You may think that owning a bar would be the most exciting thing in the world. What could be more fascinating than owning and running a place that offers conversation, booze, shots, beers, cocktails and good company all under the same roof?
But you need to remember that owning and running a bar is just like managing any other business: mere passion or a passing interest in the business is not enough. If you find a bar for sale and are thinking about snapping it up, there should be several things you need to keep in mind. First of all, an interest in owning a pub may not necessarily translate to the passion and business acumen you will need to keep it going. Yes, it will be fun, but it will only be profitable if you are willing to put in the hours and the attention to detail that is required to make it work. If you don’t have the business sense in you, or if you don’t have the time or the persistence to make it work, owning a bar may not be for you.
Here is a list of things that you need to keep in mind when you are thinking about whether or not that bar for sale may be for you.
Owning a bar, like any other business, comes with a lot of responsibility, which can turn out to be daunting for a lot of people. You will be the one who will be responsible for everything – the staff, the guests, the business performance, anything and everything to do with business management. Yes, you can hire staff who can take some of the workloads off you, but at the end of the day if your staff doesn’t perform well it is you who will suffer, not them. They will just take a paycheck and go home.
You begin to think differently about subtleties in service once you are managing and running your own place. If you are working at a bar that is not owned by you, you will be tempted to help servers who are not performing by assigning them other duties or scheduling them for slower shifts. But when you are a business owner, everything becomes different. You begin to think in terms of profits and losses and a slow server becomes a liability as you now factor in the big picture. A slow server means slow service which in turn means unsatisfied customers and loss of business.
You always think about your business:
Visiting a different bar or pub becomes a totally different experience once you become a bar owner yourself. You will find yourself examining everything about the new place – the ambience, the music, the furniture, the crockery, even the advertising and the signage. You will be constantly on the lookout for ideas on how you can make your own business better, and you will be judging everything from what is working to what isn’t.