Starting your own nightclub or bar can be both profitable and exciting for an entrepreneur, but knowing what you’re getting in to is very important if you want to be successful. If you want to avoid being just another failed nightclub endeavor, you need to start off on the right foot. In the nightclub and bar industry, even more so than in other industries, putting together a strategy for every eventuality is vital before you ever even think about opening your doors and letting guests inside. There are several key components to consider when starting your own bar or nightclub, but here are some important things to keep in mind.
Your Business is a Story
Every time you open your doors and invite a guest into your nightclub, the entire venue is telling a story. Instead of writing a story using words and pictures, you’re displaying it with your lighting, color choices, and attitudes of everyone who works in the establishment. The story that your business tells is very important to the customer experience and thus to the reputation of your bar or nightclub. Take the time before you open your doors to make your story as great as possible so you don’t find yourself with an empty club after the initial excitement wears down. You are putting your name on every part of your club as an entrepreneur, so make sure your name is displayed proudly.
Budget for the Unexpected
All businesses have hidden expenses and unexpected turns of events, but for an unprepared club owner this can mean catastrophic failure. In fact, the more time and money you have invested into your bar or nightclub means the greater the chance of a very expensive situation arising and many entrepreneurs dump everything they have into their club to get it rolling. You may think that once you have revenue flowing that you’re ready for anything that comes up, but typically you need that money to pay your bills, staff, and building costs just to stay open. Make sure you keep enough reserve capital on hand to cover even the most unthinkable situations to avoid running out of cash if an emergency arises.
Gather a Great Staff
The staff you hire to launch your new bar or nightclub will make or break the entire business. If you don’t get your club launched in the proper fashion, chances are you’ll never bring in the types of crowds that will make you rich. Most patrons will show up one time to a club and base their views off of that one experience. If your staff drops the ball in the first few weeks of opening, chances are you will be turning off the customers that would be your regulars and your bread and butter. Don’t be afraid to recruit from other nightclub entrepreneurs and really scrutinize applicants when you’re hiring. You will likely lose a few staff members and gain a few new ones as the first few months unfold, but refusing to hire lackluster staff members is one of the biggest keys to success in this industry.