Pros and Cons to Running a Bar Business

It is a common theme among 20 & 30 somethings to ponder on the idea of owning their own bar. These thoughts generally come about during a great night that they don’t want to end but not a moment afterwards, the lights flash for “last call”.

For anyone who has already looked into it, they are probably well versed in the pros and cons to this type of lifestyle.

The Money

The biggest intial hurdle is the financial investment money. If you don’t already have it, you need to find either a business partner who does or get all spiffed up to meet with a financial institution. If there no heirs or heiresses, the lifespan of your bar venture might be relatively short given the toll it can take on one’s self. Like a lot of businesses, high operational costs can be its demise. Customers are always on the look out for good prices and high-quality service so good management skills are a must to keep these balanced.

On the plus side, bars can be a very profitable business, again, if managed well. It is a cash business which these days is like gold it feels like. Also, relatively speaking, any loans from partners of banks can be paid off quite quickly.

The Social Life

Working in a bar and being a customer can be very different. It’s not like you can turn up at 10pm and leave at closing. Especially if you are the owner and new to the scene, you pretty much have to be there at every waking moment. This can be very exciting to a lot of people who enjoy pressing the flesh, meeting new people, seeing regulars still coming back. The cleanup after closing can be bit heart wrenching, or again maybe not. Some folks enjoy the quiet time with a thinking about changes, if any that need to be made after the night’s experiences.

Family life might take a hit for a while too with the very late nights and workings seven days a week.

The Best Investmen You Can Make

Provargo, a Denmark based bar management system company can and does make bar owners’ lives just that little bit easier. More Info.

Combing their digital wireless beverage dispensing units for liquor, wine, beer and post-mix drinks with the cloud-based user-friendly database systems, your drink levels, stock levels, product and product type sales figures, bar and staff performances can all be monitored remotely. The database, Provargo’s ProCloud, can issue reports on a daily basis for managers and owners by gathering data sent from the beverage dispensing units via a transceiver. There is also a ProCloud App for the owner/manager on the go.

No more early mornings or late nights taking inventory. Look for more info on Provargo on ways to get your personal life and professional life in sync.

Is It Time To Find A New Office?

A big step for any company is deciding on office space. Whether they are looking to leave their current space or moving into an office for the first time, it requires immense planning to ensure a smooth transition. We will look into some reasons why businesses may consider searching for new office space, or staying at their current place.

 

YOURLOCATION

Remember the saying – “If you build it, they will come”? If you have realized that they are not coming, it may be the right time to move out. While offices in less convenient locations may have lower rent, what use is that if there is only a small talent pool or potential clients and partners find it difficult to travel there? The pros and cons definitely need to be weighed before making any decision. Also, infrastructure may not so developed in these areas due to a lack of demand. Internet speeds may not be of a high level, and neither the transportation.There are many factors associated with choosing an office location, for example, being near competitors, customers and staff, but it can vary widely depending on the organization.

 

TERMS OF LEASE

 

If your current rent is expensive, consider whether the other cheaper options are really value for money. Will you be paying less rent but losing out on other areas such as the quality of employees? A balance must be found which benefits the progression of the business. Even by starting to look elsewhere, your current landlord may be forced to act to do as much as they can to get you to stay. This could put you in a stronger negotiating position to reduce the rent or even upgrade your current space. Remember, it doesn’t hurt to look. You are not banned from viewing other spaces that could meet your criteria and you should always do what is best for the company, and who knows, you may stumble upon a diamond in the rough ready for you to unleash its potential!

 

WORKING SPACE

 

While the alternative options may not be better than your current place, there are always vacant spaces available. Is your office space fully utilized? If not, consider using conference booking software to ensure that meetings and conference rooms are easy to book, thus ensuring they have a higher rate of use and therefore generating more income! If even after steps such as these, significant value is not being gained, it may be time to look elsewhere. Too much and too little space can be detrimental to staff morale; so it is important to have working space which is proportionate to your company’s size.

 

 

So there we have it, some points to really take into account whether or not to find a new office. Every company is unique so we are not in a position to tell you what would be the right move for you, but consider these points carefully before making decisions as big and pivotal as these!…