Creating a business plan
Summarize your concept in a few tight sentences that you can eventually use as the starting point of your pitch to investors.
What are you going to name your bar? This is the beginning of your dream becoming a household name. It’s more important than you may think. Be creative, steering clear of the generic, let it espouse your vibe and make it catchy and memorable.
Determine how much initial capital do you need: However much initial capital you think you will need — you need about 20 to 40 percent more than that … SERIOUSLY, 20 to 40 percent more — when in doubt, round up.
Be sure to include the amount of initial capital that you have in personal funds and how much money you will need to raise from outside sources.
Solidify your first hires: Everything from whether or not you’ll have a manager or you’ll be managing the bar yourself, to your bouncer and security needs, to how many bartenders you plan to hire should be laid out in your initial business plan so that when you begin your search for your opening staff, you know who you’re looking to hire. Here are a few staff members that current bar owners say are absolutely essentially (and they may surprise you):
- A really good bookkeeper: Your finances are going to overwhelm you. When I asked the owner of Summers, Chris Taha, for something he’d do differently he quickly responded, “Have a good bookkeeper from day one.”
- “An accountant with a backbone who will make you do what you need to do — like pay your taxes.”– Scott Perez, Walkers
- A liquor lawyer to negotiate the liquor license.
- A lawyer who will first help you negotiate the terms of your lease and who will then serve to handle your legal needs (you are opening a bar).
- A plumber you can count on, consistently, all the time (again, you are opening a bar).
- If you’re choosing to hire a manager, they will be your eyes and ears, choose wisely.To continue reading the article, click the link below
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