Opening a bar is a dream for many. Being the owner of a place where people gather, drink, and be merry is an attractive prospect. But it doesn’t have to be just a dream.
You can make your dreams of opening a bar a reality with just a little careful planning. For any small business owner, there are certain steps they must follow when first launching their endeavor. This guide will lay out the process, step by step.
If your goal is to own your own business and more specifically open your own bar, then why not make it happen? Read on to get a low down on exactly what it takes.
1. Create a Business Plan
The very first step you’ll need to take is to create a business plan for your bar. Writing out your strategy will help to identify potential holes in your plan, and let you see what kind of financial commitments you’ll need to make.
Your plan will need to include things like market research, financial projections, and of course an executive summary. The Small Business Association of America actually has templates available to download on its website.
2. Register Your Business
Business ownership requires you to officially register as a business. At this stage, you’ll need to decide what type of structure you want to go for.
Are you going to register as a sole proprietorship, a partnership, an LLC, or a corporation? Each option has pros and cons, so you’ll need to do your research. LLC is the most common option for small business owners.
3. Obtain the Proper Licenses
One of the bar essentials is the proper licensing to sell alcohol. This will differ depending on where you are, so make sure your permits are correct and up to date. Licenses are also required in order to serve food and even to play music in your bar.
4. Choose a Location
This is a big decision that can impact the success of your bar. You’ll want to pick somewhere affordable, but that has a lot of footfall as well. You’ll also need to make sure the zoning laws allow for a bar to open before you sign a lease.
5. Purchase Your Equipment
Once you’ve got a physical location, you’ll need to fill it with everything you need to make a bar. This will include things like furniture and decor, but also items like a good beer tap system—linked here. This is an area you’ll probably need to spend a little money, to ensure everything works well and you don’t have anything faulty.
Opening a Bar: You Can Do It!
Of course, opening a bar won’t be without its challenges and expenses. But with careful planning and research, it’s possible to open your very own watering hole in an affordable manner. For more business tips and inspiration, check out the rest of our content.