of music will you be playing? The concept is an essential part of your strategy for success because it factors both your preferences and that of your customers.
Everyone must be happy and satisfied for the bar to succeed. There is no point in having happy customers while you feel like a stranger in your bar.
4. Operation Costs
The type of bar and location affect the operation costs. High-end bars are expensive to operate because the rent is costly and the high cost of supplies because of high living standards in the area. All these costs should be factored into the selling prices.
Other things that affect the operation cost include the number of TVs available and the food menu. All these factors should be looked at before opening a bar.
5. Name of the Bar
Have you come up with the name of your bar yet? The name should match the concept. If you are buying a bar, change the name to what you like.
Ask yourself the following about the name. Does it carry your concept? What type of customers does it attract? What expectations does it send out? Is the name easy to remember and find online?
For instance, customers cannot expect a quiet romantic atmosphere from a bar named THE BOOM BOOM ROOM.
The bar industry is very competitive, and there are other factors to consider to stand out. The profit margins are sometimes thin, so you should be wise to make the most out of it.
You cannot do it without advertising. Take up easy and effective marketing techniques like social media, referrals, promotions and charity functions.