Whether owning your own bar has always been your dream, or you saw a property at a low price and took a leap of faith if you’ve just bought a bar you may be unsure of what to do with it. Should you attempt to start a business or should you rent it out to someone with more know how?
You may be planning to run the premises as a bar yourself, or you may like the idea of renting the property out and earning through rental income. What it’s important to realise is that either way, you will be running a business, and you need to be prepared for everything that comes with that, the cost, responsibilities, and the time that needs to be put into it.
To help you make a go of your business – whatever route you choose to go down – below are some useful tips and pieces of advice.
Make a choice
The first step is to decide what you want to do with the bar that you have purchased. Do you want to rent it out and earn as a landlord or landlady? Or, do you want to actively run the bar yourself? It’s important to remember that running a business can be tough, especially during the first year. Whether or not your business will succeed can be unclear, which can put a lot of stress on you, so you need to be able to cope with that stress. If you aren’t someone who deals well with pressure, then perhaps renting the property out could be a better option. What you choose to do with the building depends on your personal preferences.
Choose a demographic
If you choose to keep the bar and run it yourself, you need to select a demographic that you want the business to appeal to. Every business needs a demographic, including a bar, so you need to take your time to decide what you want this demographic to be. You could opt to make your bar a high-end drinking spot that serves champagne, wines, and fancy cocktails, or you can choose to make it budget-friendly, so that it appeals to a wider range of people, including students. If the bar is situated in a student town, this is probably the best bet, as that way you are guaranteed customers on a daily basis.
Update the decor
Once you’ve determined the demographic that you plan on aiming your bar at, the next step is to update the decor to fit that demographic. What you want to do is ensure that the decor that you have in place appeals to your target audience, which is where market research should come in. For example, for a luxe bar, you want to create a space that’s smart, stylish, and effortlessly chic. Think wooden bar stools, chrome or glass tables, quirky wall art, unique lighting fixtures, and pretty, patterned rugs. If you’re not sure how to decorate the space to fit with your chosen demographic, contact an interior design specialist.
Invest in high-quality marketing
If you are going to make a success of your venture, whether it’s a bar for students that sells cheap alcopops or a high-end bar that sells expensive cocktails, you need to ensure that you get the marketing spot on. If you’re not a marketing whizz, it’s probably best to outsource the task. As that way, you can ensure that your new venture gets off to a successful start.
So you’ve bought a bar? Hopefully, the advice above has helped you decide what you want to do with it to ensure it’s successful.