Anyone in the bar/club business??

[Sammyb713]

Is there really money to be made???

I found a location ( relatively cheap ) that could really be turned into a hot spot for the area its in..plenty of parking, open space, and its 2 levels, I found a liqour license for that district for a reasonable price as well..everything is falling into place too easily so I am a little hesitant to jump in too quick...

always wanted to own a bar/resturaunt/club, and I think this space could handle it..My thoughts are to get it up and running to where its profitable for a couple years and then sell it...

What are your thoughts?? Anyone on here own a club/bar that could give me a little insight??


Thanks!

[Perlmudder]

cashbar managed a canadian ballet for a while i believe...

[OldSchool]

I have two things to say to anyone considering getting in the bar business.

1. If you own a bar or restaurant, be prepared to work 15 hours per day. If you aren't there, you are being stolen from, no matter who you have working for you. PERIOD!!

2. Prepare for your life to be turned upside down.


Craig

[Spicy]

Is there really money to be made???

I found a location ( relatively cheap ) that could really be turned into a hot spot for the area its in..plenty of parking, open space, and its 2 levels, I found a liqour license for that district for a reasonable price as well..everything is falling into place too easily so I am a little hesitant to jump in too quick...

always wanted to own a bar/resturaunt/club, and I think this space could handle it..My thoughts are to get it up and running to where its profitable for a couple years and then sell it...

What are your thoughts?? Anyone on here own a club/bar that could give me a little insight??



Thanks!

Get ahold of Tony @ Cancun Cantina he owns a handful of sucessful Clubs around Baltimore, he may shed some insight or give you a hand for a fee??

Remember this is the #1 Failure in Business Openings, Restaurants/Clubs!!!


Good Luck and save me a Table in the VIP Room for opening Night!!!

[Chris]

Bars can be highly profitable. But they can also be nightmares.

It's a hands-on business with all the challenges of a restaurant and a few extras. You have to live there and be involved in every facet. If you're not, the help will rob you blind. You have to create an environment that people enjoy and want to patronize, but you also have to continually reinvent it to keep people coming back. You're dealing with substantial liabilities resulting from what the courts views and now some state's laws now view your liability for the actions of someone you served.

Most of all, you have to spend endless hours in this business with the only hope of real success and a happy life depending on you not adopting the lifestyle of your patrons and often your employees.

The steepest climb you have is being new. No one knows you're there. And even when they do, they may not remember to come in. And if the do come in on an off night, they may never come back. You have to hit your opening big and fill the place night after night. If I'm looking for an evening-out experience and yours is a bust, I'm not coming back. And I'll tell my friends the place was a dud too. Anyone can get a beer in a quiet bar in a dozen places within a quick drive. The challenge is that getting and keeping that vibe is going to be most likey a very expensive proposition.

Owning a bar or club sounds like a cool thing to do. And I'm sure it's got a bunch of fringe benefits. But I couldn't see myself working 6 nights a week until 5AM or so, every weekend, all year long. And I'd suspect that after a while the "cool" would begin to wear off.

Just my perspective- I've helped several friends with these sorts of businesses.

[fund razor]

I know some bar owners. None who would ever do it again.

But I love this thread. It reminds me of my 20s when I thought that a recording studio would be a great idea. I think that I only lost about 40 grand before I pulled the plug.

A bar/restaurant would make that seem like a cheap lesson.

[BraceYourself]

Been there done it. Upscale sports bar.
Initial investment was about 600K and cost an extr 10K a month because of poor mgmt.

Brother-in-law bought it from me for 50K and now he lives there 24-7 and is making 6 figures.

Moral of the stroy, unless its your only job it will fail misserably.

[Gladhe8er]

My dad owns a pretty well known bar here in CT called the Black Duck cafe - www.blackduckcafe.net. It put 3 of us through expensive colleges and Pops has more toys than anyone I know. Its all about location and marketing. The "Duck" is on a river with a 40 foot bar facing the water. Thats one of the big draws. Last May he got on "Diners, Drive-Ins and Dives" hosted by Guy Fieri. Business blew up after that.

Agree with some of what was said above. Need to renovate/re-invint from time to time and need to spend a lot of time there. I only saw my Dad 2-3 nights a week growing up. Now the place pretty much runs itself. He has been robbed by employees in the past, but he sets up traps and has random people "spy" while they are there. This has let to many firings.

[OldSchool]

Anyone can get a beer in a quiet bar in a dozen places within a quick drive.

I'm getting old I guess....because you've just described my favorite bar....and it's 7 tenths of a mile from my house.


I can streak home if I want to......and theres about a one in five thousand chance that I will see a police officer.

[OldSchool]

Spicy on the other hand has to go about a mile in the other direction....That's where the PoPo sits....and waits.

[Spicy]

Spicy on the other hand has to go about a mile in the other direction....That's where the PoPo sits....and waits.

We live on a Penninsula.... One road in one road out!!!

Not very good odds...

[Sammyb713]

Great advice from everyone! Much appreciated! I understand that I would have to be devoted to the business and my life would revolve around it, but I am thinking this is just a business to get up and running and then sell it to someone else after I make some money from it...being young with no kids, this would be the perfect time for me to get involved in something like this and try out....

The bigger the risk the bigger the reward..never know until I try it..and plus life is short, I dont wanna regret not taking a chance at something...

[Perlmudder]

Where I went to school, the only bars with lineups were the ones that were promoted. All I can say is PROMOTE PROMOTE PROMOTE! Cus everybody loves wicked bad wednesdays, slursday thursday and goose got me looooose saturday!

[Chris]

If you go into it with your eyes open, you at least know what to expect.

This business has one particular hazard- succumbing to the lifestyle. You may want to discuss this with friends and family members to build in some sort of reality check if you find yourself in over your head. I had a good friend end up losing his wife and kids and his law practice with something that started as a minority investment in a strip club. He was a straight-laced, conservative guy that never saw it coming. And his buddies drank and partied with him all the way to the bottom.

This business has all the particular hazards of all other businesses. Just keep reminding yourself of this one incontrovertible fact- all businesses fail for the exact same reason. They run out of money. Have smart people that you trust and have business backgrounds look over your business plan. One of those people should be the CPA you plan to use. A good CPA is a partner in your business. You're not just paying for tax advice and bookkeeping, you're paying for their experience and consultation. Keep reminding yourself that it's going to cost more than you thought and it's going to take more work than you thought. If you don't have a solution for both of those issues, stop now.

Lastly, get the words "risk" and "chance" out of your vocabulary. If you want to play with those terms, buy a ticket to Vegas and have some fun. You need a plan based on facts and certainties with a bunch of contingencies thrown in for good measure.

Remember these things- if it looks easy, you're missing something. If it's going smoothly, there's a catastrophe just over the horizon. if you think you've got it figured out, you're in for a startling surprise. People that succeed in business can see around corners, they can predict the future. Nothing pushes them off of their game. If you can be that person and do the things I described, you'd be successful at just about anything. All that's left is your unbridled willingness to succeed.

It's tougher than it looks. Way tougher.

[BobbyB]

Make it into a strip club.
Will i get free drinks there?

[Chris]

Make it into a strip club.
Will i get free drinks there?

See what I mean?

[Sammyb713]

If you go into it with your eyes open, you at least know what to expect.

This business has one particular hazard- succumbing to the lifestyle. You may want to discuss this with friends and family members to build in some sort of reality check if you find yourself in over your head. I had a good friend end up losing his wife and kids and his law practice with something that started as a minority investment in a strip club. He was a straight-laced, conservative guy that never saw it coming. And his buddies drank and partied with him all the way to the bottom.

This business has all the particular hazards of all other businesses. Just keep reminding yourself of this one incontrovertible fact- all businesses fail for the exact same reason. They run out of money. Have smart people that you trust and have business backgrounds look over your business plan. One of those people should be the CPA you plan to use. A good CPA is a partner in your busines. You're not just paying for tax advice and bookkeeping, you're paying for their experience and consultation. Keep reminding yourself that it's going to cost more than you thought and it's going to take more work than you thought. If you don't have a solution for both of those issues, stop now.

Lastly, get the words "risk" and "chance" out of your vocabulary. If you want to play with those terms, buy a ticket to Vegas and have some fun. You need a plan based on facts and certainties with a bunch of contingencies thrown in for good measure.

Remember these things- if it looks easy, you're missing something. If it's going smoothly, there's a catastrophe just over the horizon. if you think you've got it figured out, you're in for a startling surprise. People that succeed in business can see around corners, they can predict the future. Nothing pushes them off of their game. If you can be that person and do the things I described, you'd be successful at just about anything. All that's left is your unbridled willingness to succeed.

It's tougher than it looks. Way tougher.

You sound like a pretty smart guy! Thanks for the advice! I have an appointment with my accountant next week to crunch numbers to see what it will take to make it all happen and keep me relatively "safe"..The location is what is drawing me to this whole thing, 3 semi-small colleges in the district, I also have done my research on the demographics of the area, most of the income is very high, could be a positive or a negative??

I dont think I would get sucked into the lifestyle of the typical " bar owner "..just because I know I want a family in the near future so this would not be a long term adventure...Plus being a female helps and, I would be going after all sort of minority grants to try to keep start up costs low....

This is all just an idea..I have been searching for a piece of commercial real estate for a while and found this place and then a day later I find a cheap liqour license..and everything else has just fallen into place..it may all be too good to be true..never know...we will see..

[Sammyb713]

Make it into a strip club.
Will i get free drinks there?

"Make it into a strip club"..typical BobbyB response..Charlie Sheene Jr.

Of course Bobbyb would get free drinks...

[Chris]

You sound like a pretty smart guy! ..

Thanks. But not really. Just old with a good memory and not bright enough to give up. You learn alot like that.

But seriously, there's more than a few of us on here. I'm sure there's plenty of sound advice to be had- just ask.

[Seltzer]

Make it into a strip club.
Will i get free drinks there?

simply brilliant bb