I have a dream of opening up my own bar and I need capital. Anyone know of how I should go about funding it? I have a location already in mind, the concept of what it will look like and a buisiness plan in the works. Any help would be greatly appreciated.
Every male in their 20's has this same dream. You are not unique. There is a 90% chance you will fail, and by fail I mean end up with less money than when you started. The help that I would provide you with would be to suggest that you spend your time in other ways.
There will always be those that tell you a million reason why it won't work and very few will give you one reason why it could No Risk . . . no Reward [Isn't WhoreHey the one always talking about owners deserve more cause they risk more. . . now he flip flopping and talking someone out of being an owner??? interesting ] Anywhoo DETAILS DETAILS DETAILS I have never owned a bar or restaurant but with any business you have to just stay on top of everything and work your *ss off probably work harder than if you had a job! As for financial . . Credit Credit Credit IF you got good credit and good business plan you got a shot If not . .. . get some. . . repair. . . repay get it all in order One of the biggest things to cause u to fail is lack of capital Rocket River
Like I said it is a dream and I am prepared to work my tail off to make it real. I have seen it happen before for others and it can/will happen for me. Just wanted to know if anyone here had any avenues they knew about I could explore. I have had many things happen in my life that I consider miracles and from those experiences it gave me the mindset that anything is possible.
good luck on it I think Stack24 owns Live, maybe he can comment host some Rockets Viewing parties and give clutchfan members free drinks
Make the place pimp, raise some prices, have a strict dress code...and hot chicks will come... ...followed by the rich dudes... ...bottle service will be in effect...and profits will be made.
Terrible investment. You will fail within 6 months. Save yourself the trouble and go invest your money in some muni bonds or something.
I work in a Bar and have for the past few years, and it is not the kind of investment you want to make unless u like staying up until 4-5 in the morning every single night for the rest of your life. The people you deal with on a constant basis makes u lose your faith in humanity.
if you open a bar as a means to make a living, you're a fool.... seriously. it's great that you have that attitude, unfortunately nearly everyone who opens a bar thinks the same thing, and 95% of those people fail. find a real job, make some decent scratch, then open a bar. seriously.
I agree with everyone else to an extent. I say open something. Just not a bar. As long as you do the market research and make sure there is a need you will be fine. Easier said than done. And by be fine I mean be fine until the dynamics change and you are Fd.
Everyone here is pretty much right. Bars are bad investments. Why? You can do everything right(work hard, find what you think is a good location, etc..), and the bar could still flop. This isn't as true in Houston, but bars are also a flavor of the month-type deal. Your bar could be the place to be for a while, and, suddenly, people could just stop coming. It's just too unpredictable to depend on for income or invest your savings in. Also, if you want to be successful, you'll have to deal with lots of sleazy people. I've never opened a bar, but you'll probably have to get to know promoters, etc...
I was under the impression that most people didn't own the bar/restaurant to make money as their sole source of income. They are just wealthy people who use it as a hobby. If the bar or restaurant just breaks even it is good enough. Sort of like billionaires owning sports franchises.