What Is a Bar Business Plan
A bar business plan is an official written document containing the goals of a start-up bar business and the strategies and methods on how it's going to achieve those goals (e.g. marketing plan/strategy). They're usually associated or embedded with a business proposal. Here in Template.net, we have a variety of business plan templates and examples that might be of use for your dream to open your own bar.
How to Create a Bar Business Plan
A business plan is an extremely crucial document for a start-up business, especially for the bar business. It could be a deciding factor whether your bar business will be given the green light to open its doors to the public. With that in mind, we have gathered a few tips to help you create an effective bar business plan.
1. Decide What Type of Bar You'll Open
The first thing you must do when you plan to open a bar is to decide what type of bar will it be. It could be a sports bar, a cocktail bar, a juice bar, a smoothie bar, a pub, a nightclub, or a restobar (restaurant and bar). The choice is entirely yours. Once you've chosen the type of bar you want to open, consider it as a major stepping stone for your plan.
2. Make Your Own Concept
Think of a concept that you have this gut feeling that it'll help your bar to stand out. Try to imagine how will it look like, the floor plan, the chairs, the tables, the bar, the drinks, the glassware, the lounge area, the food menu layout, and everything that's tangible in it. If you're struggling with visualizing a concept, you can visit existing bars and grab some ideas and inspirations. Just don't duplicate them. Alternatively, you can search for bar concept ideas on the internet. The reason why you should make your own concept is to keep you focused on your bar, and it'll be a lot easier for potential customers to describe it and spread the word.
3. Know Your Target Market
Your bar is basically obsolete before even opening if it's without a target market. But as an aspiring businessman, you probably know that for a fact. You can identify your target market based on the type and concept of your bar. Say, for instance, you chose to open a sports bar and its main focus is showing basketball and football games. So what you must do is study and analyze what do basketball and football fans want or may find of interest in a sports bar.
4. Study The Competition
You can do this by studying nearby bars. One of the things that you should do is analyzing the buying habits of their customers, knowing the likes and dislikes of the customers, and estimating the number of customers the competition has during weekends, especially on Fridays and Saturdays. Alternatively, however quite costly, you can opt to hire a marketing company to do the competitive analysis for you.
5. Choose a Good Location
Location is everything for every business, especially those that belong to the food and beverage industry. The best location for your bar to reside is in a crowded yet accessible location. You can opt to reside in your bar in a street wherein bars are abundant. That's if you think your bar can compete in a pure competition market.