Before rushing into opening a bar, it’s a good idea to get some experience in the process of serving drinks on a large scale.
If you’re thinking of opening your own establishment, it’s likely that you already you have some experience in operating or at least working in a bar. Take a job as a bar manager to get the feel of things and an understanding of the inner workings of a bar or pub.
Opening up a new bar may be one of the most daunting things you ever do, especially when you consider the cost.
Nevertheless, with these tips and some hard work, it’s possible to spend none of your own money on it. But opening a bar that has its own unique feel and gains a multitude of happy customers can be one of the most rewarding small business experiences. With the right location, high quality service, and a great concept, your bar can be profitable.
The very worst that can happen is that they say no. Once you have some capital from investors in your network, then future investors will be more likely to say yes.
The initial pitch is the most crucial and the nerve-wracking part of the investment process.
For example, a hipster craft beer outlet playing loud music is unlikely to do well in a sleepy village populated by senior citizens. Think about percentages of ownership, tell the investors and help them understand what this means for them in terms of financial reward. With this in mind, show the passion you have behind your concept in your pitch.
Finally, you need to inspire your potential investors with your bar concept. Outline your vision for the future and make them see it with you.
One way to do this is to ask your friends if they or anyone they know are planning to hold a large event.
This can be anything from a wedding to a business event.