Things to know before you go into the bar business: As told by Conrad Gallagher

If you have always wanted to open your own bar, then remember that most of us have. Too many people fancy how fun it would be to have their own bar where they enjoy with the regulars and have a menu that reflects the things they would want to eat with their drinks. However, it is not that easy, says Conrad Gallagher. Most people go back to doing their jobs the next day but if you are one of those who want to make a success out of it, you should read on.

Know the statistics, says Conrad Gallagher

Knowing the stats well beforehand is going to get your head in what you are going to be up against. The truth is that though people love socializing in bars, the taboo against intoxication while driving is something that has put a damp on the bar business. People don’t want to drive if they are drunk for obvious reasons. Also, the growing trend towards health and fitness is also making people realize that they don’t want to drink as a way of socializing. When you know these things, it will make it easier for you to dive in.

Are you the type of person who owns a bar?

You may feel that you are just the type, but go for serious consideration. Are you someone who would rather sit in an office all day, do paperwork and not talk to a lot of people? If that is the case and you are usually a shy and reserved person, then this business may not be for you. This is because opening and running a bar means that you have to talk as a way of life, make small talk with patrons and managers alike and basically talk like you could be dead the next day! Also, if you are a family person, you need to communicate with them about how owning a bar and running it is going to affect everything in the house.

Type of bar

Deciding on the type of bar you want to run is the next step as stated by Conrad Gallagher. The neighborhood bar is something most towns and cities have and they cater to the neighborhood people who may want a place to stop by for a drink regularly. You may also decide to have a sports bar if you know that the neighborhood has a loyal sports fan following. If you want a beer bar, then you have to make sure that you serve really quality beers. You may also go for a specialty bar where you offer people specialty drinks on your premises. 

Pricey undertaking

Before you go into the bar business, it is important that you understand that it is going to be a pricey endeavor. Most bars fail because the owners did not realistically assume how much capital they were going to need to keep the place running. Don’t expect to break even for the first 6 months and it may take longer than that as well. Before getting into the business, make sure that you have got the financing down pat.