What type of bar will your bar be? Where will you bar premise be?
What is your bars vision? Why your bar will be unique? Once you have answered those 3 key questions its time to start setting your goals & objectives. A goal is a broad statement example I will have the busiest bar in Sydney.
An objective however is part of a goal that also has a time frame example I will advertise every week in the Sydney morning herald for the first 6 month of operation. I recommend setting goals for each key component of your business example how much food you wish to sell. Next its important to list each service you will provide & a description of what it is. Then list the competitive advantages you have over your competition. How is what you offer better than what they are already getting elsewhere. Finally your major customer segment.
Who are your customers? Where are your customers located? What do your customers like? LEGAL & ADMIN REQUIREMENTSThis is really for your legal people an area I am not an expert in so just quickly some of the things that should be touched on. How To Install Multiple Mods On Zero Hour. What will be your bars trading name? What will be your legal structure?
What are your bars legal & Tax implications? Do you have any Business restrictions, requirements or regulations locally, state or federally? Do you have an patents or registered designs? Do you have future or present contracts? What insurance do you require? MARKET RESEARCH & ANALYSISI can't stress enough how important this is because you need to know if your ideas will actually work in the real world, you need to know what it is your customers actually want.
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There are 4 area that you should research your customer base, your competition, current industry trends & Seasonal effects on your business. The customer. My advice from a past failure is be objective & don't ask friends or family because they will not always be inclined to hurt your feelings.
Work out what are the key area's that will make your bar a success & then ask your potential clientele what they think. Better to find out the areas of your concept that won't work before you invest huge amounts of money. A good example would be what type of food do your customers expect in this type of venue?
The competition. There are 2 types of competitors Direct & Indirect. A direct competitor is one who is normally close to your establishment & is competing for the same clients as you. Example is you have another competitor in the same street. An indirect competitor is one that could effect your business but is chasing a different client base.
Example if you are a cocktail bar & there is a night club is across town. Your main focus should be on your direct competitors & establishing The products & services they offer, there competitive advantages in relation to you. There prices, how they promote there business, There strengths, There weaknesses, Their opportunities & What could potentially threaten there business.