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Investors need to know that putting money behind your bar is financially wise, and that they’ll get something back out of it eventually.Unfortunately, there’s not a golden place where you can find all investors.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.
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.
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.
See if they want you to organise the drinks and catering.
Get them to pay up first — or at least half — to cover the cost of stock and staff salaries.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.You may have to go through a more steps in order to gain their trust.This can be done by setting up a smaller version of your bar.Even after you’ve planned and paid for all these, there are usually few new and unexpected expenses hiding around the corner. All in all, you’ll need roughly ,000 or £20,000 to cover the initial costs of opening a bar. Most startups aren’t funded out of the founders’ own pockets.After that, costs can reach 0,000 or more, depending on where you plan to open your bar. Instead, they come up with a solid concept and business plan and pitch it to investors. With a unique idea, a great strategy, and the right location, you can convince investors to fund your bar.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.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.