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so opening a bar with

shirlene29

shirlene29

I am BATMAN!
Platinum
EF VIP
a gay male coworker and only 100k to spend is an incredibly bad idea right??
this wouldn't be either of our entire savings but it would put a hurt on me.


it sounded awesome originally because there's nothing dance/music related nearby and there are 4 colleges near by (one of them law and another medical and the other two undergrad lib arts)
theres only taverns/pubs which do incredibly well (theyre all fucking standing room packed all weekend)


but the hours I'd have to put in are slightly starting to terrify me


discuss and recommend fags
 
Sounds like a lot of responsibility. Do you watch "Bar Rescue" ?
 
lol...his bf is an interior decorator too...and brazillian...you might be right about curtains...hmm

never watched bar rescue :( gonna go google it now
 
If I had a gay bar I would call it the Bareback Closet
 
lolol...wasn't supposed to be gay bar...tho a gay night was brought up
 
I don't think that's enough money to cover it, unless the space you have in mind is already decked out to function as a bar? If not, you have lighting, sound, HVAC, fridges, bathrooms, cashes ect...that's a lot of essentials before you even get into the cosmetic stuff. Then the money needed to do the whole liquor license process, insurance, signage, advertising....there's a lot of start-up expense involved.
 
manage and running one are 2 different things..

hands on will make you old very quickly

however managing one is 10-12 hours a day 7x week..
 
Bars and clubs are tough work. U will put in long hours if u plan to run it smoothly. No Fag shit tho
 
the essentials are covered by a wealthy friend that owns ( and recently tore apart) several bars and restaurants...he has a lot of shit he will just give me ...some of it isn't awesome but is ok for startup and can easily take a new life with some time/effort
lighting is easy (architectual salvage yards and a friend thats an electrician)

I talked to two liquor distributors about the alcohol itself ..and thats surprisingly cheap to start up..and includes taps, glassware,etc, liquor, wine, beer and a good deal of signs
coco cola will also include some fridges for under bar as part of their contract

I don't know what cc terminals will cost..and youd have to accept all four here for sure..heavy area of discover and amex

now liquor license is big...and expensive..attorney isn't (family member)
insurance I haven't yet broached and honestly don't know how much it will cost and location isn't picked out other than the actual town but hvac and bathrooms have all been already set up in every place we've inquired about so far that has correct zoning..pricing seems to be between $10-$25 sq ft (huge variation) and the contracts themselves vary quite a bit
advertising I'm at a loss for the best method honestly..best bang for buck




and this would all be a year off most likely unless everything fell together
 
shirlene29 said:
the essentials are covered by a wealthy friend that owns ( and recently tore apart) several bars and restaurants...he has a lot of shit he will just give me ...some of it isn't awesome but is ok for startup and can easily take a new life with some time/effort
lighting is easy (architectual salvage yards and a friend thats an electrician)

I talked to two liquor distributors about the alcohol itself ..and thats surprisingly cheap to start up..and includes taps, glassware,etc, liquor, wine, beer and a good deal of signs
coco cola will also include some fridges for under bar as part of their contract

I don't know what cc terminals will cost..and youd have to accept all four here for sure..heavy area of discover and amex

now liquor license is big...and expensive..attorney isn't (family member)
insurance I haven't yet broached and honestly don't know how much it will cost and location isn't picked out other than the actual town but hvac and bathrooms have all been already set up in every place we've inquired about so far that has correct zoning..pricing seems to be between $10-$25 sq ft (huge variation) and the contracts themselves vary quite a bit
advertising I'm at a loss for the best method honestly..best bang for buck




and this would all be a year off most likely unless everything fell together
Click to expand...

always good to befriend a Mo!
 
get the per swipe fee vs the % fee..

.04 per swipe.. that's a good place to start.. also, your biggest source of loss $$$ will be the bar/bartender, so it's o so important..
 
take it from a cpa...worst investment of your time and money on the planet...not to mention the obvious pitfalls (e.g., unlimited access to top shelf liqour).
 
bars next to colleges bring in some nice cash. but i wouldn't invest a ton up front to make it happen.

i would only open one close to college as they are steady income. would you serve bar food?
 
EarthRider said:
bars next to colleges bring in some nice cash. but i wouldn't invest a ton up front to make it happen.

i would only open one close to college as they are steady income. would you serve bar food?
Click to expand...

it's the fucking hours that will kill you...and, it's a cash business...if you're not there all the time, all of your employees will steal your money and give drinks away to their friends for free...plus, if you enjoy drinking, it's damned difficult to not get high on your own supply.
 
I'd never go into a partnership to start a business. I'd want complete control, rather than relying on others for cash and their say in things.

A wise man once said - A partnership is the only ship that won't sail.
 
JWBurns said:
I'd never go into a partnership to start a business. I'd want complete control, rather than relying on others for cash and their say in things.

A wise man once said - A partnership is the only ship that won't sail.
Click to expand...

This
I was about to post something similar. Even if you think you're on the same page with your partner, you're not.
 
Bars are money traps. People open bars when they're looking for a tax write-off. Especially bars with entertainment.

$100K? You can't even put in a good sound system for $100K.
 
ok ok...idea scrapped!


how bout a juice bar in my yoga studio..........hmm
 
Mr. dB said:
Bars are money traps. People open bars when they're looking for a tax write-off. Especially bars with entertainment.

$100K? You can't even put in a good sound system for $100K.
Click to expand...

tax write-off?? how about a contribution to a friggin' retirement plan...you get a deduction and you get to keep ALL THE MONEY...my favorite deduction right there! and, the contribution limit for a defined benefit plan is $200,000 for 2012.
 
Mr. dB said:
Bars are money traps. People open bars when they're looking for a tax write-off. Especially bars with entertainment.

$100K? You can't even put in a good sound system for $100K.
Click to expand...

I gotta figure this "tax write-off" thing out.
 
I'll chime in with my two cents. :) I worked in and managed a college nightclub and recently attempted to buy one. I love the bar business. But it is a time taker. And if you've never worked in a bar, from top to bottom, then you're going to be in for a big surprise. It is a high risk investment because it is a cash business with big liability. Insurance can kick your ass. But college kids--at least the ones in my area-- love to party and they typically have mommy and daddy's credit cards in which they are happy to overuse.

To put it in some perspective, I am in a big ten university town; the university here was once dubbed the number one party school. Our club's capacity was 650. In one year, we grossed over a million dollars. Doesn't sound like much? Well consider this: the owner ran dollar, fifty cent, and penny drinks. At those prices, imagine the volume. It was retarded!!! Now those drink specials-- and some other dumb shit that the owner did-- ended up costing him his license, but a college bar can be profitable. In the year I'm speaking of, the profit was over $500k.

If you know what you're doing, running and owning a bar can be great. Risky. Involved. But I would do it in a heart beat if I could.
 
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