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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Bar Business Plan
Are you thinking of starting a bar business We have prepared a solid bar business plan sample that guides you on every stage of your business plan writing
Bar businesses are growing. Especially due to the increase in alcohol consumption and nightlife culture amongst the younger population.
But all of us know that a bar business is much more than just alcohol. It is also a good profession for people who like to socialize, talk to new people, and are lively and cheerful more often than not.
And the best part is no industry giant holds a huge chunk of the market in this business.
Sounds good, right? But before you go ahead and fulfill your long-standing dream of having a bar, you’ll need a bar business plan and we are here to help you with that, Here’s a quick overview of the industry.
The bar industry stood at a massive market value of 25.09 billion dollars in the US in 2021 . And is going through a phase of rapid recovery after being hit by the coronavirus pandemic.
The bar industry covers the broad spectrum of nightclubs, bars, and other such establishments that serve alcohol and snacks. The revenue for nightclubs also comes mainly from the sales of alcohol.
Increased acceptance towards alcohol and an increase in disposable income of the younger population, mainly the millennials has led to the growth of bar business.
Things to Consider Before Writing a bar business plan
Get all the necessary licenses.
As a bar business staying on the right side of the law is more important than anything. Having all the necessary licenses and permits lets you run your business smoothly and without any chaos.
Here’s a list of licenses that you’ll need:
- Liquor License
- Food Safety Permit
- Fire Safety Certificate
- Music license
You might need more depending upon the laws of your state and locality. Get all the necessary permits to avoid hassles as well as to ensure your customer’s and your own safety.
The location matters ( A lot )
In the case of a bar business, the location is usually the whole and soul of your business . The right location would be a preferred hangout spot for your target audience, easy to access, and not overly crowded.
The factor that the locality has your target audience or not would be a major deciding factor of your bar business’s success.
Know your target audience and their preferences
Knowing about your target audience gives your business the head start it deserves. Study everything from what your target audience prefers when it comes to food and beverages, what additional services do they expect, What kind of vibe do they prefer, and obviously what is the right location to cater to them.
Have a unique theme
A major aspect of the bar industry is that it doesn’t really have any big players but several small businesses that compete with each other. And if you want to stand out amongst all the hustle and bustle it is important to have a unique theme that appeals to your target audience.
How Can a Bar Business Plan Help You?
A business plan helps you develop the right perspective towards the industry you plan on entering.
It not only helps you with market analysis and management but also acts as a guide in your business journey.
If you plan your business well, you get an edge over poorly managed entities and unaware owners who did not conduct market research before starting the business.
Specifically, when starting a bar business , a business plan helps you in making cost-effective decisions when you begin, so you don’t have to worry about haphazard finances later.
And as you know the benefits of having a business plan now, let’s discuss how to write an effective plan .
How to write an effective bar business plan?
Although you can write a business plan on your own from scratch, it is always good to get a little guidance when writing one.
Thanks to technology, there are several options available, and you can choose the one that fits the best for you.
You can either go to a business consultant, design your plan based on a predesigned template or get a customized plan for your business through an online business plan software without going anywhere.
Chalking Out your Business Plan
All businesses like bars, pubs, lounges, and nightclubs come under the aegis of the bar business. All of these are drinking places that primarily serve and prepare alcoholic beverages.
Moreover, it is an industry where there are no market leaders who hold a big share in the industry’s value, but small fragmented units amongst whom the industry’s value is distributed.
Now it might look like a lucrative business to enter, but a lot of bar businesses fail due to bad financial and employee management. They end up overspending and working their employees to the point of exhaustion.
You don’t have to worry about it though, the above problem has a quick and easy solution: A business plan.
Yes, you heard it right, a bar business plan can help you solve all the management and planning-related problems.
If you are planning to start a new bar business , the first thing you will need is a business plan. Use our sample Pinto’s Bar and Grill – Bar business plan created using upmetrics business plan software to start writing your business plan in no time.
Bar Business Plan Outline
This is the standard bar business plan outline which will cover all important sections that you should include in your business plan.
- Business Overview
- Mission Statement
- Guiding Principles
- Keys to Success
- Start-Up Summary
- Location and Facilities
- Products/Services Description
- Competitive Comparison
- Product/Service Sourcing
- Inventory Management
- Future Products/Services
- Market Size
- Industry Participants
- Market Share
- Applebee’s Pinto’s Bar and Grill 6706
- Cococabana Bar & Grill
- Flanigan’s Seafood Bar & Grill
- Market Segments
- Market Tests
- Market Needs
- Market Trends
- Market Growth
- SWOT Analysis
- Strategy Pyramid
- Unique Selling Proposition (USP)
- Competitive Edge
- Positioning Statement
- Pricing Strategy
- Promotion and Advertising Strategy
- Marketing Programs
- Sales Forecast
- Sales Programs
- Exit Strategy
- Organizational Structure
- Management Team Gaps
- Personnel Plan
- Important Assumptions
- Startup Expenses
- Startup Assets
- Source And Use Of Funds
- Profit & Loss Statement
- Balance Sheet
- Cash Flow Statement
Before you get started with writing your business plan, let’s understand each section in detail:
1. Executive Summary
An executive summary is the most important document of your business plan . It is crucial to get you funded as a business as it sums up everything your business stands for.
Chances are that the investors might not even read beyond this section.
Therefore, when you write it make sure you sum up your business idea and its functions properly.
2. Business Overview
In this section, you will include an overview of all the chief needs of your business .
In a bar business plan, the chief aspects would include the location and its accessibility, the legal rules regarding alcohol followed by the area as well as the primary legal formalities involved in running a bar.
3. Products and services
This section includes all the products and services you’ll offer.
Resources of getting the products, especially in case of a bar business the formal procedures involved in acquiring alcohol should be included.
It is also good to note down the differentiating factor between your and your competitor’s product.
4. Market analysis
Market analysis is another crucial aspect of a business plan. It comes in handy while assessing strategies and techniques that work and do not work by analyzing your competitors.
It also helps you get information about the size of the market and its growth potential.
It helps you in knowing your target audience and segment of the market that forms the majority of your client base.
5. Marketing strategy and implementation
Based on market analysis, next up you’ll formulate your marketing strategy.
While formulating your marketing strategy you should always keep your unique selling point and target market in mind.
Apart from that your positioning in the industry is also a critical aspect of your strategy implementation.
In addition to all of the above, advertising strategy is an aspect a bar business has to pay special attention to, as a direct advertisement of alcohol isn’t allowed on various media platforms.
6. Organizational Management
This step is also especially important in a bar business plan to avoid overworking employees, create good and respectful relations amongst the team, and have strong teamwork.
You should also include various roles and responsibilities of different people in your organization as well as ways of tracking their performance in this section.
7. Financial Plan
A financial plan is important because it prevents you from overspending and optimally distributes your cash flow amongst various segments of your business.
Apart from that in a financial plan, you can also carry out an analysis of your financial history as well as funding options for your business.
The above-mentioned order can help you write a well-rounded plan. But most importantly, while starting a bar business it is important to keep the legalities involved in mind.
You should always watch out for the current and potential alcohol laws that would have an impact on your business and frame your business strategy accordingly.
Hence, you should frame a business plan that is flexible and dynamic and thus, can help you succeed in the bar and pub industry.
Bar Business Plan Summary
A bar business can be extremely successful and smooth if you go about it with a business plan.
A business plan helps you keep all the facets from legal to financial ones in mind while running a bar business, thus making the process easier and quicker.
After getting started with Upmetrics , you can copy this sample bar business plan template into your business plan, modify the required information, and download your bar business plan pdf or doc file.
It’s the fastest and easiest way to start writing your business plan.
Business Planning Resources
We have plenty of free business planning resources available to help you with your planning. You can download our resources to learn all about business planning.
Not found what you are looking for? Explore our 200+ sample business plans to find match for your business.
DISCLAIMER: The business plans, templates, and articles contained on upmetrics.co are not to be considered as legal advice. All content is for informational purposes, and upmetrics makes no claim as to accuracy, legality or suitability. The site owner shall not be held liable for any errors, omissions or for damages of any kind.
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Bar and Lounge Business Plan Template
Quality Business Plan has bar and lounge business plan templates and financial projection templates with business plan writing tutorials ready for bar and lounge small business owners to use and customize in minutes! Before starting a bar or lounge business, entrepreneurs should have, at the bare minimum, a completed basic business plan. The important sections of a bar and lounge business plan template would include the executive summary with financial highlights, bar or lounge company description, up-to-date industry research from a reliable source, a marketing section covering at least three marketing channels, a detailed funding request section, and understandable pro forma financial projections like 12-month profit and loss statements as well as a best/worst-case scenario.
Unfortunately, most bar and lounge business owners have no clue how to start, develop, or write a well-structured bar or lounge business plan for their business. From this, the need for a bar and lounge business plan template with tutorials is critical (1/23).
Benefits of a Bar and Lounge Business Plan Template
Having a bar and lounge business plan template with supporting tutorials provides bar and lounge business owners with important competitive advantages over new entrants or established competitors. For example, our bar and lounge business plan template includes a location section in the company description section. In this section, bar and lounge business owners are able to adjust the square footage of their location, exterior description, and even city and state to best align with their needs. Also, the bar or lounge location section of the business plan template uses percentages to differentiate between the dining/bar area and back-of-house operations like office space, kitchen, and storage. By using percentages, our bar and lounge template users are able to adjust the percentages quickly and efficiently to align, again, the vision for their current or future bar and lounge location. This is just one of the numerous benefits offered through the use of our customizable template and financial projections for bars and lounges, as well as subsequent video tutorials (1/23).
A second benefit that bar and lounge business plan writers may enjoy from using our bar or lounge business plan template would be our up-to-date bar and lounge industry research. Specifically, not only is our bar and nightclub industry research up-to-date for 2023 but it also is summarized from IBIS World. IBIS World is the industry leader in industry research. By using summarized data from this source, our bar and lounge template provides users with a solid reputable foundation for future bar and lounge industry research. This is just one of many benefits from the use of our templates and dedicated video tutorials (1/23).
"Free" Business Plan Templates
- Pretty Cool - Business Plan Structure
- Excellent - Industry-Related Research
- Awesome - Customized Financial Projections for your Industry
- Even MORE Awesome -Template Written by Paul Borosky, MBA.
- - Fill-in-the-highlighted-areas Format
- - Completed Pricing Strategy
- - SWOT Analysis Completed
- - Organizational Chart
- - Funding Request Section
- - Step-by-Step Tutorial for Business Plan Doc.
- - Step-by-Step Tutorial for Financial Projections Model
Quality Business Plan Bar or Lounge Templates
- Excellent - Industry-Related Research ($100 value)
- Awesome - Customized Financial Projections for your Industry ($100 value)
- Even MORE Awesome - Template Written by Paul Borosky, MBA.
- Plus... - Fill-in-the-highlighted-areas Format
- Plus... - Completed Pricing Strategy
- Plus... - SWOT Analysis Completed
- Plus... - Organizational Chart... Done!
- Plus... - Funding Request Section... Yes!
- Plus... - Step-by-Step Tutorial for Business Plan Doc.
- Plus... - Step-by-Step Tutorial for Financial Projections Model
More Benefits: Free Business Plan Template Tutorials!!
All of our business plans come with FREE business plan writing tutorials. Business plan writing tutorials range from customizing your executive summary section to using our proprietary financial model!!
Still More.... Benefits: WE can COMPLETE the Business Plan Template for YOU!
Want us to complete your business plan template for you ( additional charges and restrictions apply*** )? Not a problem! Just complete our questionnaire, email it to us, and once approved AND final payment is made, your completed business plan template will be ready in as little as 1 business day !
***SERVICE NOT AVAILABLE FOR ADVANCED BUSINESS PLAN TEMPLATES.
Two Great Bar and Lounge Business Plan Templates!
Basic bar and lounge business plan template.
Sales Price: $50.00
Advanced Bar and Lounge Business Plan Template!
Sales Price: $100.00
For Questions about my template BEFORE PURCHASING or having difficulty downloading it, feel free to call me at:
Available Monday - Friday from 8 AM to 9 PM EST. (Usually)
IMPORTANT NOTE - I DO NOT OFFER FREE PHONE CONSULTATIONS AFTER PURCHASING THE TEMPLATE.
Basic Bar and Lounge Business Plan Templates Includes:
- Executive Summary
- Company Description
- Bar and Nightclub Industry Analysis INCLUDED!
- Organizational Structure.
- Funding Request
- 12-month profit and loss statement
- 5-year pro forma income statement
- Basic customizable Excel File
- Ability to change revenues, costs, and labor.
- 12 Profit and Loss
- 5-Yr Annual Projections.
Advanced Bar and Lounge
Business plan templates include:.
- Pricing strategies
- Future plans
- Primary target market
- Company Goals
- Keys to Success
- Business Objectives and Timeline
- SWOT Analysis
- Industry-Related Analysis INCLUDED!
- Organizational Chart
- Social media
- Networking strategy
- Competitive strategy
- Operations strategy
- Strategic planning
- Marketing Strategy
- Expected strategy
- Detrimental strategy
- Startup costs
- Financial assumptions
- Financial highlights
- Financial highlights graph
- 24-month profit and loss statement
- 5-year pro forma balance sheet
- Valuation based on cashflows
- Breakeven analysis
- Breakeven analysis chart
- Best Case/Worse Case Proforma
- Information page
- 24-month profit and loss
- Vision for company
- The current state of the company
- Stage 1 Objectives
- Stage 2 Objectives
- Stage 3 Objectives
- Plan of Action
- Summary of Business Plan
- Summary of Financial Projections
- Summary of Funding Request
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Hookah Lounge Business Plan Sample
Hookah lounge business plan for your own bar business
Do you want to start a hookah bar business? A hookah bar business is undoubtedly one of the most profitable startups, yielding the greatest rate of return as compared to other businesses. A hookah bar is a place where people can come freely and enjoy different flavors of hookahs, drinks, e-liquids, appetizers, cigars and sometimes alcoholic drinks too. Opening a hookah bar will prove a rewarding and profitable business for you, as smoking is banned in public places in many countries.
Before starting it, you need to have a well-structured shisha bar business plan covering even the tiniest bit of details. To help you avoid all the trouble of thinking and making a plan yourself, we are providing a detailed sample hookah lounge business plan for the startup ‘Aladdin Hookah Bar’.
2.1 the hookah lounge business.
Aladdin Hookah Bar will be a registered hookah bar in Miami at a 10 minutes’ walk from the Bayside Marketplace. Miami is a highly advanced and ordered city; a hookah bar strategically located in the main commercial zone of this populated city will business a lot, as most people and tourists search for a serene place for smoking and relaxing.
The business will be owned and operated by Stephen Gerrard who is well-known in Miami for his reputable catering services operating for the last 15 years.
2.2 Management of Hookah Lounge
Gerrard aims at achieving perfection in hookah bar business by providing an exotic environment and fresh hookah drinks. The business will be managed by Gerrard himself initially and he’ll hire a small team for different tasks.
2.3 Customers of Hookah Bar
Aladdin Hookah Bar will provide fresh fruit hookahs and different types of coffees in a well-designed seductive environment to both permanent and temporary residents of Miami aged 22 and above.
2.4 Target of the Company
If you have decided to open a hookah bar, you must include your targets in your hookah bar business plan to improvise your business at a large scale. Mr. Gerrard’s target is to make his hookah bar’s environment homey and unique by providing a large number of drinks, hookahs, coffees, and teas.
3.1 company owner.
Gerrard is famous in Miami for his reputable and distinguished catering service operating for the last 15 years. Due to the individuality of his ideas, he is considered the esteemed choice for managing caterings in events. This year, he wants to start a side business of a hookah bar and is willing to invest both time and money in it.
3.2 Why the Hookah Lounge Business is being started
Due to the policy of WHO to protect non-smokers from passive smoking, smoking is forbidden in public places, and people search for a hookah lounge to smoke. Gerrard is going to launch a hookah bar as he best knows how to open a hookah bar and how to run a hookah lounge successfully. In addition to that, he also aims to generate profit from his comfortable and legal smoking place in Miami.
3.3 How the Hookah Bar Business will be started
After analyzing various aspects of this business, Gerard has decided to manage the bar himself, yet he will hire a team for his assistance and for preparing the menu. The startup costs are as follows:
The detailed start-up requirements, expenses, total assets, total funding required as forecasted by the company’s analysts are given below:
Services for customers
Before starting a hookah bar, you must be clear about the services you are going to provide to your customers as it will help you to estimate opening a hookah bar cost .
Gerrard has exclusive hookah bar ideas , he aims to make a perfect place for spending a quiet afternoon alone or with friends by adorning the big lounge by dim lights and brick walls combined with comfortable sofas and pillows.
Aladdin Hookah Bar will provide all sort of hookah drinks and coffees to its esteemed customers above age 22. Each one of our offerings will be prepared by maintaining strict health and quality measures.
Besides providing simple drinks, wines, and cigars, our major products will include:
- Hookah Drinks: We’ll provide fresh hookah drinks of the following flavors, Grape, Lemon, Peach, Cola, Mint, Black Mint, Strawberry, Cherry, Apple Doppio, Mango, Orange, Banana, Pistachio, Vanilla, and Rose. Besides these usual flavors, we’ll introduce a new flavor, Code Blue, which will be a mixture of creamy blueberry with red grape soda and black mint.
- Teas & Coffees: We’ll provide a wide range of coffees and teas including flat white, espresso, long black, macchiato, Vienna and Irish coffee.
- Soft Drinks: We will also provide various kinds of soft drinks.
- Salads : We’ll also provide fresh vegetable cheese salads, bean salads, and fruit salads.
Aladdin Hookah Bar will be open twenty-four hours a day.
Before starting a hookah bar, you must be clear about the services you are going to provide to your customers as it will help you to estimate opening a hookah bar cost.
Market Analysis Summary
The first thing to do before starting a hookah bar is to research about how to start a hookah bar business in your state since there are a lot of concerning health regulations in practice. After that, carry out an accurate marketing analysis which will help you to decide the company’s strategies over the next years. It must be incorporated in the initial business plan and all subsequent things must be planned according to it.
Considering its importance, Mr. Gerrard obtained the services of marketing experts to help him develop a hookah bar business plan taking into account the current marketing demands.
5.1 Marketing Trends
If you want to know how much is hookah bar business profitable, you will be glad to know that there are more than 7000 legally registered hookah bars in the US and the number of hookah bars is increasing significantly. According to an IBISWorld report, hookah bars have generated a revenue of more than 900 million dollars in the past few years.
But remember, the success and failure of any business depend upon how keenly you focus on your target customers. A successful marketing strategy can only be developed after knowing the target audience and potential customers.
This sample business plan will help you in defining your target audience, you can take help from this sample business plan even if you don’t know how to start a hookah lounge , In this business plan we have explained how to open up a hookah bar and run it successfully.
5.2 Marketing Segmentation
The following type of target audience will become the future customers of Aladdin Hookah Bar.
5.2.1 General Traffic: The top category of our target customers will be the general traffic i.e. the people who happen to be near our hookah bar and decides to relax and smoke for some time in the hookah bar. We will be benefited a lot as Aladdin Hookah Bar is situated near the main market of Miami, which is visited by thousands of people daily. The exclusive entrance and dim-light theme of Aladdin Hookah Bar will attract the people who search for a place to sit calmly to smoke or to drink hookah.
5.2.2 Companies and Businesses: This category includes all employees working in the various office, companies, and businesses situated near us. As smoking is not allowed in offices, so the workers who want to drink hookah or cigars in their break time will rush towards. The employees of these companies and businesses will buy hookah drinks, coffees and salads from us on a daily basis.
5.2.3 Local Residents: We also aim to target the local residents residing in nearby areas. We are sure that they will be surely addicted to the solace environment we’ll provide, and whenever they want to have a hookah drink, they’ll approach us.
The detailed market analysis of our potential customers is given in the following table:
5.3 Business Target
Our target is to become the best hookah bar in Miami within the first year of launch. We also aim to recover our initial capital within 3 years of our launch and grow our sales by 30% each year. We’ll achieve our target by providing the best quality drinks and environment and by valuing our customers.
5.4 Product Pricing
Product pricing is the most important factor affecting the sales of a new business. We have priced our items and drinks in the same range as our competitors in the market. But the products which are only provided by us such as Code Blue Hookah will be a little costlier as more effort will be required for its preparation.
After you have understood how to open up a hookah bar you must plan your business strategy , you can take help from this sample business plan on how to open up a hookah lounge .
High Quality Business Plan and Professional Support
It was amazing to work with OGS Capital for our business plan. They promptly responded our enquires and delivered document on time.The document was well organized high quality and content.We succeded with Alex and his team support. We thank you guys again for professional approach and easy communication.
6.1 Competitive Analysis
Aladdin Hookah Bar will have a tough competition because there are thousands of already established hookah lounges in Miami. Moreover, people are always hesitant to try a restaurant business plan that’s why Gerrard has decided that Aladdin Hookah Bar will be decorated in a unique manner, to attract the customers for the first time.
Our biggest competitive edge is our location and the wide parking space for our customers. Lastly, we will provide our customers with the best standard and quality products in a healthy environment where we’ll do proper aeration system to purify the air from the smoke.
6.2 Sales Strategy
For attracting the majority of people in the startup of a business, Gerrard has planned some types of advertisements.
- We’ll give free hookah drinks and salads till the third day of launch.
- We’ll ensure that we have a wide range of hookah drinks, cigars, tobaccos, wines, non-alcoholic drinks and salads at all times.
- We’ll provide an online table reservation facility for those who want to come in the form of a group with friends.
- We’ll advertise our lounge and menu through our website and social media.
6.3 Sales Monthly
6.4 Sales Yearly
6.5 Sales Forecast
After a great research on how to start a hookah bar business , Gerrard has devised his personnel plan, which is given here for your help.
7.1 Company Staff
Stephen Gerrard will himself act as the Aladdin Hookah Bar Manager and will be responsible for the daily activities. The company will initially hire the following people:
- 12 Bartenders for arranging glasses and bottles for attractive display and for mixing and serving drinks
- 2 Cashiers to receive cash from the people
- 1 Marketing Executive responsible for the marketing and advertising of the restaurant
- 2 Chefs for making salads
- 8 Cleaners to clean the dishes and other facilities at the restaurant
- 2 Security Officers
To ensure the best quality service, all employees will be selected through vigorous testing and will be kept in check for their dealing with clients.
7.2 Average Salary of Employees
The following table shows the forecasted data about employees and their salaries for the next three years.
You can never estimate how much is a hookah bar business profitable unless you devise its financial plan. As the last step of your business plan, you must prepare a financial plan, to manage your investments and profits.
Aladdin Hookah Bar will be solely financed by Mr. Gerrard and no equity funding or outside loan will be required unless the business expands faster than forecasted.
8.1 Important Assumptions
8.2 brake-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
Download Hookah Lounge Business Plan Sample in pdf
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Home » Business ideas » Food Industry » Wine Business ideas » Wine Bar
How to Write a Cocktail Bar Business Plan [Sample Template]
Are you about starting a cocktail bar? If YES, here is a complete sample cocktail bar business plan template & feasibility report you can use for FREE . Okay, so we have considered all the requirements for starting a cocktail bar. We also took it further by analyzing and drafting a sample cocktail bar marketing plan template backed up by actionable guerrilla marketing ideas for cocktail bars. So let’s proceed to the business planning section.
Why Start a Cocktail Bar?
If you have eyes for good cocktail drinks, as well as a penchant for business, then you may want to think of starting your own cocktail bar business. The market for cocktail bar business has continued to soar because there will always be people who appreciate cocktail drinks.
The cocktail bar business is one business that cannot go out of fashion because people would always appreciate good cocktail drinks. Depending on the scale you want to start, the startup capital for this type of business can range from small to moderate. As a matter of fact, it is advisable to sell other alcoholic and nonalcoholic drinks in your cocktail bar if indeed you want to maximize profits in this business.
If you are sure that this type of business is what you truly want to do after you must have conducted your market research and feasibility studies, then the next step to follow is to write a good business plan ; a detailed blue print of how you intend raising your seed capital, setting up the business, managing the flow of the business, sorting out tax and marketing your services.
The truth is that it is one thing to have a fantastic business plan, it is entirely another thing for the business plan to translate to profits, that is why it is important to assemble a team of experts to work with if you want to be successful with your cocktail bar business.
Below is a sample cocktail bar business plan template that will help you successfully write yours with little or no stress
A Sample Cocktail Bar Business Plan Template
1. industry overview.
A cocktail bar is a bar or small restaurant where cocktail is the main drink available; a characteristic feature of many standard cocktail bars is a wide selection of assorted cocktail drinks.
A cocktail is a mixed drink typically made with a distilled beverage (such as gin, brandy, vodka, whiskey, tequila, cachaça or rum) that is mixed with other ingredients. If beer is one of the ingredients, the drink is called a beer cocktail.
Cocktails contain one or more types of liqueur, juice, fruit, sauce, honey, milk or cream, spices, or other flavorings. Cocktails may vary in their ingredients from bartender to bartender, and from region to region. Two creations may have the same name but taste very different because of differences in how the drinks were prepared.
In the united states of America just like in any part of the world, the bar and nightclub industry that cocktail bar business is a part of is indeed a very lucrative industry. In the United States alone, the bar and night club industry generate a whooping sum of $20 billion in revenue annually from about 45,000 established and recognized bars and night clubs in the US.
Although people still gather to socialize in bars just as they have always done in time past, but with factors such as driving while intoxicated and increase in crime rates, the drinking pattern in bars is being affected. Also, the growing concern as regards health and fitness toward the end of the 20th century was part of what redefined alcohol consumption in the US.
In essence, the rate at which people consumes beers and other drinks both alcoholic and non – alcoholic is what determines the growth of bar and night club industry.
Statistics has it that the Cocktail industry in the United States of America is worth $656 million, with an estimated growth rate of 4.1 percent. There are about 1,151 legally registered and licensed cocktail bars scattered across the United States of America and they are responsible for employing about 11,504 people. The industry is an open industry hence a low level of market share concentration.
Any entrepreneur who wants to start a cocktail bar business in the US would definitely be confronted with tough competition. The truth is that you will not only compete with cocktail bars in your location or city, but you would be competing with every other entertainment option such as wine bars, night clubs, restaurants, casinos et al where cocktails are retailed.
Lastly, it is important to state that in as much as starting a cocktail bar business can be profitable and rewarding; the success of new cocktail businesses in the United States is not automatic. The chances of new cocktail bars to struggle within the first 6 months of launching can’t be ruled out.
As a matter of fact, it can take between two to five years before most cocktail bars can recover their initial investment. In order words, just like loads of new businesses, the statistics for cocktail bars do not favor startups, you just have to have a long term investment plan if you intend starting your cocktail bar business.
2. Executive Summary
Bennardo Paulo® Cocktail Bar is a neighborhood cocktail bar that will be located in Lake Street Petoskey, Michigan. Our facility is centrally located and it is close to a residential estate in the heart of the city. Lake Michigan community is one of the best small towns in the Midwest.
It scores a perfect 100 on walkability, a measure used by urban planners to reflect the ability to stroll to shops, restaurants, parks and other amenities. With mild, sunny summer weather, vacationers come from cities like Chicago, Detroit and St. Louis et al, to enjoy the cocktail bars, bookstores, coffee shops and boutiques.
We are set to make available assorted cocktails such as beer cocktail, cocktails with brandy and cocktails with cachaça, cocktails with gin, cocktails with ouzo, cocktails with rum, cocktails with sake, cocktails with tequila, cocktails with vodka, cocktails with whisky, cocktails with fortified wines, cocktails with champagne, cocktails with a liqueur as the primary ingredient and a host of other drinks and food, to all our customers in a conducive environment that is specifically designed for socializing and networking.
Our bar facility is centrally located in a busy street and it has the capacity to accommodate 100 people per time.
Bennardo Paulo® Cocktail Bar is designed and constructed to meet both health and safety standards as recommended by the local authority. Our customers are going to be treated with good music at all times. We have made provision for live band, karaoke, country side music and jazz etc. which will be played at the background to create the ambiance that our customers will cherish.
We are in business to make profits at the same to give our customers value for their money; we want to give people the opportunity to choose from the wide range of cocktails and other drinks that are manufactured in the United States of America.
Our goal is to make every day a day of celebration, networking and socializing for as many people that will patronize our cocktail bar. No doubt, we will become the talk of town amongst socialites in Lake Petoskey – Michigan because we have put plans in place to make our cocktail bar lively 24 hours a day and 7 days a week and highly secured because we want to attract everybody (celebrity and non-celebrity alike).
We will ensure that all our employees are selected from a pool of customer centric people in and around Lake Petoskey – Michigan and also from any part of the United States. We will make sure that we take all the members of our workforce through the required training that will position them to meet the expectation of the company and to compete with other players in the United States.
Bennardo Paulo® Cocktail Bar is owned by Bennardo Paulo and his immediate family members. Bennardo has managed several bars and night clubs in Milan and Las Vegas prior to moving to Michigan to start his own cocktail bar. He is a member of the Bartender Association and a notable cocktail maker.
3. Our Products and Services
Bennardo Paulo® Cocktail Bar is in the cocktail bar industry to make profits and we will ensure we will make available a wide range of cocktail drinks to our customers. These are some of the products that will be found in our bar;
- Assorted cocktails such as cocktails with absinthe, beer cocktail, cocktails with brandy, cocktails with cachaça, cocktails with gin, cocktails with ouzo, cocktails with rum, cocktails with sake, cocktails with tequila, cocktails with vodka, cocktails with whisky, cocktails with fortified wines, cocktails with champagne, cocktails with a liqueur etc
- Alcoholic drinks
- Non-alcoholic beverages
4. Our Mission and Vision Statement
- Our vision is to establish a standard cocktail bar in Petoskey – Michigan that will be the melting pot of all lovers of cocktail drinks.
- Our mission is to establish a cocktail bar business that will make available a wide range of cocktails and other drinks at every given time to our highly esteemed customers and provide a place where people can network and socialize.
Our Business Structure
Bennardo Paulo® Cocktail Bar is established to be a pacesetter when it comes to how cocktail bars should be run in in the United States of America. We will assemble a team of dedicated workforce who will give our customers excellent service at all times, a team that will ensure that we will continue to have repeated customers and a team that will indeed make us the melting pot of cocktail lovers.
Will work hard to ensure that we only attract people with the right mindset to help us achieve our business goals and objectives in record time. Below is the business structure that we will build Bennardo Paulo® Cocktail Bar;
- Chief Executive Officer (Owner)
- Bar Manager
Greeters/Customer Service Agent/Table Attendant
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions
- Responsible for providing direction for the business
- Responsible for training, evaluation and assessment of employees
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for managing the daily activities in the cocktail bar
- Ensures that the facility is in tip top shape and conducive enough to welcome customers
- Interfaces with vendors
- Attends to customers complains and enquiries
- Handles any other duty as assigned by the CEO
- Interacts with customers, take orders for cocktails and snacks.
- Plans and presents bar menu.
- Checks identification of guests to make sure they meet age requirements for purchase of alcohol and tobacco products.
- Mixes drinks, cocktails and other bar beverages as ordered and in compliance with hotel standard drink recipes.
- Arranges bottles and glasses to make attractive displays .
- Assesses customers’ needs and preferences and make recommendations.
- Makes lists of supplies in conjunction with the bar manager.
- Prepares inventory or purchase requisitions as needed to replenish supplies.
- Ensures that the assigned bar area is fully equipped with tools and products needed for mixing beverages.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Disc Jockey (DJ)
- Ensures that customers are entertained with the best of music per time
- In charge of music collections
- Responsible for mixing music tracks
- Opens door and welcome customers
- Ensures that customers feel relaxed and at home
- Handles customers’ enquiries
- Provide recommendations and suggestions to guest for choosing cocktail and snacks.
- Serves customers in a friendly manner.
- Determines when a customer has had too much alcohol and if required refusing any further serving in a polite way.
- Demonstrates a thorough knowledge of food and beverage products, menus and Promotions
- Handles any other duty as assigned by the bar manager
- Cleans up after customers
- Washes glassware and utensils after each use.
- Maintains a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.
- Ensures that toiletries and supplies don’t run out of stock
- Handles any other duty as assigned by the bar manager.
- Ensures that the facility is secured at all time
- Controls traffic and organize parking
- Patrols around the building on a 24 hours’ basis
- Submits security reports weekly
- Any other duty as assigned by the bar manager
6. SWOT Analysis
Bennardo Paulo® Cocktail Bar is established with the aim of becoming the melting point of lovers of cocktail in Petoskey – Michigan which is why we have taken our time to conduct our SWOT analysis to be able to identify areas we need to work on if indeed we want to achieve our business goal.
No investor would want to invest his or hard earned money without assessing the risks involved in the venture and his or her capability to deliver and make profits from the business. The ability to make profits from any business and to favorably compete with competitors in the industry starts with the result you get from your SWOT analysis.
In view of that, Bennardo Paulo® Cocktail Bar hired a business to help conduct SWOT analysis for the business and below is a summary of the result that was generated.
Our strength as a company are excellent customer service, wide range of cocktails and assorted wines, beverages, tobaccos and food; excellent facility, excellent ambiance and perfect location for a bar in metropolitan city like Petoskey.
Our perceived weakness could be that we are new business, and we may not have the financial muscle to sustain the kind of publicity we want to give our business.
There are unlimited business opportunities available to cocktail bar businesses in busy cities like Lake Michigan community. It scores a perfect 100 on walkability, a measure used by urban planners to reflect the ability to stroll to shops, restaurants, parks and other amenities. Another opportunity that we stand to leverage on is the fact that we can easily order any brand of drinks directly from the manufacturer with little or no stress.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new cocktail bar or even a wine bar, night club or restaurant in same location where our target market exist and who may want to adopt the same Business model like us.
7. MARKET ANALYSIS
- Market Trends
The societal shift away from alcoholic drinks toward healthier lifestyles is to a larger extent contributing to a steady decline in the amount of household spending allocated to trips to bars and nightclubs plus the fact that nobody wants to be caught driving while drunk
The recent market trend in the industry is the increase in the number of consumers choosing packaged beverages for home consumption rather than at bars or nightclubs. This trend is surely going to have lasting impacts on both the bar and nightclub business alike. Even though the trend of cocktail bars in the United States was not well received in the 1980s, they began to gain popularity in the 90s.
In the early part of the millennium, cocktail bars became very popular and started popping up in many metropolitan neighborhoods across major cities in the United States of America. Cocktail bars now compete with the local hangouts such as coffee shops and local bars. The cocktail bar sensation offers the taste before you buy philosophy.
No doubt, cocktail bars put a new spin on cocktail tasting. They seek to remove the association of cocktail with high – end clientele and overwhelming wine lists and replace it with a more casual and relaxing atmosphere. Many cocktail bars are furnished with cozy booths encased in rich colors and plush surroundings in hopes their guests will linger. The phlegmatic environment lends itself to a good socializing setting with a less crowded feel and more intimate appeal.
In recent time, cocktail bars have begun to incorporate a larger variety of food choices as part of their product offerings. Traditionally associated with cheeses and desserts, cocktail bars are looking to combine wine with appetizer-sized gourmet selections to increase the enjoyment their customers stand to gain when they patronize them.
The concept brings the tastes of fancy restaurants to a dressed-down setting. So also, it is now common to find restaurant owners and chefs take the opposite approach and use cocktail bars as an opportunity for expansion.
8. Our Target Market
Before starting our cocktail bar business in Petoskey – Michigan, we conducted a market survey and feasibility studies and we are certain that there is a wide range of people who would patronize our bar on a regular basis. In view of that, we have created strategies that will enable us reach out to various groups of people who are likely going to become our loyal customers.
Below is our target market;
- Corporate Executives
- Taxi Drivers
- Business People
- Sports Men and Women
- College Students
Our Competitive Advantage
Competition in the cocktail bar industry will remain intense, stimulating industry consolidation. Major companies are expected to continue streamlining operations for cost savings. We are mindful of the fact that there are competitions in the cocktail bar industry in the United States of America; hence we have been able to hire some of the best business developers to handle our sales and marketing.
Our competitive advantages are control of distribution arrangements, aggressive marketing – given the high level of competition and economies of scale. Part of what is going to be our selling point in Petoskey – Michigan is the fact that we operate a standard cocktail bar, in a perfect location for the kind of business that we run and also the fact that our bar facility is highly secured.
Other factors that will give Bennardo Paulo® Cocktail Bar competitive edge is that we have enough packing space to accommodate the number of customers our bar can contain per time and secure payment platform. We are not ruling out the fact that we have a dedicated and customer centric workforce that are willing to go the extra mile to give our customers full value for their money and time whenever the patronize our cocktail bar.
We are not ignoring the fact that we are among the few neighborhood cocktail bars in downtown Lake Michigan that sells almost all the types of cocktails and the brands of wines available in the United States of America, and that will surely count in our advantage in the market place and also the robust experience of our CEO and the bar manager is also a positive for Bennardo Paulo® Cocktail Bar.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Bennardo Paulo® Cocktail Bar is established with the aim of maximizing profits in the cocktail bar industry and we are going to go all the way to ensure that we do all it takes to attract our target market. The sources of income for Bennardo Paulo® Cocktail Bar are stated below;
- Assorted cocktails such as cocktails with absinthe, beer cocktail, cocktails with brandy, cocktails with cachaça, cocktails with gin, cocktails with ouzo, cocktails with rum, cocktails with sake, cocktails with tequila, cocktails with vodka, cocktails with whisky, cocktails with fortified wines, cocktails with champagne, cocktails with a liqueur
- Non – alcoholic beverages
10. Sales Forecast
One thing is certain when it comes to cocktail bars, if your cocktail bar is well stocked and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.
We are well positioned to take on the available market in Petoskey – Michigan and we are quite optimistic that we will meet our set target of generating enough profits from our first six months of operation and grow the business and our clientele base.
We have been able to critically examine the cocktail market we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Petoskey – Michigan.
- First Fiscal Year: $250,000
- Second Fiscal Year: $500,000
- Third Fiscal Year $900,000
N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same products and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Top of the list on our marketing and sale strategy document is generating a buzz for our cocktail bar via word-of-mouth and leveraging on road show.
The model of cocktail bar we intend running is a neighborhood bar hence we are not going to rely only on the conventional ways of marketing. We don’t have the plans to run paid adverts on Local TV and radio stations or even local newspapers but we will sure maximize every other available means to promote our business.
Our unique selling proposition is that we have a collection of almost all cocktail options in our bar, we have assorted drinks and tobaccos et al. In view of that, we are going to adopt the following marketing strategies to ensure that we do not only attract customers but generate repeated sales from them.
Part of the marketing and sales strategies that we will adopt are;
- Open our cocktail bar in a grand style with a party for all.
- Introduce our cocktail bar by sending introductory letters alongside our brochure to organizations, households and key stake holders in Petoskey – Michigan
- Ensure that we have a wide range of cocktails, wines, beers, liquors, distilled spirits, martinis and non-alcoholic drinks at all times.
- Make use of attractive hand bills to create awareness and also to give direction to our bar
- Position our signage / flexi banners at strategic places
- Position our greeters to welcome and direct potential customers
- Create a loyalty plan that will enable us reward our regular customers
- Engage in roadshows within our neighborhood to create awareness for our bar
11. Publicity and Advertising Strategy
Bennardo Paulo® Cocktail Bar is a neighborhood bar and we will ensure that we create the buzz that will make people in our area know about us and what we do. We are quite aware that one of the effective ways of promoting our bar is to create special internal promotions which in turn will help us achieve our aim of leveraging on word of mouth publicity.
Here are the platforms we intend leveraging on to promote and advertise Bennardo Paulo® Cocktail Bar;
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+ and other platforms (music online forums) to promote our business.
- Ensure that our we position our banners and billboards in strategic places all around Petoskey – Michigan
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Advertise our cocktail bar business in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and vans and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.
12. Our Pricing Strategy
The prices of our cocktails and other products that we sell will be what is obtainable in the market. In fact, we will try as much as we can to sell below the industry’s average so as to attract loads of customers. We also have plans in place to discount our products once in a while and also to reward our loyal customers.
- Payment Options
The payment policy adopted by Bennardo Paulo® Cocktail Bar is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Bennardo Paulo® Cocktail Bar will make available to her clients;
- Payment with cash
- Payment via credit cards/Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our clients make payment for the purchase of our cocktails and other drinks without any stress on their part.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a cocktail bar business; it might differ in other countries due to the value of their money.
This is what it would cost us to start Bennardo Paulo® Cocktail Bar in the United of America;
- The Total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services totaling – $1,200.
- Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- Cost for hiring business consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- The cost of accounting software, CRM software and Payroll Software – $15,000
- The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of – $105,600.
- The cost for facility remodeling – $25,000.
- Other start-up expenses including stationery – $500
- Phone and utility deposits – ( $2,500 )
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for Start-up inventory (purchase of assorted alcoholic and nonalcoholic drinks, sparkling water, energy and sports drinks and mixers) – $16,027
- Storage hardware (bins, utensil rack, shelves, glasses case) – $3,720
- The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
- The cost for serving area equipment (glasses, flatware) – $3,000
- The cost for store equipment ( cash register , security, ventilation, signage) – $13,750
- Office equipment and furniture – $3,600
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of Launching a Website – $600
- The cost for our grand opening party – $5,000
- Miscellaneous – $2,500
From our market survey conducted, we would need an estimate of two hundred and fifty thousand dollars ( $250,000 ) to successfully launch our cocktail bar in downtown Petoskey – Michigan.
Generating Startup Capital for Bennardo Paulo® Cocktail Bar
Bennardo Paulo® Cocktail Bar is a private business that is owned by Mr. Bennardo Paulo and his immediate family members and they intend to finance the business alone. Although they have plans to make the bar manager part owner of the business after 5 or 7 years of services, but that does not stop him from reserving well over 80 percent stake of the business for himself and his family.
Since they are the sole financier of the business, they have decided to adopt the following means to generate startup capital for the business;
- Generate part of the startup capital from his personal savings and sale of his stocks
- Source for soft loans from family members and friends
- Apply for loan from the banks
N.B: Mr. Crespo Columbus and his wife have been able to generate $100,000 the breakdown shows that they generated $80,000 from their personal savings and sale of their stocks and they generated $20,000 soft loans from their family members and friends.
The balance of $150,000 will be generated as loan facility from his bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Bennardo Paulo® Cocktail Bar is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to retail our cocktails a little bit cheaper that what is obtainable in the industry and properly position our cocktail bar, ensure adequate security, availability of various cocktails and brand of wines and excellent customer service et al.
Bennardo Paulo® Cocktail Bar will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Renting of facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, electronic appliances, office appliances and bar accessories: In progress
- Creating Official Website for the Company: Completed
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party/launching party planning: In Progress
- Establishing business relationship with vendors – suppliers of all our needed wine, alcoholic and non – alcoholic drinks, tobacco and small chops: In Progress
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The Ultimate Nightclub Business Plan Sample
It’s well established that the Covid-19 pandemic has had a profound impact on bars and nightclubs around the world. As vaccines are rolled out worldwide, many nightclubs have been able to reopen under strict health protocols.
Despite these silver linings, opening and managing a successful nightclub in the current climate is more challenging than ever before. This is why creating a well-thought-out nightclub business plan is absolutely essential.
Doing so will help you lay out the steps you need to take to start a nightclub and plan how to get your target market through the door. However, it can be challenging to know exactly what to include.
This article is a sample nightclub business plan you can use as inspiration for your own. It will focus on a fictional venue called The Edge. Before we go into more detail about that, let’s first take a look at why a business plan can be useful.
Table of Contents
- 1 Why does my nightclub need a business plan?
- 2 Nightclub Business Plan – Executive Summary
- 3 Business Overview
- 4 Mission Statement
- 5 Start-up Expenses
- 6 Market Analysis
- 7 Market Challenges
- 8 Competitive Edge
- 9 Competitor Analysis
- 10 Customer Analysis
- 11 Sales Plan
- 12 Marketing Plan
- 13.1 Financial Plan
- 14 Wrapping up
Why does my nightclub need a business plan?
If this is your first time writing a business plan, you may be wondering what the purpose of these documents are and why they are so important. Here are a few reasons why business plans are helpful:
Establish key milestones
When starting a new business, it’s easy to get swept up in the excitement of the process. A business plan will help you outline what your business’s long-term goals are and how you will achieve them.
Having a clear understanding of your long-term goals will also guide your decision-making process. For example, if you intend on expanding your business in future, a business plan will outline when you will need to secure funding to get this right.
Image: Green Chameleon/Unsplash
Identify the competition
Creating a business plan will also help you to identify who the competitors in your area are and what your nightclub’s unique selling proposition is. This section of your business plan will also help potential investors understand how your nightclub will stand out from competitors and why it will be successful.
Understand your customers
A business plan also gives you the opportunity to do extensive research into who your customers are to better understand their buying habits. This allows you to create better experiences for your customers and find out the best marketing strategies to reach them.
Assess the viability of your business
One of the other benefits of creating a business plan is that it allows you to critically evaluate whether or not your business will be viable. The process of creating a business plan involves researching the market and whether or not your business will be a good fit for it. This process will also help investors understand the underlying strengths and weaknesses of your business and whether it’s worth funding.
Image: Campaign Creators/Unsplash
Determine your financial requirements
Writing a business plan requires you to outline how much start-up capital you will need to get your business off the ground, what your projected profits are and whether or not you need additional funding. This is also useful because it might help you identify other revenue streams you can explore to make your business a success.
Nightclub Business Plan – Executive Summary
The Edge is a new nightclub in the growing downtown area of the city.
The area has seen several bars and music venues open up in recent years, and it’s becoming a popular place to go out. However, the city does not yet have a nightclub. This means there is an opportunity for The Edge to fill a gap in the market.
The nightclub will have space for 500 customers. It will specialize in high-energy electronic music and put club nights on from Wednesday through to Friday. The night club will also run after-parties for gigs and other events in the city.
The Edge will earn money through a cover charge and serving mixed drinks. The price of entry will vary depending on the night. We will offer discounts to those who arrive early or sign up to the guest list to help build an audience. We will also run a customer loyalty scheme to build a dedicated core customer group.
Other marketing ideas we will explore include being active on social media, building an email list, and collaborating with non-competing businesses near our location.
The nightclub will have two large bars that will serve spirits, soft drinks, mixers, and beer. We will also have higher-value drinks such as bottles of premium spirits and champagne for VIP customers.
The Edge will have start-up expenses of $275,000. In the first three years, we anticipate a total income of $511,200, $616,000, and $732,700.
This will lead to net profits of:
Year 1: -$62,040
Year 2: $8,750,
Year 3: $62,040.
The Edge will be a partnership between Jordan Craft and Anna Penn. Both owners have significant experience running clubs and will share management duties.
The nightclub will be located in an old office block on Second Street. This is a central location that is a short walk from several of the area’s most popular bars. It is also easily accessible by public transport from other parts of the city.
The two owners have already received permission from the relevant authorities to open a nightclub business in the area. The new venue is well-placed to be used as a nightclub but will require renovations such as soundproofing, creating a bar and dance area, and adding fixtures to ensure the venue adheres to social distancing protocols.
The Edge’s main selling points are:
- It will be the only club in an area with a growing nightlife scene.
- Its location is near to other bars.
- The owners’ experience of running successful entertainment venues.
The Edge aims to provide a Covid-friendly, inclusive space for those who want to dance and have a good time late into the night. It will showcase cutting-edge, high-energy music trends and host talented DJs. This will help establish it as a top music venue, not just locally but throughout the city.
Jordan and Anna will each invest $150,000 in The Edge. This will cover the start-up expenses of $275,000. A breakdown of these costs is listed below.
The popularity of high-energy Electronic Dance Music (EDM) in the U.S. has seen year-on-year growth. As a result of the pandemic, total revenue in the bar and nightclub industry has seen a decline.
This has also coincided with a decrease in the number of nightclub venues. However, with vaccines being rolled out and economies opening up again, the steady increase in demand suggests there is room for our business to be successful.
Additionally, nightlife in the local area has grown over the last five years, with several new venues opening and operating successfully. Before the pandemic the bars nearby were busy, especially on weekends, and many of them had to turn away customers on busy nights. We believe this shows there is room in the market for The Edge.
In addition to the pandemic, we are aware of other challenges in the industry.
Drinking guidelines are in place that suggest limits for the amount of alcohol people should consume. Additionally, the latest figures show that young people are drinking less than in previous years. As a venue that will generate cash flow from liquor sales, this is a worry.
There are several policies we will put in place to overcome this challenge to make our venue attractive to our target market. First, we sell a variety of non-alcoholic drinks at the bar. We are especially excited about the trend for non- or low-alcohol beers.
Additionally, by attracting strong local and national DJ talent, we expect to create events that appeal due to the music, not just as a chance to drink alcohol. By charging an entrance fee for these events, we will be able to monetize customers who do not purchase drinks.
Another challenge is the possibility that other clubs will open nearby. However, there are currently no planning applications for another nightclub in the area. While this could change, we believe that by being the first we will be able to cement our reputation as a high-quality venue.
There are several reasons why we believe The Edge will be a successful business.
Reason #1: The Owners
Jordan and Anna have been involved in the nightlife business for several years. They have experience of what it takes to open and run a successful nightlife venue.
They also have expertise in promoting and they know what makes a great event. Their experience means they have an extensive network and plenty of industry connections, including venue owners, DJs, promoters, and suppliers.
Reason #2: The Location
The club is located in an up-and-coming district with a high-energy nightlife scene. While there are other bars around, there are no other clubs in the area, which means no direct competition. While competitors may open in the future, being there first is a fantastic opportunity to cement The Edge’s reputation as a quality venue.
Reason #3: The Venue Itself
The club has a great location nearby other venues, yet it stands out due to being significantly larger and having space for customers to keep a safe distance from one another and still have an enjoyable time. The venue has not been used as a nightclub before, so it will require complete renovations—this is an excellent opportunity for Jordan and Anna to create a specialized music venue.
While there are no clubs in the area, there are eight other bars as well as two live music venues. There are also several restaurants.
The Edge’s main advantage over these businesses is that it will be a place specifically for dancing. We will open later, and our competitors simply do not provide similar services.
Citywide, there are six other clubs that we consider to be competitors. The population of the city means there is plenty of room for another new venue. We believe we can provide an experience that is better than the majority of the existing clubs.
The area has a high percentage of young professionals who enjoy nightlife and have money to spend on entertainment—as demonstrated by its growing nightlife scene.
Additionally, there are several new developments—both apartments and offices—being built nearby that means the size of the population is only likely to increase.
We have surveyed 1,000 members of the local community between the ages of 21 and 30, and they were receptive to the idea of a club. 85% said that if one opened they would be interested in attending, with 68% saying they would likely visit at least once a month.
Image: Samantha Gades/Unsplash
We may attract some students from the nearby college or older professionals on special nights out, but we anticipate the majority of our crowd being young professionals. As such, this is where we will focus our marketing.
We will bring in revenue from both door takings and drinks. We anticipate setting door fees at between $5 and $15, depending on the night. On less busy nights during the week, there will be no entrance fee.
We expect the average cover to be $10.
Drinks will sell for between $2 and $6. Our VIP section will allow people to buy full bottles of spirits or champagne. The average cost of a drink will be $4.
We will also sell snacks at the end of the night. These will cost $8.50 on average.
Based on these figures, we anticipate bringing in $511,200 in year 1. This will go up to $616,500 in the year 2 and $732,700 in year 3.
Minus the cost of sales, this will result in a gross revenue of $428,560, $516,150, and $610,940.
We will promote The Edge using a variety of nightclub marketing strategies. We have already spoken to several local bars, and they seem open to collaborations. Ideas currently being considered include offering discounts on nightclub entry to people who can show drinks receipts from those bars.
Before opening, we will reach out to both local news outlets and local nightlife outlets to get press coverage. We will focus on our USP of being the first nightclub in the area, the owners’ strong connection to the scene and how we will adhere to Covid-19 protocols.
Once we are open, we will work to build a following on Facebook, Twitter, and Instagram, which we will use to promote our club nights. We will also develop an email list by providing discounts to people who give us their email address when entering the club.
We will use these platforms to build anticipation and promote events, as well as operate our guest list. In the future, we may sell tickets online for special occasions such as New Year or if we bring in well-known DJs to perform.
Image: Zac Bromell/Unsplash
Creating a community and a base of repeat customers as a new venue is important to us. We will increase the chances of this happening by operating an app-based VIP loyalty scheme, which will see regular customers receive benefits such as priority entrance and drink discounts.
Management Team and Personnel
The owners, Jordan and Anna, will manage the day-to-day running of the nightclub. As well as their industry experience, Anna studied management during her undergraduate degree and Jordan has spent time as a touring DJ.
The Edge will require six bar staff on busy nights and three bar staff during the week. Each shift will have one senior employee to supervise the team. For nights with a door fee, we will hire someone to receive payments.
We will also hire a house DJ as well as other special DJs for events. We anticipate hiring three security staff to man the door and perform security inside.
Jordan and Anna will each pay themselves $25,000 per year in the first year, with this increase in the following years. Bar staff, security, and other help will be paid $12 per hour, with the average shift lasting from 9 pm till 5 am at weekends or 9 pm till 3 am during the week. This includes prep time and post-closing processes.
Total expected personnel costs for the first three years are listed below.
We have included detailed financial projections for The Edge in the table below.
Opening a nightclub in the current climate will be no easy feat. Not only will you need to make sure you get enough customers through the door to make a profit, but you will also need to ensure all health protocols are followed to a tee.
By following the structure of the business plan in this article, you’ll better understand the steps you need to take to make your nightclub venture successful and the challenges you will need to overcome. For nightclub promotion ideas, take a look at this article.
If you’re planning to open a nightclub and are interested in building an app to encourage customer loyalty, get in touch with AppInstitute today .
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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
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Bar business plan template
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Bar business plan template content
This template includes a complete business plan, with a financial forecast and the following sections:
- Executive summary: The executive summary gives the reader a clear and concise overview of your business idea
- Company: This section lays out the structure of your business, including its location, management team and legal status
- Products and services: Here, you'll give an overview of the services or products offered by the company
- Market analysis: The market analysis is where you’ll demonstrate that there is a strong demand for your products and services through a thorough assessment of the industry (customer profile, hot trends, regulation, competition, etc.)
- Strategy: This section highlights the company's game plan when it comes to pricing, marketing and mitigating risks along the way
- Operations: This step lays out the company's operational organisation, including the recruitment plan
- Financial plan: The financial plan includes a table of sources & uses (initial funding plan), and complete financial statements (P&L, balance sheet and cash flow statements).
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Bar business plan template extract
Executive summary, business overview.
Gina Cocktail Bar will be a cocktail bar located on rue Ecuyère in Caen.
The bar will have a menu of 150 cocktails with and without alcohol, as well as bar snacks to accompany the drinks. Such snacks will include cocktail sausages, olives, crisps and peanuts.
Once renovated, the bar will have a seating capacity of 16 and a heated outdoor terrace with a seating capacity of 25.
One of the liveliest streets in Caen, Rue Ecuyère is famous for its wide range of bars, therefore benefiting from an extensive catchment area.
Gina Cocktail Bar will be a limited company. It will be managed by Ms. Gina T, a cocktail enthusiast who acquired an in-depth knowledge of the industry during her 10-year career as a bartender.
According to a 2013 report by INSEE, sales in the French bar market reached €6.6bn in 2013, a 4.4% decrease compared to 2012.
The sector, which includes 42,232 companies, has faced challenges for several years.
At the opposite end of the spectrum, cocktail bars are on the upswing. While other types of pubs are closing down, cocktail bars are increasingly popping up within France.
Benefiting from an aspirational and trendy image, cocktail bars attract a wide target market. Young people, notably young professionals, are the number one consumers of cocktails within France.
The average price of an alcoholic cocktail is €8.40, whilst non-alcoholic cocktails tend to cost around €6.20.
In 2012, the city of Caen had a population of 111,342, with the urban area of Caen la Mer including 242,182, enabling the bar to benefit from a large pool of potential customers nearby.
With over fifty bars in the city centre, Caen has an established nightlife culture. Most of the bars are situated around rue Ecuyère, the port, rue Saint Pierre, and place Saint Sauveur.
We have identified two types of potential customers:
- 66% of direct reservations (at the front desk of a hotel or over the phone)
- 10% of online reservations via the hotel's website
There are already 10 bars, as well as 2 brasserie bars, on Ecuyère street.
Although they're in direct competition, the close concentration of bars brings an attractive and lively atmosphere that makes rue Ecuyère the epicentre of Caennaise nightlife.
Although some already offer a limited number of cocktails, most of the nearby places are traditional bars. As a result, the radically different atmosphere and menu (of over 150 cocktails) that Gina Cocktail Bar offers should allow us to set ourselves apart from the street's existing bars, consequently enabling us to develop loyal and regular customers.
We expect to achieve a turnover of €324,094 in the first year, and €360,893 in years 2 and 3.
We anticipate the business will be profitable at the operational level from year 1, however due to the high level of D&A we will record a loss of €-3,397in year 1.
Based on the current plan, EBITDA should represent €6,437 (or 1.99% of sales) in year 1, and we believe that better bar occupancy in subsequent years will allow us to achieve an EBITDA of €28,172 (margin of 7.81% of sales) in years 2 and 3.
The business should be sufficiently capitalized to allow us to honor our loan repayments while maintaining sufficient liquidity to meet any unforeseen events, whilst investing regularly to maintain the bar's standing.
The objective of this business plan is to obtain a bank loan of €52,750 to finance part of the renovation work and the purchase of equipment needed to open the bar.
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Bar Business Plan Template
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To help you set up in opening your bar establishment, this Bar Business Plan Template will give you a great headstart. Get to create a written document that describes in detail how a new business is going to achieve its goals. The file is ready-made and easy to use, that you can finish your own business plan in no time. It is professional design, well-researched, and industry-compliant that you are assured to make a quality business plan that is worth your time and effort. Everything you need in planning for your bar business is right here. Download today!
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How to Start a Bar Business - Bar Business Plan PDF
Are you considering starting a Bar Business and are in need of a bar business plan PDF? if yes, you'll find this free book to be extremely helpful.
This is a practical guide that will walk you step by step through all the essentials of starting your business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business' success yet are simple and easy to apply.
Don’t Start a New Bar Business Unless You Watch This Video First!
Checklist for Starting a Business: Essential Ingredients for Success
If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!
Here’s a Valuable Free Gift for You This is a high quality, full blown business plan template complete with detailed instructions and all related spreadsheets. You can download it to your PC and easily prepare a professional business plan for your business. Click Here! To get your free business plan template
The Single Most Important Ingredient for Business Success
The first and most important thing you need to acquire in order to succeed in a small business is... knowledge.
Sounds exaggerated? Listen to this...
According to research conducted by Dun & Bradstreet, 90% of all small business failures can be traced to poor management resulting from lack of knowledge.
This is backed up by my own personal observations. In my 31 years as a business coach and consultant to small businesses, I've seen practically dozens of small business owners go under and lose their businesses -- not because they weren't talented or smart enough -- but because they were trying to re-invent the wheel rather than rely on proven, tested methods that work.
Conclusion: if you are really serious about succeeding in a business... If you want to avoid the common traps and mistakes... it is absolutely imperative that you acquire the right knowledge.
"Why Invent Mediocrity, When You Can Copy Genius?"
That's an excellent quote I picked up from a fellow business owner a few years back. What this means is that you should see what is working and try to duplicate it. Why go through all the trouble of inventing something new, that you don't even know will ever work, when you can easily learn from and duplicate something that has been a proven success?
[ Note: One of the BIGGEST mistakes almost all new businesses make is that they WASTE tons of valuable time, energy and money on trying to create something "new", that has never been tested or proven... only to find out later that it was a total loss. Don't make the same mistake! ]
Hi! My name is Meir. I'm the founder and president of BizMove.com, a successful Internet based information business. I'm also the author of numerous books, mostly in the area of small business management.
I've been involved in small business for the past 31 years of my life, as a business coach, manager of a consulting firm, a seminar leader and as the owner of five successful businesses.
During my career as a business coach and consultant I've helped dozens of business owners start their businesses, market, expand, get out of troubles, sell their businesses and do practically every other small business activity you can think of. You see, I have been there .... done it ... and bought the Small Business t-shirt! -- This free book contains techniques and strategies I've learned during my 31 year small business career.
Here's what you'll discover in the 'How to Start a Bar Business' book:
Success Tip: Setting Goals
Good management is the key to success and good management starts with setting goals. Set goals for yourself for the accomplishment of the many tasks necessary in starting and managing your business successfully. Be specific. Write down the goals in measurable terms of performance. Break major goals down into sub-goals, showing what you expect to achieve in the next two to three months, the next six months, the next year, and the next five years. Beside each goal and sub-goal place a specific date showing when it is to be achieved.
Plan the action you must take to attain the goals. While the effort required to reach each sub-goal should be great enough to challenge you, it should not be so great or unreasonable as to discourage you. Do not plan to reach too many goals all at one time.
Establish priorities. Plan in advance how to measure results so you can know exactly how well you are doing. This is what is meant by "measurable" goals. If you can’t keep score as you go along you are likely to lose motivation. Re-work your plan of action to allow for obstacles which may stand in your way. Try to foresee obstacles and plan ways to avert or minimize them.
Click here! to download your Bar Business Plan PDF book for free
Here're other free books in the "how to start a business" series that may interest you:
Here's a Sample 'Executive Summary' for a Bar Business plan :
COMPANY NAME is Alhambra’s premier venue for salsa dance, concerts and overall entertaining experience. COMPANY NAME , located at 17 South First Street, is a four-story entertainment venue decorated in a tasteful and timeless 1930's style spot. It's comprised of three components; the dance studio, Lets Dance L.A., a tapas bar & restaurant, and various nightclubs on different floors of the building, operating as salsa central. COMPANY NAME hosts one of the hottest salsa and Latin clubs in the entire Los Angeles area. The club is currently open Friday, Saturday and Sunday nights and features the best Latin musicians from around the world. In addition, it offers early evening and late night dining with a beautiful mezzanine dining room that overlooks the club floor. It’s a great opportunity for guests to view the stellar live band performances and concerts, while dining in fine style. COMPANY NAME has several ballrooms available for fine events such as wedding, banquets and other special rental events. The vast space offers the capability to host three to four events at the same time. COMPANY NAME is also home to L.A.’s premier salsa dance school, Let’s Dance L.A. The dance studio attracts hundreds of students per day who then dine and dance the night away. COMPANY NAME has been open for the past five years and is the brainchild of Enio Cordoba and Terryl Jones. Enio started Lets Dance LA in 1988. Teaming with Terryl in 1993, they created not just a studio, but a family of dancers, students and friends. Both Enio and Terryl have over 25 years of professional dance experience; as a result, they married their love for teaching dance with nightclub and created the number one salsa dance school in L.A. and premier salsa nightclub. For the past six years LDLA has continuously maxed out at 150 students per class. Since students stay after class to eat, drink and party, the nightclub is an instant success on Friday, Saturday and Sunday nights. LDLA will remain a tenant for COMPANY NAME and with its renowned success, and the new owner’s ideas and experience; COMPANY NAME will become the highest grossing entertainment venue in the Los Angeles area.
The following objectives have been established for COMPANY NAME .
- To become the premier venue in Alhambra, California that offers salsa dancing, concerts, wedding, fine dining and much more.
- Reach the point of sustainable profitability by the first year.
- Keep food and payroll cost under 30% of revenue.
- Reach 25% occupancy rate.
- Improve and add to the premises including furniture, fixtures and safety access.
- Improve dance studio publicity by adding local professional local dance celebrities to the venue.
- Purchase additional bar supplies and equipment.
- Build an additional staircase, providing a separate entrance for weddings, private events and featured artists.
- Solidify as many of the target revenue streams, ensuring long term viability and profit.
- Create repeat business from locals, as well as the entire Los Angeles area.
- Most importantly, create a club for dancers, by dancers, which guarantees the long term viability of the club.
COMPANY NAME strives to become a premier night-spot in Alhambra, California for locals who are interested in relaxing with a few drinks in an all around high end atmosphere. Our goal is to be a step ahead of the competition. We combine atmosphere, ambiance, and service to create a sense of "place" in order to reach our goal of overall value in our establishment.
1.3 Keys to Success
The keys to success in achieving our goals are:
- Managing finances to achieve profitability within the first year of operation.
- Controlling costs at all times without exception.
- Instituting management controls to ensure proper functioning of daily operations.
- Environment: provide a clean, upscale, enjoyable environment conducive to giving professional trusting service.
- Convenience: offering members a wide range of services in one environment.
- Location: provide an easily accessible location for customer convenience.
- Reputation: credibility, integrity, and 100% dedication.
2.0 Company Summary
COMPANY NAME is currently located in the city of Alhambra and is proud to offer the most electrifying salsa and concert experience in-town. Our hot spot is presented in a four-story entertainment venue, decorated with 1930's style. Our services are comprised of offering a dance studio, a tapas bar & restaurant, along with various nightclubs on different floors of the building, operating as salsa central. COMPANY NAME is the only nightclub in the city of Alhambra that has been granted a 4am closing time, with the ability to admit under 18 patrons. COMPANY NAME has been operating for the past seven years, and in 2010, new ownership and management will seek a new venture, ensuring its success to continue. The old adage “location, location, location” couldn’t apply more to the viability of a club. For a club to be successful one must be assured that women feel safe in driving to, parking and entering the building. The two most stated qualities women look for in a club is a safety and clean spacious bathrooms. Female patrons leaving late are always offered an escort to the parking lot. COMPANY NAME is on First Street just off Main and is two doors down from City Hall, the Police Station and two blocks from the Fire Station. The largest parking structure in downtown Alhambra is directly across the street from the Granada, and adjacent parking is located behind the building. The parking structures are extremely well lit thanks to good planning by the Alhambra City Council. The City Manager has raved about our operation and The Planning Commission uses the Granada as a model for other clubs applying for permits.
2.1 Company Ownership
INSERT NAME is the sole owner of COMPANY NAME , which is a registered Corporation in the state of California. Table: Past Performance
How to Reach a Goal Faster
1. Install a consequence that really, really hurts!
2. Hire a short term coach who will help you make it happen.
3. Break the goal down into important pieces and enjoy the momentum as you accomplish each one.
4. Link the goal to one of your values so that it becomes an expression of yourself vs just this 'thing' that you're working on.
5. Know the next goal you want to accomplish, even before you have fully started on the immediate goal; this creates perspective and context, making the current goal look much easier!
6. Find a way to be rewarded as you go; a runner sips water continually; she doesn't gulp it down at the end.
7. Start feeling and acting as if the goal has already been reached and then just do what it takes to 'finish' it.
8. Eliminate the consequences of non performance and just work on taking daily actions instead -- get your juice from taking the actions vs comparing to the goal.
9. Set an earlier end point and orient everything around reaching the goal by then.
10. Change the goal so that it CAN be reached easily -- who says you should pick only the tough goals.
Copyright © by Bizmove Free Business Guides. All rights reserved.
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.
In a bar business plan, the chief aspects would include the location and its accessibility, the legal rules regarding alcohol followed by the area as well as the primary legal formalities involved in running a bar. 3. Products and services This section includes all the products and services you'll offer.
Restaurant and Bar Funding, Proposal and Business Plan proposalkit.com Details File Format PDF Size: 295 KB Download Business Plan of a Jazz Bar Example theseus.fi Details File Format PDF Size: 704 KB Download Coffee Bar and Bistro Business Plan Example is.muni.cz Details File Format PDF Size: 578 KB Download Business Plan for a Student Bar Example
Basic Bar and Lounge Business Plan Templates Includes: Word Document Template Executive Summary Company Description Bar and Nightclub Industry Analysis INCLUDED! Organizational Structure. Marketing. Funding Request Financial Projections 12-month profit and loss statement 5-year pro forma income statement
Bistro and Bar. If the membership approves of the project's financing via the Capital Project Improvement Fund (vote to take place in December 2011), this new amenity could open for business late summer 2012. The pages that follow detail staff's business plan for the Bistro and Bar operation. We
2.2 Management of Bar Business. The first thing that we need to cover in this bar start up business plan will be the management of the bar. The bar will be headed by Zylar Woods. Zylar will hire three managers and two bartenders to run the place. The managers will be responsible for liaison, supply chain, and services.
Foosball Hall is a start-up gaming (foosball) bar primarily serving the students of Madison. Sales have been forecast to be approximately $200,000 for year two, increasing to approximately $290,000 in year three. Net profit will be negative in year one, rising to a positive % in years two and three. 1.1 Keys to Success
The Total Fee for Registering the Business in Las Vegas, Nevada - $750. Legal expenses for obtaining licenses and permits as well as the accounting services totaling - $1,200. Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of - $3,580. Cost for hiring Business Consultant - $2,500.
Download Hookah Lounge Business Plan Sample in pdf OGScapital writer specializes in business plan themes such as bouncy castle business plan, business plan for RV park, business plan for bowling alley, golf course marketing strategy, internet radio business plan, business plan for music festival and many others. Illustrative business plan samples
our books later than this one. Merely said, the Sample Cocktail Bar And Lounge Business Plan is universally compatible in the manner of any devices to read. The Startup Owner's Manual - Steve Blank 2020-03-17 More than 100,000 entrepreneurs rely on this book for detailed, step-by-step instructions on building successful, scalable, profitable ...
Why You Need a Business Plan for your Bar. To a layperson, starting or owning a bar might seem like a job for sitcom characters, but bars, pubs, taverns, and clubs are the heart of nightlife and are an important part of the culture and society of any city or town. Bars, pubs, and taverns have a traditional place in societies as a meeting ground and place of rest.
A Sample Cocktail Bar Business Plan Template 1. Industry Overview A cocktail bar is a bar or small restaurant where cocktail is the main drink available; a characteristic feature of many standard cocktail bars is a wide selection of assorted cocktail drinks.
1 Why does my nightclub need a business plan? 2 Nightclub Business Plan - Executive Summary 3 Business Overview 4 Mission Statement 5 Start-up Expenses 6 Market Analysis 7 Market Challenges 8 Competitive Edge 9 Competitor Analysis 10 Customer Analysis 11 Sales Plan 12 Marketing Plan 13 Management Team and Personnel 13.1 Financial Plan
References in this document to "Finale Sports Bar & Grill," "company," "we," "us" and "our" refer to the business of Finale Sports Bar & Grill. Finale Sports Bar is a growing restaurant featuring a variety of boldly flavored, made-to-order menu items. Our restaurants create an inviting neighborhood atmosphere
New Pub Business Plan Example greenekingpubs.co.uk Details File Format PDF Size: 67KB Download The Bar Scene Bars and pubs have always been around through hard and good times. It's where people gather to socialize or just to be alone and try to watch a game of his or her favorite sports.
NOTE: this is the Free version of Growthink's Ultimate Bar Business Plan Template. Much of the information from the paid version, including the integrated financial graphs and charts have been removed from this version. The real version of Growthink's Ultimate Bar Business Plan Template is much more than a fill-in-the-blanks template.
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 Nightclub sample plan contains details that are largely a combination of several successfully funded plans for new nightclub/bar venues. Nightclub, Dance Classes Business Plan E3 Playhouse is a start-up combined entertainment venue offering live music, dancing, music and dance lessons in a nightclub restaurant format. Singles Bar Business Plan
Bar business plan template extract Executive Summary Business Overview Gina Cocktail Bar will be a cocktail bar located on rue Ecuyère in Caen. The bar will have a menu of 150 cocktails with and without alcohol, as well as bar snacks to accompany the drinks. Such snacks will include cocktail sausages, olives, crisps and peanuts.
Easily Editable, Printable, Downloadable. To help you set up in opening your bar establishment, this Bar Business Plan Template will give you a great headstart. Get to create a written document that describes in detail how a new business is going to achieve its goals. The file is ready-made and easy to use, that you can finish your own business ...
Here's a Sample 'Executive Summary' for a Bar Business plan: COMPANY NAME is Alhambra's premier venue for salsa dance, concerts and overall entertaining experience. COMPANY NAME , located at 17 South First Street, is a four-story entertainment venue decorated in a tasteful and timeless 1930's style spot. It's comprised of three components ...