¶ … 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...

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.
Business Plan

In order to be successful all relevant research and data needs to be summarized within some sort of business plan. This plan is a guidebook and reference to how the bar could be maintained within an acceptable rate of profit. Additionally a solid business plan is an instruction booklet that should cover all angles of the opportunity. The details of a business plan are numerous and outside the scope of this essays so I will highlight some key components of a purposed business plan of opening up a bar.

The first step is to acquire a solid understanding of the bar business. Finding the correct locations, acquiring the right permits and licenses and learning the finer points about running a bar should be included in this step. Talking to others who have been successful would be a great starting point. Learning from others wins and failures is a great way to get a feel for what it will be like to be heavily involved in this occupation.

The next step, is to find capital. Banks and investors are targets for this part of the step. Family and friends may also wish to participate in this step as well. The amount of money needed is dependent on a lot of…