Holder of an MBA from the University of Southern California with an emphasis in finance and entertainment, Bill Asher previously served as President of Playboy Entertainment Group. Currently the owner of Lucid Entertainment, Bill Asher opens and operates restaurants, bars, and nightclubs across the country.
Starting a bar is pretty involved. If you want to open a nightclub, the first thing you should consider is whether you really want to own a bar. Running one will require you to spend long nights managing operations, talking to customers, knowing your patrons, and even lending a hand when things get out of control. When that’s done, you’ll have to settle down to have a look at the paperwork, check inventory, and even balance out cash receipts and payments.
The next thing to consider is the capital you’ll need to start. Exactly how much you’ll need will depend on the type of bar you want to open. Will it be a sports bar, a regular neighborhood bar, a specialty bar, or a nightclub? Other factors such as location, target market, cost of capital, and licenses will affect startup costs.
Finally, factor in location. Have a walk around the potential neighborhood. Is it bar-friendly? Some neighbors don’t like bars and could bring you problems.
What about land rates in the area? Are the commercial rents affordable? Is the target market big enough? Cover all these bases before opening the bar for a higher chance of success.