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So much so, that your first bar can lead to others, and before you know it, you could be the owner of a successful chain.But opening that first bar is the most important and the most financially worrying step in the process.
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.
And finding investors for a bar online can be notoriously difficult.
Bars are usually risky, with little financial reward.
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.Hundreds of bars shut down due to picking the wrong spot to open up, either due to high competition or a lack of thirsty people. Secondly, you’ll need to have an idea of the bar’s ownership.Investors will want to know that you’ve found a great place in town, where a new bar will have plenty of customers but little competition. Try to acquire stats on the population, such how many people live there and their demographic. If you’re planning to put none of your own capital behind the bar, then you’re not going to be the sole owner of the whole thing.Ask your friends and families if they know of anyone who are looking to invest in a project.Don’t be afraid to pick up the phone and ask around.It will give you insights into whether a brick and mortar version will be viable. Instead you must build a relationship with your investors to develop trust between you and them. You are likely to get laughed out of the door if you go into a meeting with potential investors without a proper bar business plan.This needs to be done before any meetings take place.You must give your potential investors a detailed plan that is financially feasible, that outlines investor returns and ownership, and is inspiring.Investors are looking for conservative estimations of how profitable your business will be, not just the very best case scenario. When it comes to investing in a bar, location is the most important element. This is essential information investors will expect you to already know.Getting your own experience is vital for anyone looking to open their own bar.This can also give you insights into what makes a bar successful, and what doesn’t.