Setting up a bar

[JayEmm]

For some time now I have been interested in setting up a bar and wracking my brains as to where to start this project.
I have been to various banks, and even tried to get access to existing bar owners in my area of London, most of whom seem unwilling to divulge anything like decent information to whom I assume they view as potential competition.
Hence, I was aware that I needed some mentoring and/or guidance in this respect.
Therefore, please can you advise me on the best place to start? I have viewed a couple of online property sites for ideas on premises (expensive!!), but am I jumping the gun in this instance?
Furthermore, in cases where people have founded there own bars before, would you imagine they had worked in them for a considerable period of time? Therefore lending weight to their application for funds, to the bank or whoever.

Thanks in advance for your help!

JM

[Statler]

Hi,

The first thing to do is your research. You need to prove that there is a need for your business (often this can be done by designing and handing out a questionnaire, then truthfully analysing the results); you need to identify who and where your customers are; you need to identify your competition; you need to come up with a unique selling point that will differentiate your business from others in the same field; etc. Location is obviously important - will your bar be busy day and night, seven days a week, or will it just attract the weekend crowd?

Thorough research and careful planning is essential before you decide whether or not to go for it.

Have you got friends who have worked in bars? Ask them what worked/didn't work, etc.

As for perhaps not having much experience of bar work when it comes to funding from the bank, etc - this shouldn't be too much of a factor, as lenders tend to look for things such as determination to succeed, enthusiasm, thorough market research and so on. Basically, if you want people to back you, then you have to put as strong a case forward as possible. Downplay the negatives and highlight the positives.

If you register online with Shell LiveWIRE at www.shell-livewire.org, you will be able to download two booklets - 'Market Research for the First Time' and 'Writing your First Business Plan'. You will also be posted a factsheet dealing with your particular business idea (Cafe Bar/Designer Bar is the closest we offer), plus you will also gain access to all the information within the Be Your Own Boss section of the site.

To register at www.shell-livewire.org, choose 'Click to Register' below the briefcase on the left-hand side of the homepage.

Lee

[JayEmm]

Thanks alot Lee, plenty to go on.
JM