Why Should You Think About Opening a Bar?

If you are worried that finding investors or making a profit might stop you opening a bar, there’s good news, find out how easy it is today.

It’s most men’s dream. Opening your own bar that suited to your tastes, serving the drinks you want, playing the music you like and decorated to express the style you favour. For most of us, this scenario will never become anything more than a pipedream, but you may be surprised to hear that opening your own bar could be more profitable and rewarding than you could have ever imagined. Here are some good reasons why you should give some serious thought to running your own bar.

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It’s Profitable

Yes, whilst it may be a sweeping generalisation and it is worth noting that there are an awful lot of bars out there that don’t make it past their first year in business, if you come up with a commercially viable business plan, your bar could be making a profit in as little as six months. Successful bar owners can also expect to see a significant return on their initial investment within their first three to five years. If money motivates you, then opening a bar could be a perfect business option for you.

Social Side

Although you have to recognise that you are running a serious business, there is no reason that opening a bar cannot be a fun process. The very nature of the industry means that you will build a loyal client base and if you’re a people person, you will come to know your regulars very well, reinforcing the repeat trade you will draw from them. Your employees will also become closely knit and bar staff have a reputation for their camaraderie. If you like combining work and your social life then you will absolutely love running your own bar.

You Know the Market

If you already enjoy spending time in bars, then you’re a perfect candidate to start your own business in the industry because you will already have a solid understanding of what does and doesn’t work in the sector. We’ve all been to great bars that you want to return to again and again because of their fantastic atmosphere, as well as establishments at the other end of the spectrum that have left you wondering how early is too early to call it a night. Use your knowledge of what works and what doesn’t work and incorporate the good things into your new bar.

Not so Expensive

You may think that finding investors for your new project will be an impossible task; you might think that the costs of opening a bar could run into the millions and that no one will be willing to bankroll that kind of investment. Well, you’d be wrong, setting up a bar doesn’t cost as much as you’d think on average and if you have a sensible business plan and a good credit rating, securing a small business loan from your bank or building society might be much easier than you might believe. Secure your funding and you’re already half way to opening the bar of your dreams.

Finding investors is one of the tasks made more efficient by Dealmarket. Dealmarket is a recent start-up company which offers a more accessible private equity marketplace.

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