Bars & Nightclubs
Many star struck entrepreneurs are infatuated with the idea of starting a nightclub . However, it is expensive to begin, and most ventures quickly fail.
Today's generation of youth is whimsical, which makes change happen fast. Your company may fail within six months, or it may continue operating at a loss.
The industry is simply too risky to learn on the run. Instead, gain experience and plan extensively, so you are ready to succeed.
Bars & Nightclubs Business
The key to success in this industry is appealing to multiple customer types at one time. If you solely target college students, summer and winter break will be tough times. Instead, attempt to appeal to single professionals, tourists, business travelers, and college students.
With a diverse customer base, you'll put yourself in a strong position for success. To appeal to multiple customer types, have many different rooms available. Have a center dance floor, but create separate VIP areas where other groups can go.
Keep in mind the way your establishment is decorated sets the tone for what types of customers you're after. Video screens and lasers attract the young and hip crowd. Mahogany and leather speak loudly to upper class patrons.
The physical location of the club is another large factor determining its final success. Maybe finding one of the area bars & nightclubs business for sale will work best at this point.
The best physical location is one where large amounts of foot traffic regularly pass by.
Exceptional quality of service is another large determining factor. Maintain a ratio of about 1 staff person per 35 customers. Ongoing training and evaluation of staff helps a ton in the long run.
Food quality is the final factor in determining the success of a bar or nightclub. Some organizations go all out and provide full meals similar to those in restaurants. Others keep it simple and offer light appetizers and drinks.
One of the biggest difficulties is the process of licensing and regulation. Stay in close communication with local regulatory agencies. You don't want any surprises, or to suddenly find your business shut down!
Starting this type of organization is difficult. If you have demonstrated success in the industry, buying a bar or nightclub business may be the route to go. However, keep in mind the risk involved. Selling a bar or nightclub may be impossible to do.
About the Author
This Wiki was written by Andy White, CEO of Biz Trader .