Planning and opening a successful sports bar business

¶ … sports bar business in order to investigate the necessary steps required to planning, opening and running this type of establishment. The qualities that make such an endeavor a success will hopefully be revealed in this document as I attempt to understand the finer points of this type of business adventure.

I will divide this paper into three sections. The first section will deal with the background of opening a bar. This will include statistical data that will help introduce the basic framework of the situation. Next, after incorporating the data, I will create a general plan that outlines the basics of what steps need to be taken to successfully establish the bar. Finally, I will analyze the plan and make suggestions on how certain variables could impact the plan and conclude on the feasibility of its contents.

Background

" If you're an average American consumer, 1% of your spending is dedicated to beer, wine and spirits -- or about $1 of every $100, citing the U.S. Bureau of Labor Statistics. That figure hasn't actually changed much in the past 30 years, " (Smith, 2012). This stat suggests that the demand for alcohol is very consistent. People in America, appear to enjoy their leisure time and are willing to spend big dollars to enjoy themselves by consuming alcohol. American culture demonstrates that beer and enjoyment go hand in hand, and some of the biggest corporations are involved in making a profit off of this fact.

Opening a bar however, is not just about providing beer. Grocery stores and liquor stores provide this service limiting the uniqueness. The bar restaurant business is about providing an atmosphere of enjoying a beer or drink.. This distinction is important because the emotional reactions of the customers will keep them coming back. The competition is everywhere, " you're not just competing with the other bars in your area these days. You're competing with every entertainment option from which your customers can choose " (Entrepreneur, 2012).

This competitive environment demonstrates the high risk factor involved in this business.

Start up costs must be taken into consideration before developing a successful plan. Farrell (2012) suggested that "After you snare the right permits decide whether to start from scratch or fix up an existing eatery. Depending on how fancy your new place is, a blank-slate approach will set you back $100,000 to $300,000 for stuff like industrial cooking and ventilation equipment, refrigerators, freezers, tables, bar stools, shelving and counters with stations for cutting, heating and cooling. " It is important to know the scope of the monetary issues involved before figuring out how much can be made. Profit margins are slim in this industry and in order to be successful, the establishment must become profitable in a short amount of time.

Conclusions

While it is important and necessary to examine the objectives needed to accomplish a difficult task as opening up a pub, it is also important to have a personal opinion about the task as well. Business.com asked five questions to those aspiring to this specific task to determine if it is a good personal fit: " 1. Do you like people? 2. Are you willing to work nights and weekends? 3. Can you handle your liquor responsibly? 4. Do you mind babysitting adults? 5. Are you prepared to navigate local liquor laws? " These questions, in my opinion, are more important than profit margin. To endure any type of serious entrepreneurial adventure one must be fully prepared to risk certain parts of their lifestyle and family. These issues challenge the normal and typical career paths way of working and need to be given thoughtful attention before beginning with the first step of the plan.

Overall, I believe the risks and demands of this lifestyle are worth the sacrifice. Anything worth doing is going to be challenging and difficult regardless of the career field. The ingredients for success that would make a bar business grow are the same that would make any business grow. It is more about the individual and the individual approach that adds the intangible qualities that manifest success. Once dedication is in place, researching the necessary information and formulating a plan come into play. In summary, there are thousands of Irish Pubs operated successfully in the country, why not have my own?