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 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.