Starting a business may be challenging for someone at the beginning of their professional journey because you’ll have to deal with new information and various tasks. Yes, starting a business is rewarding, but you should never forget that it will not be an easy journey. Even if you have always dreamt of having your own business, research is still necessary before starting the actual project. Legal requirements, funds, location and suppliers are just some of the aspects you must consider when deciding to create a start-up.
You may struggle to choose a business that suits your dreams and goals best. If you are a social butterfly, have a creative mind, and 9-to-5 life doesn’t fit your interests, a terrace bar may be the perfect start for someone who decided to enter the business world. Bars are always a good idea, being profitable and long-term businesses. But opening one may not be as easy as it seems. So, pay attention to market trends, legal requirements, funding sources, location, wholesale resources, and marketing for rewarding results. Only by harmonising these elements you will succeed.
If you are sure a terrace bar is a perfect business to run, here are some steps to follow before the grand opening:
Find the perfect name for your bar
Choosing a name for your start-up is essential because it will be like a business card for the clients. Besides, after selecting a name, you may feel one step closer to the moment when your dream will become a reality.
You may wonder what the perfect name would be? First, remember the bar’s name should embody the atmosphere, values and message your small company wants to transmit. Plus, you will use it for marketing campaigns and merchandise, so the name must be unique.
You can start asking your friends and family for ideas, adding them to your list. You should make one if you didn’t already. After writing down all the options, choosing the perfect name for your bar will be easier. But, stay away from long and complicated terms.
Choose a bar concept
You chose a name for your business, but what about the concept? All you have to do is gather ideas and inspiration about the ideal environment. Yes, you have already decided the bar will have a terrace, but there are many other aspects to consider for the final result. For easing your work, here are some elements you should evaluate before choosing a bar concept:
- Target audience;
- Design and look;
- Service style and customer service.
After analysing all the elements listed above, the next question is: How do you want people to feel when entering the bar? Maybe you think about creating a library bar, where people can read while enjoying a cup of wine, or want the bar to have live concerts every weekend. There are way too many options, so if you are struggling with finding the perfect concept, check the suggestions below:
- Craft beer bar;
- Wine bar;
- Champagne bar;
- Cocktail bar;
- Pasta bar;
- Salad bar;
- Game or sports bar;
- Live music bar;
- Library bar;
- Rooftop bar.
Create a business plan
Business plans guide you during the opening process, especially when you have to take important decisions. Besides, they contain the groundwork for professional interactions and sometimes may secure loans.
If you struggle to create a business plan, here are the aspects it must include:
Company description. Ensure you add a summary about your business’ complete plan, company mission and values.
Market analysis. Before starting a business it’s vital to analyse the market and identify your competition.
SWOT analysis. You have to establish your business’ strengths and weaknesses. This way, you’ll be prepared for potential pitfalls.
Products, menu and pricing. Establish what products you’ll use and calculate costs.
Marketing strategies. Promoting your business is essential. So, create an excellent strategy to reach as many customers as possible.
Financial Plan. Planning is crucial for a successful start-up, so don’t neglect financial aspects.
Setting a budget before opening a bar is vital for the good development of the business. After establishing a business plan for the bar, you’ll have the slightest idea about costs and prices. But, don’t forget that this is a long-term journey, so you’ll have to predict and estimate the expenses and earnings for next year.
You may discover that there are insufficient funds for all the work. But don’t panic. Now is the moment to start looking for extra funds. You can opt to work together with one of your friends or family members or search for banks that can offer you the needed amount of money.
Find a good location
Finding a good location for your terrace bar is just as important as creating the perfect concept because it has to be customer-friendly and in a popular place. But, consider that you’ll need extra space for the terrace. Terrace bars are popular, especially in the summer, because people usually love to enjoy their drinks sitting in the sun or enjoying a fantastic sunset. When choosing the bar’s location, ensure everything fits your concept and legal requirements.
Terrace bars are often placed beside a street, so you must ensure your clients are safe. But, even after taking the necessary precautions, accidents can still happen, and everyone may wonder what to do next. There are two aspects: when the accident happens on the rented or bought terrace, you will be responsible for the customers’ potential injuries. But, if your terrace bar is placed next to a car crowded street, and one of the clients has an accident outside the terrace area, the local council authority will be in charge. If you just started your business it is good to know that the victim can claim personal injury compensation in both cases.
Fulfil legal requirements
When opening a business, you should pay attention to legal requirements. You will have to obtain various permits, including certificate of occupancy and music permits, licences, such as Employee Identification Number, liquor and food service licence, and pay alcohol and tobacco taxes.
Decorations are essential for creating the desired ambience. You can choose from various styles, textures and colours for the walls and furniture and personalise the space. For example, you can create a vintage style, which is very popular today, by adding old furniture, numerous paintings, and warm lighting.
Promote your business
A crucial step when starting a business is advertising. You can create engaging marketing campaigns by using social media platforms. This way, you will reach a wide range of consumers, who will be more than excited to discover your bar concept. Plus, having a terrace will attract more audience, including families and seniors, so don’t forget to add this information to the ads.