As a bar owner, it’s important to plan ahead and be prepared for all contingencies. Running a successful bar requires a lot of hard work and attention to detail, and it’s essential to have a plan in place to help you manage your business effectively. By planning ahead and being prepared for potential challenges and opportunities, you can increase your chances of success and keep your bar thriving
Below is a list of 9 business plans that every bar owner must develop:
- Licensing Plan: Make sure your bar has all the necessary licenses and permits to operate the way you want to. In some areas, special licenses are required to serve alcohol on Sundays or have live music. Make sure that you apply and renew those licenses to operate your business effectively.
- Insurance Plan: Make sure your insurance plan covers all of the latest investments in your bar or restaurant. Review your account with your insurance agent to make sure all equipment and likely scenarios are covered by your current policy.
- Budgeting Plan: Create a budget to help you manage your expenses and stay on track financially. Determine how much you are willing to invest in marketing, infrastructure or entertainment and stick to that plan throughout the year.
- Marketing Plan: Develop a plan for promoting your bar and attracting new customers. Decisions to offer promotions and discounts or happy hour prices during sporting events should be identified in this action plan.
- Inventory Plan: Choose the types of alcohol, food, and other products that will appeal to your target market. Be mindful of the types of alcohol you stock and how much you order to avoid waste and excess expenses. Outline a strategy for tracking inventory and understanding profit margin on a product-level.
- Culture plan: What type of environment do you want your staff to create inside your bar. Develop a plan for the culture you want to create and take steps to fostering that culture. Invest in training for your staff too, and ensure that they have the skills and knowledge they need to be an ambassador for your bar culture.
- Web and Social Plan: A website can help you reach a wider audience and provide information about your bar to potential customers. Create a plan for your bar on social media platforms like Facebook, Instagram, and Twitter, and consider how you plan to promote your bar and engage with your customers online.
- Entertainment Plan: Are you planning to have live music throughout the year? The best musicians book up early. Make sure you have a plan in place for entertainment and keep that schedule up-to-date and organized.
- Cleaning Plan: The cleanest bars will be the most successful bars in the post-covid world. Put a plan together to ensure a clean and well-maintained bar throughout the year. It will lead to a positive experience for your customers and encourage them to return.
- Accounting Plan: Keep track of your business expenses and gas miles throughout the year. Stay organized with your finances and be sure to meet with your accountant to explore tax deductions that you are entitled to as a bar or small business owner.
- Plan For Giving Back: As a bar owner, you are a recognizable member of the community. Give back to the community who supports your bar by developing a plan for philanthropy. Your bar could host a charity event or donate on a quarterly basis, all of which should be planned out and accounted for ahead of time.
Contact Bar Consulting Services for a free strategy session to learn more.