Before you think of starting a bar business, it is very important that you learn some tips on how to become a successful bar owner.
If run correctly, a bar business is apparently one of the most profitable ventures. That’s to say the profits made from this kind of business can actually double maybe triple or be 10 times the profits made from other businesses within the same capital range. However, only a few bar owners actually run this type of business long enough to realize its full lucrative budding.
A bar business is in no way like any other business. And by that I mean, a small mistake can actually bring you major losses or, worse, cost you your entire business especially if you’re just starting out. That said, before you decide to run a bar, it’s universally wiser to be aware of the common mistakes most novice bar owners usually make, so that you can know the right path to trail before jump-starting this type of business.
How To Become A Successful Bar Owner
Have A Well Designed Bar
The first mistake most newbie bar owners make is to have a poorly designed bar. And while most of them will be convinced that paying thousands of dollars to contractors to design their bar setup is enough for an efficient design, truth be told–it’s not. Apart from adding aestheticism to your bar, it’s also upon contractors to ensure that your bar has adequate spacing, which in one way or another may mess about the setup. For this reason, it’s always advisable to keep the layout of your bar more aesthetic, as well as efficient. How?
Simple: If your budget can allow, try collaborating the design team with a layout expert or a bar consultant to avoid coming up with a poorly designed bar. By doing this, you’ll be creating an ample flow of space for your bartenders, customers and staff, while still maintaining an appealing façade and interior layout.
Managing Your Bar Staff Properly
Whether you like it or not; your staff plays a major role in determining if your business is in for a long haul or an abridged lifespan. In this case, hiring people who are well experienced in bar business and are loyal, as well, can be your first burst-through in establishing a successful bar business.
And hiring too many employees while starting out is not a smart step to undertake, since most of the workers will be spending much of their time idling instead of working, which may in turn make them feel less motivated and under-worked.
To avoid under-hiring or over-staffing, it’s recommended that you talk to a consultant first concerning the reasonable number of employees to hire while starting out. If not, try limiting the maximum number of initial employees to five, and keep on adding new staff members as the business keeps on growing.
It’s also important that the staff members you choose should be licensed to mix the drinks and serve customers. In addition, they should be able to relate well with customers and, at the same time, ensure that safety procedures and service standards are actually met. Once you learn how to keep the right employees in your business, the turnover will always be huge; as a result, you’ll be assured of an overall successful business.
Truth be told; behind every successful business, there’s a well-thought marketing strategy. And since bar business is already flooded, coming up with a strategy that will make you stand out from the rest is a certain step to gear you towards success. To be clear, try to establish a brand by running a series of creative promotions and embracing internet marketing as well.
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Leasing Bar Equipment
Since you’re just getting into the bar business, your primary concern while purchasing bar equipment should be on quality, convenience, and cost. Before you think of buying bar equipment all at once, there are a number of reasons why you should consider leasing the equipment instead.
For one, leasing can significantly help you to free some of the cash for operating the business. Two, leasing bar equipments will allow you to choose from a wide range of brand names and models, which may in turn give you an opportunity to select the best quality.
Three, needless to say, the initial cost of buying all bar equipment at once can be high, and freeing up some of the cash (by leasing instead of buying) to cater for other essentials is crucial for a good start.
And contrary to what most people think, leasing equipment is always faster, simpler and often times, less costly than any other alternative that provides you with enough funds to purchase them. Most notably, leases are even less costly than the regular credit card lines or hire purchase terms.
For more information on leasing bar equipment, simply CLICK HERE.