How to Write a Killer Bar Business Plan
- Growth Strategies
- Food & Beverage
- Starting Your Business
Congratulations: you’ve decided to open a bar . Making this decision is an exciting first step, but before you go any further, you need to write a business plan.
Not sure what that should include? We’ve got you covered.
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To kick things off, write an executive summary to outline the key point of your business plan. This helps give readers an idea of what you’ll be highlighting throughout the plan.
Start with your vision for the bar. Do you imagine a sports bar filled with patrons during the big game, or a speakeasy space with craft cocktails? Every bar caters to a different type of clientele — be very specific about yours.
Next, create a mission statement and include the key factors for your bar’s success. Your mission is a summary of your company’s values that highlights how your bar distinguishes itself from the competition.
This statement will trickle through every aspect of your business and may influence who decides to do business with you. Your mission can also help you clearly identify what you need to focus on to draw in customers and beat out the competition.
Think of your company description as the “who, what, when, where, and why” of your business. Include the most important aspects of your bar including the theme or concept, location, and your target market. If you have investors or stakeholders, this piece should give them your business’s most salient details.
Make sure to go into detail about your bar’s location and design. Is there parking nearby? Or space for ride sharing or public transit? (You want to make your bar easily accessible.) The design should create an experience that engages customers and encourages loyalty over time.
To attract investors, you want to show you know your stuff when it comes to the industry and market. So you need a market analysis that compiles industry insights, customer information, and competitive analysis and helps you define what success looks like.
Start with a service industry analysis and then dive deeper into your specific industry segmentation. If you’re a sports bar, cocktail bar, wine bar, or nightclub, you should compare forecasts and trends in your market.
Next, describe your market segmentation and target customer and why your bar will appeal to them. Creating a customer profile (a description of your ideal customer) can help you later on when you need to develop a marketing plan. This does not mean you’re excluding people from coming, but it helps you focus your marketing efforts.
Then analyze your competitors. How many other local bars are there and how do they stack up? Are there larger bars that would take customers from you?
Finally, write a SWOT analysis for your bar. Discuss your bar’s strengths, weaknesses, opportunities, and threats. By running a SWOT analysis, you can discover what advantages you have over the competition and plan to take advantage of opportunities.
Product line and menu
What you offer on your menu can attract customers (and investors). List out everything on your menu with descriptions, from cocktails and liquor to mixers, garnishes, and other add-ons.
Many purchasing decisions are based on emotion, so naming drinks and including the right type of menu descriptions is a crucial component of your marketing plan. Take your time when writing out these descriptions so you can convey the right message to your customers.
Next, talk product sourcing and where everything’s coming from. For some bars, touting 100+ beers on tap is a point of pride, so make sure to identify what your claim to fame will be. Also, think about sourcing locally, as this can be attractive to certain customer groups.
After you decide what to source, lay out how you’ll manage your products and ingredients. Developing an inventory management system for your bar is important to optimize your daily operations and cut down spending.
Finally, write up your competitive comparison to other bars in the area. Are you offering the same beer selection as everyone else on your block? Are you the only one serving craft cocktails? Keeping track of your competitors allows you to diversify and use your menu as a competitive advantage.
A marketing strategy is the section of your business plan that outlines your overall strategy for finding, attracting, and retaining customers. Here’s what you need in this section:
- A positioning statement: This should include a description of your target market, as well as how you want that group to perceive your brand.
- Pricing strategy: Achieving a successful bar is almost impossible without pricing your drinks the right way. To calculate your price, start by adding up the cost of ingredients. Then, choose a pour cost percentage (or profit margin) to target. Price the drink by taking the cost of your ingredients and dividing by the target pour cost. That equals your price. Good target pour costs to target are 20 percent for beer, 14 percent for liquor, and 22 percent for wine.
- Pre-opening promotion strategy: Describe whether you’ll have a soft opening , a pop-up prior to opening , or a grand opening, and how you’ll execute it. Also, make sure to describe how you’ll generate buzz for it.
- Marketing programs : Once you’re open, you need to encourage your regulars to keep coming back and entice new customers to try your bar. You want to think about all the channels you might use to do this — email, social media, PR, paid ads, etc. — as well as the types of events and promotions that would attract customers. The range of industry options include guest bartending nights, happy hours, reverse happy hours, live music, and karaoke.
- Website: The final piece of the marketing strategy is your online presence . Forty-four percent of consumers we surveyed said a website was very or extremely important in their decision to try a business. So include screenshots of your website and describe the content customers can find on it. You should also utilize your social media presence as an extension of your website; most customers expect to find the same types of information on a business’s social profiles as its website. Of course, social media is also a chance to expand on your website and really show your bar’s personality.
Spell out the type of business entity you will select for the bar, like sole proprietorship, partnership, or LLC. This is important when filing your tax return, so be sure to speak with a legal consultant when selecting the right business entity for you.
A sole proprietorship allows you to be your own boss, but you’re also liable for all of the company’s debts. A partnership helps alleviate all the work that goes into opening a bar. The downside to partnerships is that partners are legally liable for both their actions and the actions of their partners. Finally, an LLC shields you from personal liability, but the company can never go public.
Next you need to lay out the building blocks of your organizational structure. Who is on your management team and what is your personnel plan? How many bartenders, bar backs, and other staff do you need to get started? This is important to include to give a picture of payroll costs.
Finally, outline what technology you need to run your bar. A point of sale allows you to take payments and control your daily operations. Ideally, you want a system that lets you keep tabs open, incorporates tipping, and conducts sales reporting so you can uncover inefficiencies and improve how you run your bar .
Last, talk financials. A financial plan is important to lay out what the sales need to be for the business to be successful. The financial plan section includes bar startup costs and a break-even analysis .
Your bar startup costs are the expenses incurred during the process of starting up your business. Startup costs vary depending on the type of bar. For dive bars, seating and real estate (or size) is your biggest cost. For a cocktail bar, your biggest startup cost is getting the interior design right.
Funding for your bar can be difficult at times, so it’s important to brainstorm your options and lay out a plan. Is it self-funded? Are you looking for investors? Can you take out a small business loan ? There are various funding options that should be assessed when you’re starting out.
Then look at how much revenue it takes to break even — to cover all the fixed and variable costs of starting and running your bar. Finally, discuss your profit and loss forecast, what type of cash flow you need, and how you will manage a balance sheet. Include a profit loss analysis, which is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time (usually a fiscal quarter or year).
Writing out all of these technical and financial items in your bar business plan helps you ensure your bar’s success. Of course, if you’re inexperienced with these types of analysis, you might reach out to a financial, tax, and/or legal professional to give you a helping hand.
Bar business plan tips
Sports bar business plan tips.
Maximize your indoor and outdoor space for viewing: The last thing you want is for customers to show up and realize they can’t see the game they came to watch. As you plan out your location and your equipment investments (TVs, cable subscriptions), prioritize the sports fan experience on game days.
Decide on your atmosphere: Are you going for a rowdy atmosphere or a quieter escape? Targeting all sports fans or a specific fanbase? Having a strong sense of your potential customer base will better set you up for success.
Create a sports-specific marketing plan: Take a look at the upcoming calendar and map out the likely slow and busy times. How will you stand out from the competition for big events, and what promotions can you run on quieter nights?
Wine bar business plan tips
Find distributors: Relationships with importers and distributors can make or break a wine bar. Early on in the process, settle on the partnerships that will be crucial to your bottom line and how that sets up the rest of your business.
Decide on your food investments: There are pros and cons to offering food at your wine bar, and you can always evolve your approach over time. Some wine bars across the country have lowered costs and increased their reach by partnering with local restaurants and food pop-ups so they don’t have to worry about the prep and storage.
Consider multi-hyphenate opportunities: Wine bars are a particularly good fit for branching out into everything from retail to personal care if you have the space and expertise.
Cocktail bar business plan tips
Be specific: A generic cocktail bar can have trouble breaking through. Having a clear vision for the look and feel of the space, the target audience, the price ranges, and your unique value propositions will help you out early on.
Consider the competition: What is missing in your area and what will drive customers to your business specifically? Take a look at the successful cocktail bars in your neighborhood and your city. What can you replicate and what gaps can your business fill?
Have a staffing plan: It’s hard to build up customer loyalty if people are waiting a long time for their drinks. Plan out how you’ll appropriately staff for the size of your space, and look into QR-code ordering so customers can stay at their tables while their cocktails are prepared.
Brewery business plan tips
Define what makes your brewery stand out: In a crowded space, it’s important to know your edge and appeal. Are you making your own beer? Have you secured a great space for large groups? Is the location clamoring for a brewery?
Pursue partnerships: Many great breweries across the country build interest with weekly partnerships. From restaurant residencies at your space to beer debuts to one-off pop-ups, these kinds of mashups with other local businesses can build momentum early on.
Look at self-serve options: More and more customers want flexible ways to order and pay. QR codes work well at breweries, but also look into ideas like ordering ahead for pickup or allowing customers to pour their own beer for a fixed price over a set amount of time.
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Step By Step Guide To Write A Bar Business Plan
Opening a new bar requires grit and determination - as well as a fantastic bar business plan to act as your roadmap. This document can determine the future success of your new venture, so it’s essential to make it as comprehensive as possible.
But for first-time bar owners, figuring out where to start can be challenging. Our step-by-step guide to writing a business plan will help you pinpoint the finer details to consider when building a thriving bar business.
How to Write a Bar Business Plan in 9 Steps
1. bar overview.
The first step in writing a bar business plan is to establish an overview of the type of bar you want to open. You need a concept and location to shape your business model and create an executive summary for your new venture:
One of the defining aspects of your establishment is its concept and theme, which you’ll need to describe clearly in your business plan. Whether it’s a simple sports bar, speakeasy, or high-end nightclub, have a fully developed idea of what your venue will be and what purpose it will serve.
You also need to consider how to meet market needs. If you’re following trending concepts, you’ll know that roof-top bars and lounges are popular now. Or, perhaps you want your venue to be an activity-based bar that offers an art gallery, board games, or mini-golf?
Part of your business plan also includes setting your mission statement and goals. These should outline your vision and will influence who invests in your bar. Your mission statement should be a comprehensive statement that details what sets you apart from other bars and should include your company’s values.
It’s important to link your statement to your business concept. You should consider how your values and goals are influenced by what makes your bar unique - including your overall purpose.
Next, you need to propose a location for your bar. Venues close to stores, shopping, centers, and tourist attractions, typically get good visibility and attract a lot of foot traffic. Because of the number of people moving through these areas daily, they also usually offer a decent level of security for your customers.
Another consideration for location is to avoid suburban areas where neighbors might lodge noise complaints. Should this happen, it can mean regulations stipulate earlier closing times for your venue so as not to disturb the peace.
Finally, look for a space where there’s low competition, and your business can shine. There are plenty of strips crowded with bars and nightclubs. While these might attract a decent amount of foot traffic, you’ll need to work much harder to draw people into your place if one establishment has already made a name for itself.
For this reason, aim to secure a spot with little competition. It could mean having a unique concept bar that overshadows the competition. Or it could mean selecting a space where your type of bar doesn’t yet exist.
Ease of Accessibility
Potential customers need to be able to access your bar easily, or they will go elsewhere. They might drive, take public transport, or use a ridesharing company to travel to your venue. It’s up to you to ensure there are ways and means to get them conveniently to the front door.
Here, you should be looking for a venue where you can offer parking to your patrons. It should also be accessible to ride-hailing services and close to public transport.
2. Customer Overview
No bar establishment would be successful without its customers. As part of your bar business plan, include a profile of the type of customer you hope to attract. Consider who your target market is and how it aligns with your bar concept.
You should also outline your demographic's age, income, and interests. You’ll need this information later when developing marketing strategies for your business.
3. Management Overview
The next step in your bar business plan is building a team structure. Your crafty bar concept requires talented people to execute it properly.
Your bartenders are the face of your establishment. Essentially, they can make or break your customer’s impression of your venue. When going through the hiring process, you’ll need to consider each individual’s personality, qualifications, experience, and skills.
Ideally, you want at least one experienced bartender who knows the ropes and can help set up operations, deal with bar management, and train the team. They will also be able to help streamline any teething issues that come up as a result of starting a new business.
From the get-go, outline your bartending teams’ possible responsibilities and the duties they’ll need to undertake. This can help set expectations ahead of advertising jobs and interviewing potential candidates.
Bar-backs don’t need as much experience as bartenders or servers as they aren’t in the customer eye as much. But they must be willing and eager to learn. They are essential to keeping everything running smoothly and work closely with the bartender as an assistant.
For this reason, they need a solid foundational knowledge of the industry, ingredients, and barware in general.
Depending on your business concept and operational model, you may or may not need to employ servers. Some high-end venues have servers to reduce the crowd around the bar and deliver drinks to the table. Additionally, you’ll need to hire servers if you offer any food.
When building out your staffing plan, you’ll need to determine where your establishment lands with that requirement. Make a note here to look for bar industry candidates with alcohol training who know how to serve alcohol safely and legally.
4. Drinks Menu Plan
Your drinks menu is your bar’s product. To be successful, it’s essential to get this offering right.
While your beverage list will undoubtedly change over time, don’t neglect to include a sample menu in your business plan. This will give potential investors an idea of what’s in store and possibly help you secure funding.
Your drinks menu is the selling point of your bar business and the star of the show. If you can excite and entice patrons with promises of wonderful flavors, you’ll be onto a gold mine.
So, it’s important to include product descriptions in your menu, particularly for signature drinks. Each listing should detail the ingredients of individual drinks, any garnishes they may come with, and add-ons your customers can choose from.
A successful bar is only as strong as its product. So, aligning your drinks with your bar’s brand and concept is important. Get together with a mixologist to create one or several signature drinks that will be uniquely your own. Give these drinks names that play to the overall theme of your business.
Many establishments lean on particular products as their claim to fame. For example, you might want to be known as a French wine bistro, local brewery, or craft cocktail spot. Decide what you wish your unique story to be and reflect this in your plan for product sourcing.
Of course, sourcing locally is the most sustainable way to go. You can also build relationships with vendors in your community, which can help bring people into your venue.
It’s essential to do your research and stay abreast of industry trends. Note what these are in your business plan, as this will help keep customers walking through your doors.
For example, one of the most popular cocktail trends in the bar scene is smoke-infused or smoked cocktails. Some mixologists may also use smoke bubbles to infuse the cocktail with a smoky aroma. This trend has gained fame in the last few years and adds a new twist to the cocktail-drinking experience.
Small Food Menu (Small Bites)
Food and beverages go hand in hand. If you plan a small menu with, say, tapas or easy eats, you can increase your revenue. It will prevent your guests from leaving to find something to eat.
Suppose you don’t want the hassle of food storage and preparation. In that case, consider formulating a partnership with a local eatery or small food business that can deliver a menu of select freshly-made items to your establishment.
It’s key to plan out your business licenses carefully. If you don’t have the right ones in place, you won’t be able to operate.
When putting together your bar business plan, it’s important to research whether you need a tavern license. It’s a government-issued license for restaurants, bars, or businesses with more than 50% liquor sales.
Beer and Wine License
If you’re planning on starting a beerhouse or wine lounge, you may only need to apply for a beer and wine license. This will restrict your sales to wine and malt beverages, as you won’t be able to sell hard liquors like spirits. Whether you need to apply for this license depends on your bar's concept.
Health/Food Service License
With a small food menu, you’ll likely need to note on your restaurant and bar business plan to apply for a food service license. It’s a requirement to serve any type of food within your establishment. To obtain a food service license, you’ll need to ensure that your bar follows strict rules and regulations laid out by the U.S. Food and Drug Administration .
Music is one of the key elements of creating ambiance in a venue. But did you know that streaming music from your digital subscription with Spotify or Deezer is not actually operating within the law? This is true even if you’re playing music through a TV or radio.
The right way to go about this is to pay a Performance Rights Organization (PRO) or music service that will send royalties to the relevant artists. For the most part, this doesn’t apply to bands or performers who play live at your venue.
6. Market Research
Performing market research as part of your bar business plan is key to understanding your opportunities and how to capitalize on them.
Part of your research should be to determine the market size you can potentially snag. Look at other bars already operating in the area, consider the industry as a whole, and determine what trends are driving it forward.
What needs will your bar solve for your target market? You can find out who they are and what they want by considering the local neighborhood and bar type.
It’s also an idea to look at census data to see how many potential customers within a certain demographic live within a reachable radius of your proposed location.
Market Share and Price Point
When doing your market analysis, consider similar bar businesses that have come before you. What do their successes and failures look like? Why did they crash and burn, or soar to new heights? Take these lessons and figure out how to apply them so your business can succeed.
Furthermore, what will your entry into the market mean for the local community? Are you creating new job opportunities? Or are you going to bring in an unruly crowd of patrons they hope to avoid? Knowing this information will help you be accepted and create connections rather than catastrophes.
Lastly, consider what your ‘competitors’ or other similar industry businesses are charging for their drinks and services. Run a competitive analysis in the area to determine your potential price point and how you can stand out.
7. Bar Marketing
Utilizing a marketing plan in the right way helps you take measured steps to get your establishment in front of potential customers. Here are the strategies to get started:
Create a Brand
The key to starting a successful business - and keeping it open - is to create a memorable brand identity. Your toolbox for promoting your brand should include your logo, colors, and ‘personality.’ Use these in a way that becomes synonymous with your bar, no matter where people interact with it.
Besides developing your brand identity, consider the channels you can market on to attract customers. At the very least, it should include your social channels, website, and media influencers.
8. Other Avenues to Increase Revenue
Besides being a bar and welcoming guests who come in with reservations or foot traffic, there are other avenues to increase your revenue.
Hosting events such as karaoke nights, wine tastings, or live music is an excellent way to attract larger crowds to your bar. You are guaranteed certain sales, can charge a cover fee, and get new people walking through the door.
If you go this route, we recommend using event management software to keep everything on track and work effortlessly with your team.
It’s no surprise that all businesses go through an ebb and flow of customer traffic. A great way to increase cash flow during slower periods is to introduce ideas like drink specials and happy hour discounts.
When you’re writing up a business plan, don’t forget to brainstorm ideas for a pre-opening promotion as a way to test the market. This can be as simple as a soft launch or as elaborate as a grand-opening celebration.
An important aspect of your business plan is to outline your potential start-up costs. These, along with the costs of day-to-day business operations, and financial projections, will attract or deter potential investors.
Your business plan should also highlight possible funding options like loans and investment opportunities you have available. Additionally, you’ll need to draw up a break-even analysis to determine how much revenue it will take to turn profits.
Realizing your dream of owning the hottest bar in town starts with a great business plan. It will need to cover everything from your mission statement to your concept and drinks menu. This will help you build a sturdy management team, hire great employees, and attract people to your venue.
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- Bar Business Plan
2.0 Company Description
3.0 products, 4.0 market analysis, 5.0 marketing strategy and implementation, 6.0 organization and management, 7.0 financial plan, 1.0 executive summary.
The Neighborhood Bar and Grill will be a unique gathering place in the suburbs of Palm Beach County. By providing exemplary service (think of the character Norm from Cheers as he’s warmly greeted each day after work), a vast selection of beer and wines and award winning food in a relaxed comfortable setting, the NB&G will be the premier bar that ‘the locals’ go to in suburban Palm Beach County.
The success of the bar is in its owners – with collectively 30+ years experience in the restaurant and bar industry. They are committed to making this operation a successful one. Employees have been hand selected and share the same views as the owners, that is, keeping the customer happy assures repeat business.
The Neighborhood Bar and Grill has plans to initially capture 2% market share or $334,000 of the $16.7 million of the local market by fiscal Year One, and an additional 2.3% and 2.53% for Years Two and Three respectively. The Neighborhood Bar and Grill will accomplish this through a concerted advertising and marketing campaign, reliance on signage and primarily by word of mouth. Located at a major intersection in Palm Beach County, the site is located in a neighborhood retail centered anchored by a Winn Dixie grocery store. With average traffic counts of 42,000 daily, the site was primarily selected because of its location, the local demographics surrounding the site and reasonable rental rates.
The Neighborhood Bar and Grill is leasing 1,400 square feet retail space in the shopping center and paying $18.00 per square foot annually NNN lease.
The following business plan summarizes the history of the NB&G, where the business currently resides and its future plans for growth.
1.1 Mission Statement
The Neighborhood Bar and Grill will provide a comfortable place for locals to come and gather for relaxation, striving to be the bar of choice for the locals in the Cresthaven neighborhood and suburban West Palm Beach. The NB&G will be known as the “Cheers Bar” – where everybody knows your name and the business will do this by: providing a relaxed atmosphere encouraging patrons to unwind — specifically targeting professionals between the ages of 30 and 65 making $50,000 annually. The Neighborhood Bar and Grill is based on the guiding principles that life is to be enjoyed and this is reflected in its vast selection of beverages, its delicious food offerings and the professional team members. The Neighborhood Bar and Grill wants to be synonymous with country singer Toby Keith’s song “I Love This Bar”.
1.2 Guiding Principles
The Neighborhood Bar and Grill’s philosophy is simple: enjoy life and treat others as you’d want to be treated. These sound principles apply to all life’s situations, both personal and professional. At the Neighborhood Bar and Grill, these principles are applied to management, employees, customers and suppliers alike.
Life is to be enjoyed! Neighborhood Bar and Grill employees love their jobs and their customers! This is not only reflected in the outstanding service – it is because management personally culls and trains each employee putting them in the position that is ideally suited for them.
Integrity – In the spirit of all great bartenders, treat each customer with utmost respect and professionalism. The Neighborhood Bar and Grill bartenders and wait staff are trained to act professionally in all situations. If a regular patron happens to become disorderly say after a particularly stressful day, the Neighborhood Bar and Grill’s staff is trained to promptly and discreetly order a cab for these individuals. No one wants to work with drunken and disorderly individuals and the patrons do not want to be known as such either.
1.3 Keys to Success
The Neighborhood Bar and Grill’s key to success will be based on:
Outstanding customer services – the NB&G’s goal is be the place “where everyone knows your name”. All team members are hand selected and love what they what do. Customer Satisfaction – By providing a quiet and relaxed environment, where friends can meet and unwind and relax. Provide a vast offering of specialty beer and wine offerings – catering to the public’s increased requirement for variety and sophistication in alcoholic beverages.
The Neighborhood Bar and Grill will be a locally owned neighborhood bar equally owned and operated by Ben Davis, Roberta Gary and Danny Zinn. The Neighborhood Bar and Grill is a C-Corporation.
The NB&G will occupy a 1,400 square foot facility located in a neighborhood shopping center known as the Shoppes at Cresthaven. The property address is 2601 South Military Trail.
The Neighborhood Bar and Grill will provide a soft, quiet environment for its patrons. The furnishings are comprised of leather appointed chairs and small booths throughout the bar. These items were obtained at various local auctions and although not entirely matching, lend an eclectic look to the cocktail lounge area. The walls are adorned with a hodgepodge collection of memorabilia from the local area – many donated by Mr. Davis’ wine bar patrons including two cigar store Indians, an antique bear claw and 1950’s coca cola signs.
The bar will have a small central stage and provide the site for jazz musicians and open mic nights on the weekends.
The NB&G is C-Corporation, owned equally by Ben Davis, Roberta Gary and Danny Zinn.
Mr. Davis has 20+ combined experience years in management and operations. A successful business owner, he currently owns two independent wine bars in West Palm Beach and Boca Raton.
Ms. Gary has 10+ years experience the restaurant and bar industry beginning her career as an Event Coordinator for the Radisson and most she recently managed two nightclubs in exclusive South Beach.
Chef Danny Zinn will oversee the kitchen. He brings to the table 15+ years experience as a formerly trained Culinary Chef. Mr. Zinn and Ms. Gary met while employed at the Radisson.
2.2 Legal Form
The Neighborhood Bar and Grill is a registered C-Corporation, owned equally by Ben Davis, Roberta Gary and Danny Zinn, doing business in the State of Florida.
2.3 Start-Up Summary
Following is a summary of required funds to establish the business:
Tenant improvement costs have been in the form of new heating/air conditioning, electrical, plumbing, painting, carpentry, flooring and smoke detectors.
The owners have spent $38,262 in furnishing and fixtures including leather chairs and small booths throughout the bar. These items were obtained at various local auctions.
The owners are currently remodeling and retrofitting the space to accommodate both a front and back bar along with stools for customers. The back bar was secured from a consignment shop and is ornately decorated English walnut, marble and glass. The front bar will be constructed by Mr. Davis’ brother-in-law who owns a cabinet company.
Additional out of pocket expenses were rent and security deposits.
The owners are seeking a $22,000 working capital loan to meet start-up inventory requirements, and licensing requirements. The loan will be secured by UCC filings on all inventories, and accounts receivables.
Further, the owners are seeking a commercial loan in the amount of $61,000 to purchase kitchen equipment, supplies and bar supplies. The space was formerly a restaurant and the layout is perfect for the proposed kitchen. The commercial loan proceeds will be used to purchase the majority of the kitchen equipment including two stoves and ovens, one walk in refrigerator, a freezer, two microwaves and a deep fryer. The commercial loan will be secured by UCC filings on all furniture fixtures and equipment.
Total starts up costs are $142,512. To date the owners have contributed $59,512 or 42% equity in the business. The source of repayment for both loans will primarily be cash flow from the bar and secondary source of repayment will be recourse to the owners. The tertiary form will be disposal of the assets.
2.4 Location and Facilities
The location was a key component for the NB&G. The owners specifically sought this location because the demographics aligned with their target customer.
The 1,400 square foot Neighborhood Bar and Grill will be located in the Shoppes at Cresthaven located at 2601 South Military Trail in West Palm Beach, Florida. Located on the northwest corner of Military Trail and Cresthaven Boulevard, approximately 42,000 cars pass the site daily. The shopping plaza is anchored by a Winn Dixie grocery store. The area surrounding the NB&G is the Cresthaven neighborhood. The NB&G residents live in this neighborhood and surrounding area.
The bar location specifically meets the needs of the owner’s patron profile – that is professionals between the ages of 30-65 with incomes greater than $50,000. The following table briefly summarizes the population in the 3 and 5 mile radius:
3.1 Products/Services Descriptions
The Neighborhood Bar and Grill will offer a broad and deep variety of specialty beers and wines which will appeal the public’s ever changing and increasingly more sophisticated demands for variety in beer and wine. The bar will also offer a full service liquor bar.
Patrons desiring food will not be disappointed by the bar’s food offerings either. One of the owners is an award winning chef formerly trained at the Florida Culinary Institute and most recently employed by the Fontainebleau in Miami. Chef Danny Zinn will prepare traditional bar foods such as nachos, potato skins, and calamari, along with the local favorites of fish dip and fried grouper sandwiches. Dining patrons will also enjoy his daily specials including freshly caught Atlantic Snapper and Mahi Mahi.
The kitchen will close at 8 pm, but patrons will still have the option of easily prepared foods, that the bartender can microwave or easily throw into the deep fryer.
On Friday and Saturday nights, the NB&G will provide live entertainment performed by local jazz musicians. A cover charge will be applied to patrons to cover the band expenses. The bands will be responsible for setup and tear down of all equipment.
3.2 Competitive Comparison
Within a five mile radius of the subject are six comparables:
Applebee’s Neighborhood Bar and Grill 6706 Forest Hill Blvd West Palm Beach
Cococabana Bar & Grill 2944 S Jog Rd, Lake Worth Florida
Flanigans Seafood Bar & Grill 2401 10th Ave N, Lake Worth, Florida
Franchie’s Bar 3476 2nd Ave N, Lake Worth Road Lake Worth, Florida
Pit Row 4064 Forest Hill Blvd Ste 8 West Palm Beach Florida
Plush Pony 2028 S Military Trail West Palm Beach Florida
3.3 Product/Service Sourcing
The key food suppliers for the business will be Sysco Foods and Treasure Coast Food Service. Having two suppliers assures the NB&G exceptional delivery times, and better overall prices.
Restaurant supplies (pots, pans, cutlery, and cooking utensils) will come from Grover Restaurant Supply.
Alcoholic beverages will be purchased from Gold Coast Beverage Distributors and Florida Distributing Company.
The Neighborhood Bar and Grill will utilize a P-O-S (Point of Sale) touch screen system throughout the bar and restaurant area. These monitors and hand held units will provide point of sale menus, inventory control analysis, credit card sales, and office management.
3.4 Inventory Management
The POS system will be instrumental in the Neighborhood Bar and Grill’s success. Bartender theft and employee theft can quickly be the financial demise of any business. The POS systems will alert the chef when inventory levels are low and the bar manager when to place his order.
3.5 Warehousing and Fulfillment
3.6 future products/services.
The owners of the NB&G realize the customer is the key to the success of the business and will work continually to improve/enhance the patron experience. Comment cards will be available throughout the bar and management will keenly review these comments, making adjustments as needed. For example, the owners might consider open mic nights, creating a Trivia Night or providing other options as deemed acceptable by the customers.
4.1 Industry Analysis
Although people still gather to socialize in bars, just as they have for hundreds of years, other factors have come into play for the industry as well. Problems with driving while intoxicated have changed the drinking patterns of people in United States. The growing concern with health and fitness toward the end of the 20th century took its toll on the bar industry. Keeping tabs on this industry requires a look at the alcoholic beverage industry as a whole–what people buy in the store doesn’t differ much from what they buy in a bar. The distilled spirits industry generates around $100 billion in U.S. economic activity annually. (Distilled Spirits Council)
The US bar and nightclub industry includes about 45,000 establishments (single-location companies and branches of multi-location companies) with combined annual revenue of about $20 billion. No major companies dominate; varying state liquor laws complicate the ability to form large chains. The industry is highly fragmented: the 50 largest companies account for about 5 percent of revenue. (First Research)
Personal income and entertainment needs drive demand. The profitability of individual companies depends on the ability to drive traffic and develop a loyal clientele. Large companies can offer a wide variety of food, drinks, and entertainment, and have scale advantages in purchasing, financing, and marketing. Small companies can compete effectively by serving a local market, offering unique products or entertainment, or providing superior customer service. The industry is labor-intensive: average annual revenue per worker is about $60,000. (First Research)
Major sources of revenue include beer (about 35 % of sales), distilled spirits or hard liquor (30 %), food and non-alcoholic beverages (20 %), and wine (7 %). (First Research)
4.1.1 Market Size
The US bar and nightclub industry includes about 45,000 establishments (single-location companies and branches of multi-location companies) with combined annual revenue of about $20 billion. No major companies dominate; varying state liquor laws complicate the ability to form large chains. The industry is highly fragmented: the 50 largest companies account for about 5% of revenue. (First Research)
4.1.2 Industry Participants
There are few barriers to entry in the neighborhood bar industry, and the capital costs of starting a new neighborhood bar are low. However, competition among bars and taverns is intense due to the large number of bars in the target market. When combined with a small industry growth rate, market share gains by one bar will be at the expense of others.
Competing for the neighborhood bar are other small neighborhood bars and larger chain restaurants with full service bars. Additional competition for the NB&G are other types of bars, for example, sports bars, pubs, coffeehouses, and wine sellers. The slower economy resulted in some patrons purchasing from grocery stores, package stores and convenience stores.
4.1.3 Main Competitors
A recent analysis revealed six bars/restaurants with bars or a $16.7 million market as classified under the NAICS (North American Industry Classification System) code 722410 – bars and nightclubs – within a 5 mile radius of the subject. The following is summary of the comparables:
This 16,500 square foot corporate restaurant and bar was established in 1997. The neighborhood restaurant/bar generates approximately $5.5 million annually and has 55 employees. The Applebee’s target market is not the same as the subject, catering primarily to families and as a restaurant; it will not compete directly with the subject.
Privately owned, this is 3,300 square foot restaurant/bar with 11 employees and generates approximately $1.1 million annually in revenues. The restaurant specializes in Dominican food and drinks. With a focus on black beans and rice and mojitos, the theme is quite different from the subject. However, based on its size, its proximity to the subject and its uniqueness, the NB&G will have to work hard to attract these patrons. Word of mouth and its initial marketing campaign will have to convince these patrons that the NB&G’s food and beverage offerings are superior to this competitor.
Established in 1990, the iconic restaurant and bar is one of twenty-two facilities in the South Florida area. Flannigan’s is well known and has a loyal following. The 9,900 square foot bar and restaurant is privately owned and generates $3.3 million annually. The restaurant and bar has 33 employees. Because of its unique target focus as primarily a restaurant this business, like Applebee’s, this is an indirect competitor.
This freestanding 3,300 square foot bar is privately owned and operated. The bar has 11 employees and generates approximately $1.1 million annually. The bar has a “C” credit rating and does not provide food. The bar is old (its age unknown as it was not filed publicly) and is generally known in the area as a “dive bar”. This bar’s clientele do not typically meet the profile of the subject and will not compete directly with the subject.
With a race ‘pit’ themed bar and menu, Pit Row offers drink specials on NASCAR race days. The neighborhood bar has a sports bar theme. The bar has a pool league and a Texas Hold ‘Em game night. More of a sports bar, the subject will compete indirectly with this competitor. The 1,800 facility is located in a strip center and generates $600,000 annually. The bar has 6 employees. This neighborhood bar is one of three in Palm Beach County that are privately held by the same owner.
This 15,300 square foot bar started in 1995 has a tremendous following. Known as a “dive bar”, the Plush Pony has line dancing and country music. With 51 employees and $5.1 million in annual revenues, this country music bar is an indirect competitor.
4.1.4 Market Segments
Middle class, ‘white collar’ office workers on their way home from work. These are the patrons that will become the bar’s ‘regulars’, patronizing the bar on their way home from work and stopping for a glass of wine paired with some light appetizers and unwinding prior to heading home. Tourists and workers on their lunch hour – the bar is centrally located in Palm Beach County making it an ideal location for both tourists and workers alike. Late night and bar crowd seeking “lighter” late night venues – the NB&G will have live jazz music and acoustic guitar on weekends and some weeknights. The owners of the NB&G are targeting the following individuals for their target market:
Household income of $50,000 Between the ages of 30 and 65 Gender Demographic (75% Male, 25% Female) Lives within a 5 miles radius of the subject location
4.2 Market Tests
The owners specifically targeted this location because of the lack of finer ‘neighborhood bars’ in the suburbs – a bar that is quaint and cozy – but also provides a great option to take out of town guests with finer food and beverage offerings.
While patrons can find similar bars in the trendier downtown and midtown locations, the quieter, smaller bars offering finer foods and jazz venues, are all but overlooked in the suburbs. Experienced in the business, the owners listened to their patrons and created NB&G based on these requested needs.
The local distributors support this business venture as well and based on the area demographics and are anxious tap into this lucrative market.
4.3 Target Market Segment Strategy
The NB&G specifically targets individuals in the local market with incomes greater than $50,000 desiring a quiet neighborhood bar and grille to relax and unwind. The marketing strategy is designed to target this group.
This target group was selected primarily because of
the location of the bar and grille, the setting is designed to appeal to this target market and the current target market does not have any venues comparable to the subject. In fact the closest direct comparables are located eight miles away in downtown – the majority of locals would prefer a spot closer to home.
4.3.1 Market Needs
As the owner of two South Florida wine bars, Mr. Davis was constantly told by his patrons, that while they loved the local taverns, they’d be more interested in trying some finer quality food offerings along with some finer beverage choices, especially when they had guests visiting from out of town.
While still maintaining its image as “the place the locals go”, the owners have added some “class” to this little bar and grille by:
Offering both traditional bar fare, but also offering selections of daily prepared specials from a chef formally employed by the Fontainebleau and trained at the Florida Culinary Institute The bar will provide “light” jazz music and acoustic guitar, filling the vast void in such venues in the ‘burbs’ location.
4.3.2 Market Trends
Recent market trends focus increasingly on healthier lifestyles. Studies have shown that although consumers are drinking less alcohol, their tastes are becoming more discriminating. A greater emphasis on technology (POS) and training (“Star Servers and Bartenders”) resulting in increased productivity and earnings. Upgrades in improvements and interior décor – the days of the dimly lit and dark smoky bar rooms are quickly becoming a thing of the past. The NB&G is designed to embrace these trends. The NB&G will feature a vast assortment of locally crafted and imported beer offerings. The wine selection will be somewhat smaller but just as impressive. Food offerings will consist of standard bar fare along with, finely prepared daily gourmet specials. The owners will rely on POS system for orders, inventory control, accounting functions, time management and other functions. All bartenders will be hand selected and trained to cross sell appetizers or higher margin items. The NB&G’s ‘shabby chic’ interior is designed be a comfortable, sociable and enjoyable environment.
4.3.3 Market Growth
Liquor sales and the bar industry overall is demonstrating improving trends. The following is a summary from the February 2012 U.S. Distilled Spirits Council Report:
Volume / revenue growth at pre-recession levels. Revenue up 6.3% to $20.3 billion Volumes up 2.9% to 196 million 9-liter cases Growth driven by improving economy/consumer confidence, increase in restaurant sales, stable pricing environment and product innovation Improved economy = return of premiumization Sales growth has pushed market share to 34.1% of revenue, 33.8% of volume Future growth dependent upon state of economy (Industry Review Distilled Spirits Council 02/2012)
The NB&G will position itself as the bar and grille of choice for patrons desiring a comfortable and relaxed bar and grille experience. Designed like its competitor’s downtown and midtown, the central location will appeal to suburbanites living in the area who don’t care to travel more than a few minutes from home.
The NB&G will position itself as the bar and grille of choice by providing top notch service, offering a vast selection of beverages, and providing both traditional bar fare as well as daily market specials prepared by its culinary chef. The ambience and décor will be comfortable and relaxing and with the benefit of light jazz in the background, the bar and grille will be a one of a kind experience in the suburbs. The owners and staff are constantly aware of patrons changing likes and dislikes and the bar and grille will act quickly to make changes to meet these needs.
5.1 SWOT Analysis
The following information summarizes the SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. A SWOT analysis is a method for strategic planning that evaluates these four elements as they relate to the business objectives.
Relatively easy entry and low capital outlay. Committed owners with combined 35 years industry experience. The NB&G will be a unique one of a kind experience in its suburban location. Targeted, specific focus on its customers creates a memorable experience for its patrons resulting in repeat business.
Disorderly patrons can potentially harm both business reputations or cause collateral damage. Employee theft can make or break a bar business. Management’s exclusive use of the POS system mitigates this risk. Very specific target market – if the target market was broader the owners could increase market share in the segment that was the strongest. High turnover in bar industry – many bars are here today and gone tomorrow.
Opportunity to obtain a share of a $16.7 million market
Another new entrant could potentially hurt market share; competition is fierce
5.2 Strategy Pyramid
Strategy: Be the neighborhood bar and grille of choice
Tactics: Provide exceptional customer service in a relaxed and inviting environment encouraging patrons to return again
Programs: Extensive and ongoing employee training. Employees will be rewarded financially for providing impeccable service with opportunities to benefit in profit sharing.
All staff are hand selected and share the same core beliefs of the owners; everyone will be trained to be keenly aware of patrons and anticipate their needs before the customer does, for example always offering to promptly show them to their table, graciously asking to hang their coats, and bring them their drinks expediently.
5.3 Unique Selling Proposition (USP)
The NB&G will be a small, casual local bar. The bar features a vast selection of hand crafted beers – both local and imported, as well as an impressive wine selection. The bar features traditional pub fare as well as daily specials prepared by a formally trained culinary chef. With its ‘lighter’ music including live jazz and acoustic guitar performances on weekends and some evenings, the NB&G will be the alternative to its louder more raucous competitors. Although similar bars are located in downtown West Palm Beach, the NB&G is specifically designed to fill the void in the suburbs.
5.4 Competitive Edge
The NB&G specifically caters to its target market and is truly a unique local bar experience. The bar differs in its décor, its extensive beer and wine offerings, culinary choices and music style; the NB&G patrons cannot get this experience in any other bar within a 5 mile radius.
5.5 Marketing Strategy and Positioning
The NB&G is centrally located on the northwest corner of Cresthaven Boulevard and Military Trail. Traffic counts approximate 42,000 daily. In addition to its prime location, the NB&G will rely on:
Advertising – Outdoor Signage – Grand Opening Word of Mouth According to the Bob Johnson with Beverage Management Institute in Clearwater, South Carolina, the only cost-effective way to advertise a bar is word-of-mouth. “When you don’t have word-of-mouth working for you, you are in serious trouble. It’s not necessarily terminal. There are still ways to get some advertising and marketing out there without spending a ton of money. But anytime you reach into your own pocket to buy advertising for a bar, it’s not good.
“Word-of-mouth advertising is priceless,” he continues. “It means everything is right. Everything is happening. The bar is alive. Your employees love working there. They are talking and saying great things about the place, and that is passed on to your customers. The customers love being there, and they tell other customers. If you can get to that point, it’s just priceless.”
5.5.1 Positioning Statement
The owners have a combined 35 years industry experience in restaurant and bar management and fully support the operation. The NB&G will provide a vast collection of handcrafted beers and wine, provide jazz music and gourmet food, and will strive to be the premier bar ‘where the locals go’ in suburban Palm Beach County. The NB&G will go above and beyond the call of duty making patrons come back and tell everyone they know.
5.5.2 Pricing Strategy
The NB&G’s pricing will be similar to the competitor’s (competition based pricing) initially and management may consider lowering drink prices initially to attract initial patrons. However, near term, when the NB&G captures at least 2% of the local market, management plans to price alcohol and food to be more reflective of acquisition costs.
The menu items are moderately priced. Appetizer range from $8-$12, burger plates and wraps range from $9-$12 and the daily gourmet plates average $17.00.
5.5.3 Promotion and Advertising Strategy
The NB&G’s primary promotion and advertising strategy will be outdoor street signage and word of mouth. Additionally the bar is planning a grand opening in September, 20XX.
The NB&G will open mid August 20XX with a grand opening scheduled for September 20XX. The early opening date will allow the staff to familiarize themselves with operations and customer interfacing.
In addition, the NB&G will participate in select promotions annually. Once the bar is up and running, management will determine which nights need a boost. Historically, bars are busiest Friday and Saturday nights, with Thursdays coming in third place. The NB&G might decide to create an open mic night say on Tuesdays or Wednesday evenings. In addition, the bar will have promotional events on holidays such as Cinco de Mayo and the 4th of July. Management anticipates profit to equate to 3X the cost of advertising the promotion. In order to maintain the high energy levels during the promotions, all prizes will be awarded at the end of the evening. That way, patrons will have to stay all night to see whether or not they’ve won the grand prize.
The NB&G will have website featuring the menu items, phone number, hours of operation, events calendar and map. The website will also have links to its Facebook Page.
5.5.5 Marketing Programs
The owners of the NB&G will rely on a combination of customer feedback / sales reports captured from the POS to determine how well the bar is performing. Customer comment cards will be available tableside and guests will have the option to receive discounts on appetizers when the card is submitted. Additionally, the neighborhood market will utilize a local ‘mystery shopper’ company. All employees will be made aware of the NB&G’s commitment to customer service and this additional tool to be used to evaluate employee performance.
5.6 Sales Strategy
The patrons will be warmly greeted immediately upon entering the bar. The objective at the NB&G is to make everyone feel at home and be the place ‘where everyone knows your name’. Upon finding a comfortable location either at the bar, a cozy booth, or high top table, patrons will be asked for their drink and food order. Employees will be trained to cross sell high margin items. The NB&G truly values its employees and provides them with the very best training – and therefore the best service. Management believes that this investment in its employees ensures satisfied customers and in turn repeat business, leading to increased revenues.
The NB&G will be one of the few places that will truly make people happy. The NB&G staff will make sure patrons are comfortable, offer coffee, and hang coats for them. The owner will come to the table or booth and not just ask is everything okay, but is going to look to see what’s wrong before he/she even comes to the table. Employees will offer samples from the menu at no charge, and make fresh coffee because they know it’s been sitting out for a while.
At the NB&G, the staff goes above and beyond the call of duty which makes patrons come back and tell everyone they know.
5.6.1 Sales Forecast
The following table demonstrates the annual sales forecast:
Table 5.6.1 Annual Sales Forecast
5.6.2 Sales Programs
The NB&G employees will be the primary salespeople and will participate daily in the tip pool. Employees will participate in ongoing training and be compensated for their accomplishments as well. The NB&G has a strong belief that the bar only performs as well its employees.
The NB&G will be a C Corporation recognized in the State of Florida. The bar is currently in the process of obtaining the following licenses: liquor liability license, food service license, sales tax license, and entertainment permit.
The following milestones will guide the NB&G to meet its goals:
Table 5.8 Milestones
Milestone Date Secure space and negotiate lease terms July 20XX Complete Retrofit and Build-Out July 20XX Furnish restaurant and bar area July 20XX Obtain and meet necessary licensing requirements Aug 20XX Purchase inventory, kitchen equipment and POS system Aug 20XX Interview and hire employees Aug 20XX Grand Opening Sep 20XX Hire accountant when revenues exceed $500,000 Year Four
5.9 Exit Strategy
In the event that sales drop more than 5% for more than four consecutive quarters, the bar will have to liquidate. After employee’s compensation, furniture, and equipment will be sold at auction to repay lenders.
The following information provides the organizational components germane to the NB&G.
6.1 Organizational Structure
The NB&G will be owned equally by Ben Davis, Roberta Gary and Danny Zinn each with 33.3% ownership interest.
General duties will include review of daily operations, inventory control, employee training, employee hiring and firing, ordering supplies, and routine maintenance and upkeep of the bar, equipment and facilities management.
Danny Zinn will be head chef and oversee the day kitchen staff personnel, including 1 line and 1 prep cook.
The owners will also hire wait staff and bartenders.
All full time employees will be compensated with benefits including health insurance and education and training. They will have an opportunity to participate in profit sharing.
6.2 Management Team
Mr. Davis, a graduate of Florida Atlantic University left the corporate world of Pratt and Whitney behind over ten years ago to establish two neighborhood-based, independently owned wine bars. These gathering places showcase fine wines with exemplary food offerings. Mr. Davis has over a decade of experience in management, project development, and marketing providing the foundation for his business operations, including site selection, rehabilitation and construction and investor financing. In addition to overseeing the day to day operations (“back end”), Mr. Davis fully enjoys the “front end” of the business as well, by interacting with customers to ensure their experience is constantly improving.
Ms. Roberta Gary brings over ten years business and nightclub experience. A Florida native with a Masters of Business Administration from the University of Florida, Ms. Gary began her career as an Event Coordinator for the Radisson, and then moved to Miami to act as nightclub manager for two South Beach bars. Ms. Gray is a keen talent scout and will screen local acts for live performances.
Chef Danny Zinn was formally trained at the Florida Culinary Institute and has over fifteen years’ experience in the restaurant industry. Most recently he was employed at Miami’s famous Fontainebleau. Mr. Zinn will prepare traditional both traditional bar fare along with local specialties such as fresh Atlantic Grouper and Mahi Mahi. Mr. Zinn, a colleague of Ms. Gary, met her while they were both employed at the Radisson.
6.3 Management Team Gaps
Until the NB&G reaches $500,000 in annual revenues, they will utilize a part time bookkeeper to assist in payroll and income tax preparation (Reference legal and accounting line item on income statement).
6.4 Personnel Plan
The following chart shows employee salaries over the next three year period:
Table 6.4 Personnel Plan
*While the salaries appear low, these employees all benefit from the daily tip pool. Average take home pay is $60,000 and compares favorably with industry peers.
6.5 Board of Directors
The financial plan will cover the following:
Required Cost of Start-Up Profit and Loss Cash Flow Balance Sheet Financial Ratios
7.1 Important Assumptions
All 6 employees will be hired from day one of operations (the analysis does not assume employee growth during the initial three years of operations) Zero growth in employees’ salaries over the first three years, then after initial three years, employees will have opportunity for profit sharing. Management salaries remain constant as well – $7,500 monthly over the initial three years of operations Average drink sales price: $5.45 Average appetizer sales price: $10.00 Average meal sales price: $12.00 Annual sales allow economic cyclicality.
7.2 Start-Up Costs
Tenant (leasehold) improvement costs consist of new heating/air conditioning, electrical, plumbing, and painting, carpentry, flooring and smoke detectors.
Equipment consists of two stoves and ovens, one walk in refrigerator, a freezer, two microwaves and a deep fryer.
Furniture and fixtures consist of leather chairs, stools and small booths along with a front and back bar. The back bar was secured from a consignment shop. The front bar will be constructed by Mr. Davis’ brother-in-law who owns a cabinet company.
To date, the owners have invested almost $60,000 out of pocket (42% equity) to meet these startup costs including payment of rent and security deposit.
The owners are seeking a $22,000 working capital loan to meet start-up inventory requirements and, licensing requirements. The loan will be secured by UCC filings on all inventories and receivables.
They are seeking a commercial loan in the amount of $61,000 to purchase kitchen equipment, supplies and bar supplies.
Total start up costs a$142,512.
Table 7.2 Start-Up Costs
7.3 Source and Use of Funds
The following table demonstrates the proposed sources and uses of funds: To date the owners have contributed approximately $60,000 or 40% of the total cost to start the business.
Table 7.3 Source and Use of Funds
7.4 Break-Even Analysis
Total fixed costs are estimated to be $174,026. The variable cost (overhead) is estimated to be $4.60 per unit. Units are assumed to be: the combined average of: the average drink, the average appetizer, and the average meal. Based on the assumption of $9.15 as the average sales price per unit, the breakeven revenue then is $350,214 or 38,275 units. This is further depicted in the Table Below and the Graph that follow:
Table 7.4 Break-Even Analysis
7.4.1 Projected Profit and Loss
The NB&G’s estimated profit and loss for the initial three years of operations is reflected below:
Table 7.5.1 Pro Forma Profit and Loss
7.4.2 Projected Cash Flow
The statement of cash flow shows the incoming and outgoing cash of the business.
Table 7.4.2 Pro Forma Cash Flow
7.4.3 Projected Balance Sheet
The following chart depicts the proforma balance sheet:
Table 7.4.3 Pro Forma Balance Sheet
7.5 business ratios.
The following ratios are based on the Standard Industrial Classification (SIC) code 5183 and the North American Industry Classification System (NAICS) code 722410 – bars and nightclubs. The ratio analysis compares the subject to industry peers based on similar asset size and revenues.
Table 7.5 Ratio Analysis
Bar Business Plan Template
If you want to start a bar business or expand your current one, you need a business plan.
Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their bar businesses.
The bar business plan template below has been designed to help you write your own business plan more quickly and easily than ever before. We hope this template will provide you with all of the information that you need to get your bar business off the ground and running as smoothly as possible.
Bar Business Plan Outline
In this article, we’ll go over how to create a custom business plan for any type of bar. Below are links to each section of the bar business plan:
- Executive Summary
- Company Overview
- Industry Analysis
- Customer Analysis
- Competitive Analysis
- Marketing Plan
- Operations Plan
- Management Team
- Financial Plan
Next Section: Executive Summary >
Bar Business Plan FAQs
What is the easiest way to complete my bar business plan.
Growthink's Ultimate Bar Business Plan Template allows you to quickly and easily complete your Bar Business Plan. This template includes all necessary sections of the traditional business plan allowing you to quickly and easily complete your business plan for a bar.
Where can I download a bar business plan template PDF?
You can download our bar business plan PDF template here . This is a business plan template you can use in PDF format.
What is a bar business plan?
A business plan provides a snapshot of your bar business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
The business plan is also your chance to show potential investors how you intend to make revenue in your bar or pub. This type of bar business plan can also be used to convince banks that you are capable of running a bar, and that the bank should lend you money.
Do I need a business plan to start a bar?
Yes! In fact, starting a business without a business plan is one of the biggest mistakes small business owners make. A bar business plan will help you start your bar on the right foot by laying out your objectives, how to achieve them, and what you need to do to get where you want to go.
How long will it take me to write my bar business plan?
It will take approximately 30-45 hours to write a bar business plan, but this depends on how much information you already have and how detailed you would like each section to be.
Growthink's Ultimate Bar Business Plan Template makes it easy allowing you to complete your business plan in less than 1 day! It contains the core information about the bar industry and guides you through the necessary information to create a winning plan. Our template can help you develop your full plan quickly and successfully.
What is the difference between a business plan and an executive summary?
An executive summary (1-3 pages) is your chance to show investors how you plan to make money in your business. Your bar business plan should include more detailed information about every aspect of your business, including market analysis, management team, marketing strategy, financial plan, and competitive comparison.
What is the difference between a business plan and a marketing plan?
A marketing plan is part of your bar business plan and should include information about how you will promote your bar to potential customers. A marketing plan will often contain specific details about your target audience, how you intend to reach out to them, and how to keep your business competitive.
How long should my bar business plan be?
A bar business plan should be anywhere between 10-30 pages long, depending on the complexity of your bar or pub. Make sure you can clearly explain what makes your bar unique before moving forward.
What type of information should I include in my bar business plan?
Your bar business plan should include as much detail as possible about your bar, including background information on how it came to be. This will help you attract investors who want to learn more about what makes your bar stand out from the competition. Market research, financial plan, sales projections, and management team bios are also important aspects to include in your business plan.
Do I need a lawyer to write my bar business plan?
No! When you order a bar business plan template through Growthink, you get access to our vast network of expertise that was used to create our proven template. Growthink's bar business plan template is designed to give you clear and easy-to-follow instructions about how to write a business plan for your bar.
Why do you need a business plan?
If you’re looking to start a bar or grow your existing bar you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your bar in order to improve your chances of success. Having a bar business plan will help you stay on track with your goals and the direction of your bar/pub throughout the year. Your bar business plan should be updated annually as your business grows and changes.
How much money do I need to start a bar?
To launch a bar business, it is estimated that you'll need between $100,000 and $825,000 in start-up expenses, depending on your physical location and lease or mortgage expenses. This is the amount required for you to open for business, including start-up expenditures such as licensing fees, leasehold improvements, and equipment purchases.
What are the sources of funding for a bar?
Bars are usually funded through small business loans, personal savings, credit card financing, and/or angel investors. If your bar is a part of a larger restaurant or franchise, you may be able to receive funding from them as well.
How do I start a bar business?
- Write out a business plan for your bar. This will help you stay on track with your goals and the direction of your bar/pub throughout the year.
- Market research is key when it comes to starting or running a successful bar/pub. Make sure you understand your target market including how your customers think, what they want, and how you can provide it for them.
- Find an excellent location for your bar/pub. A good location will help build buzz about your business, make your establishment more accessible to customers, and give you a steady stream of income.
- Make sure to assemble the best management team possible for your bar/pub before opening day arrives. This ensures that your bar/pub will run smoothly when it first opens.
- Set up all your systems before opening day, including payment methods, inventory management, job descriptions for each employee, and so on.
- Choose a business name for your bar/pub that will help you stand out in the area. This can be based on unique aspects of the bar/pub, such as locations and decorations.
- Choose a theme for your bar/pub that will attract customers to your establishment. The theme should be reflected in the drinks you serve, the music you play, the decor inside your bar/pub, etc.
- Grand Opening! List all of your bar/pub’s daily specials and encourage customers to get involved in your business.
- Promote your bar/pub through social media, flyers, etc., to get the word out about what you have to offer. Make sure you post regularly so that customers can see how frequently new things are happening at your establishment.
- Hold special events to add excitement and draw in new customers. You can do this through live music, karaoke nights, trivia competitions, theme parties, etc.
- Keep track of your inventory and how much you’re using at all times so that you have a good idea of how much money is going out vs. coming in. You can do this with software or by utilizing an excel spreadsheet so you know how much of each item you have on hand at all times.
- Keep up with trends in the bar business, especially when it comes to decor and drink selections. This will help keep your bar/pub exciting for customers while staying efficient enough that it becomes a sustainable business.
Learn More: How to Start a Bar
Is owning a bar a profitable business?
Owning a bar/pub can be very profitable for the right person with the right management skills. However, owning a bar is expensive and time-consuming. Before you start your own bar/pub, make sure to weigh all of your options carefully so that you can ensure long-term success.
How much will I make owning a bar?
Your bar/pub’s profits will vary greatly depending on a variety of factors. These include your location, bar theme, drink prices, marketing efforts, customer interest in the business, and more.
What type of business should a bar be?
A bar can be a limited liability company (LLC), a partnership, or a sole proprietorship.
How do I create a successful bar?
BAR BUSINESS PLAN OUTLINE
- Bar Business Plan Home
- 1. Executive Summary
- 2. Company Overview
- 3. Industry Analysis
- 4. Customer Analysis
- 5. Competitive Analysis
- 6. Marketing Plan
- 7. Operations Plan
- 8. Management Team
- 9. Financial Plan
- 10. Appendix
- Bar Business Plan Summary
Start Your Bar Plan Here
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Bar Business Plan Template [Updated 2023]
Bar business plan template.
If you want to start a Bar business or expand your current Bar, you need a business plan.
The following Bar business plan template gives you the key elements to include in a winning Bar business plan.
You can download the Bar business plan template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections of your Bar business plan:
I. Executive Summary
II. Company Overview
III. Industry Analysis
IV. Customer Analysis
V. Competitive Analysis
VI. Marketing Plan
VII. Operations Plan
VIII. Management Team
IX. Financial Plan
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Bar Business Plan Outline
How to Write a Business Plan for Opening a Bar
- Small Business
- Business Planning & Strategy
- Write a Business Plan
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How to Start a Karaoke Bar
What are the key elements of a business plan, how to build a bistro bar.
- How to Start a College Bar
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Opening a bar can be a great adventure for the right type of entrepreneur. But as with any other business, knowing how to write a business plan for opening a bar is very important. Entering the bar business can present you with a few concerns that are particular to the industry. Whether you intend to use your business plan to obtain financing or just for strategic-planning purposes, when you sit down to write your business plan, you will need to identify and address potential pitfalls that could derail your business.
Company and Concept Description
Describe your bar concept in general terms: the bar’s theme, atmosphere, business structure (partnership or sole proprietorship, for instance) and value proposition (atmosphere, product, service or all of the above). Highlight the current status and future outlook of the industry and how your bar will take advantage of any positive aspects while staying protected from negative ones. Briefly identify who your target consumer will be, the approximate market size and any anticipated market growth.
State how you intend to serve your customers; this could make a difference if your bar will have customers lounging in plush seats and private booth seating while all of your competitors have bar stools or standing room only. Finally, describe how you will support the business effort through marketing and customer service.
Market and Competitive Analysis
Define your market strategies by first preparing a market analysis. You will need to break down your target consumer into her component demographics, and then conduct market research to find out where she is and what will win her patronage.
Identify and describe your market competitors and their business strategies, particularly how successful (or unsuccessful) they are at attracting your target bar patrons and why. Survey each competitor to determine its approximate number of patrons, traffic on a given night and what consumer type is attracted to its bar environment. Use this information to find the best strategy to attract your target consumer. Contrast your strategy with your competitors' strategies to determine how it will succeed where theirs fall flat.
Service or Product Line
Cover product development, market development and organizational development in the design and development section of your business plan, as you would with any business concept. In this section you will find it beneficial to reiterate how your “value proposition” (what you are really selling the customer) will make your business a success. For example, your customer will be regularly coming to your bar because you offer relaxation, excitement, fun, sensuality, romance, seclusion or escape from the mundane.
Organization and Management
Detail your operations strategies in the business plan's next section, remembering to highlight any operational advantages you might have over your competition (liquor discounts, networks or economies of scale, for example).
Financial Projections and Analysis
You are opening a bar to make money, so your business plan must include financial projections that show how much money you plan to make, with a goal of breaking even and becoming profitable. Your business plan should show your initial costs as well as how much of your capital is tied up in real estate, furniture, liquor and equipment. From there, you can estimate income and cash flow over the next few years. Doing this not only helps you realize whether your business is viable, but it is also something that lenders and investors will want to see before helping to finance your business.
SCORE, an organization that supports entrepreneurs, offers a financial projections template that can be used in Excel. This template was specifically designed to be used in the context of opening a business.
Complete your business plan by writing an executive summary that briefly restates all of the key information in each of the plan's segments.
- SBA.gov: Write Your Business Plan
- Entrepreneur: How to Start a Bar/Club.
- bplans: Free Bar and Nightclub Sample Business Plans
Malik Sharrieff is a marketing and business communications professional in New Orleans. He has more than 15 years of experience in marketing, public relations and customer relationship management; over eight years of experience as an academic writer; and as an online journalist for two years.
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The essential steps to writing a business plan for a bar
So that's it. You're dead set on swapping your nine to five in for a fast-paced lifestyle of sleek countertops, jazzy music, and colourful cocktails. In other words, you've decided to open your very own bar.
Although it's exciting, the road to opening a bar is a long and difficult one. To get the best chance possible, we recommend that you put your money on a business plan right from the start. Underneath its elusive exterior, writing a business plan for a bar is your clear path to success.
The main objectives of a business plan for a bar:
1. to find investors.
Not every entrepreneur has the capital needed to kick-start a new business without a lending hand from the bank.
To obtain all the resources needed to open your bar, you'll have to convince bankers to finance part of your project. In an uncertain economic climate, this is no easy task.
You'll have to use your business plan to prove the viability of the project and your own credibility as an entrepreneur. The business plan for a bar is the document, upon after reading, investors will assess whether their own values and ambitions align with those of your project - and consequently, whether they're willing to provide financial support.
The business plan for a bar will also be used to facilitate credit and loan agreements, which prove useful in helping the business owner compensate for any unforeseen events that may impact the projected success of the business.
In addition, a bar business plan is a valuable tool for convincing investors of all kinds, from family and friends to angel investors, and for obtaining aid from local authorities.
2. To see the big picture of your business
The business plan for a bar is not only created for potential investors. Above all, it's addressed to you. Through the act of writing up the plan, you're obliged to understand, in detail, each aspect of your project in as realistic a way as possible.
The financial forecast for a bar is the section that potential investors will be most interested in. However, a well-designed bar business plan should cover each of the following topics:
- a description of your industry
- characteristics specific to your bar
- market research
- your pricing and marketing strategy
- your development plan
- your operational plan
Getting into the nitty-gritty of these sections will allow you to paint a clearer picture of what your business looks like - including the concept you've chosen for your bar , your resources, strengths, and weaknesses - to be able to adequately address any potential problems.
You can use these details to reflect on your business as its plan is being drafted - and adjust it accordingly in your bar business plan. And don't think for one second you'll be able to throw it away once you've finished using it to present to investors. It should be viewed as the roadmap of your project and a document you consult regularly to ensure that things are operating as they should be.
Is the bar market in trouble?
Since 2010, the number of bars in the UK has fallen from 55,400 to 47,200 in 2019. In fact, according to a 2019 Market Growth Monitor from CGA and AlixPartners, Britain experienced an average net closure of six pubs per day the same year.
With an unstable economic climate and rising drink prices, increasingly people within the UK are opting to drink with their loved ones from the comfort of their own homes. It's fair to say that, in this context, the task of opening a bar is rather risky.
With the bar industry in deteriorating health, writing a solid bar business plan for a new bar has never been more important, as you'll be able to use your knowledge of the current climate and risks to draw up the most realistic project possible.
Thoroughly conducted market research will also show you that not all bars will be impacted by the same risks. For example, bars in more rural areas tend to be more resistant to closures than those situated in cities.
As a general rule, the bars that tend to hold up best are those that attract the under-25s and regularly offer their customers a range of drink promotions and themed nights.
With this data in tow, you'll be able to design your dream project that best suits your location and ambitions, whether it be a pub, brewery, or cocktail bar. Want to know more about how to develop a popular bar business model? Check out our key factors for a successful bar here .
Need a helping hand with your bar business plan? The Business Plan Shop is here!
Now it's time to write the business plan for your bar. If you find this part of the process overwhelming, there are plenty of solutions to make things easier.
Since not everyone has a strong accounting background or can afford to hire a consultant, we have developed software to enable you to easily create a business plan for your bar.
With our business plan software , you will be guided step-by-step (by clear instructions and examples) through the process of writing a plan, and get a professional document ready to be presented to your bank.
If you are interested in this type of solution, you can try our software for free by clicking here .
We hope that this article has convinced you of the importance of making a solid business plan for a bar to give your bar business every chance of success. If you have any questions about the business plan or about other aspects of your business creation project, do not hesitate to ask us.
Also on The Business Plan Shop:
- How to take over a bar
- Business plan template for a bar
- Open a craft beer bar
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Bar Business Plan Template
Bar Business Plan Outline
Bar Business Plan Home
- 1. Executive Summary
- 2. Company Overview
- 3. Industry Analysis
- 4. Customer Analysis
- 5. Competitive Analysis
- 6. Marketing Plan
- 7. Operations Plan
- 8. Management Team
- 9. Financial Plan
Start Your Bar Business Plan Here
You’ve come to the right place to create your bar business plan.
We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their bar businesses.
To write a successful bar business plan, you will first need to decide what type of bar you want to open. Do you plan to open a sports bar, a wine bar or a nightclub? What kind of alcoholic beverages will you serve? Will you have live music?
You will then need to gather information about your business and the bar industry. This type of information includes data about your potential customers, marketing strategies to reach your target market, and 5-year pro-forma financial statements (income statement, balance sheet and cash flow statement).
The following sample bar business plan template gives you the key elements to include in a winning business plan:
Next Section: Executive Summary >
Bar Business Plan FAQs
What is a bar business plan.
A bar business plan is a plan to start and/or grow your bar business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your bar business plan using our Bar Business Plan Template here .
What Are the Main Types of Bars?
There are many types of bar businesses. Many bars are on the more affordable side and are known as dive bars. Sports bars are also a very popular business option. There are also posh and luxurious bars that offer high-end alcoholic drinks. There are trendy bars that offer the latest trends in cocktail and beer offerings. Other bars are location-focused and are unique to the area of town or location that it is in. Many bars also serve food as an option to accompany the alcoholic drink choices.
What Are the Main Sources of Revenue and Expenses for a Bar?
The primary source of revenue for a bar are the alcoholic drink items and food sold at the establishment.
The key expenses for a bar are the costs to purchase the alcohol (beer, wine, liquor) inventory, bar equipment and supplies, overhead expenses for the staff and rent, and any marketing costs the bar chooses to partake in.
How Do You get Funding for Your Bar Business Plan?
Bar businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Another option for a bar business is to obtain a small business loan. SBA loans are a popular option as they offer longer loan terms with lower interest rates. Outside investors, crowdfunding, and/or friends or family are other typical funding options.
What are the Steps To Start a Bar Business?
Starting a bar business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Bar Business Plan - The first step in starting a business is to create a detailed bar business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your bar business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your bar business is in compliance with local laws.
3. Register Your Bar Business - Once you have chosen a legal structure, the next step is to register your bar business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your bar business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Bar Equipment & Supplies - In order to start your bar business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your bar business. Your marketing strategy should include creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful bar business:
- How to Start a Bar Business
- How to Open a Bar Business
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