Forums: Discussions for entrepreneurs and small business.

I recently decided to look into purchasing a sports bar/night club that has been vacant on the west side of Columbus, Ohio and would like to here any advice that can be given.  There is tons of information out there and I am not sure what way to turn.  I have seen the site www.startabar.com but am not sure how legite this site is.  I am waiting to here from the realtor exactly what is included and other info on the building.  It is 10,800 sq. ft. and I was told $7.00/sq. ft. and $2.70 CAM.  What is CAM?  I want to purchase this bar because it always seemed to be crowded and very enjoyable when I used to go to it.

Mgmt. it key.  You`ll need somebody to run the biz that has a lot of experience doing this type of thing.  Maybe go to some of the other bars you like and talk to some of the managers there and see if they have an interest in running the whole show.  Investors will demand a proven mgmt. team. 

CAM is Common Area Maintenance.  Recurring charge for common maintenance.  Lights, parking lot, etc.   

My guess is that you`ll need a lot of cash.  Start-up costs would be very high.  50K, 100K, 200K, more??  Inventory and construction need cash and you wont be able to get that from a bank.  You`ll need a partner with experience and cash that is willing to go in with you.  Any rich uncles??  If you bring to the table nothing but your passion then you need to come up with the money yourself.  Try find out why the place went under.  There could be a good reason for it.  Or it might be a fantastic opportunity.  Due your proper due dillegence.     

Good Day...

I was just looking to pick some brains regarding opening a new bar myself. Briefly about myself, where I am and what I want to do. I just turned 26, I work full-time as a fireman for a very large city, prior to my employment I was active duty for four years in the military and am currently still serving in the reserves. My reason for adding this is while I receive a `decent` pay check; I honestly have little college education and perhaps worse zero bar/ restaurant experience. I have a little bit of money saved with do have potential prospects for investors. 

I am looking to open a bar in a let`s say "very" expensive and thriving part of my city. I know to many this may sound out of reach for a person in my situation, but I have the faith and drive to make his happen.

I am looking to open this establishment in about five years (realistically maybe about 10.) Does anyone have any recommendations on how I can start this adventure?

Right now what makes sense to me is to actually get exposed to the climate and the industry. Starting at the bottom and working my upward from there. (Who knows I may find out I hate it.) 

Secondly, EDUCATION start taking classes in whatever would make sense (business and/or hotel/restaurant management?) I know these two are the obvious. Any other words or advice would be greatly appreciated and heeded. I just think (as well others) that I have a really good idea to make allot of money and have fun while doing it. I know it`s going to take ALLOT of blood, sweat and tears to make this work (money too I suppose) but whatever it takes to make this the success it is going to be. Thanks so much for your time....

-Stay Safe...

I would say both of you need to find out the going rates for barstaff, waiters and waitresses, and maintenance personnel. Although you can usually get by on the attitude, "If you want something done right", you do need people you can a) trust with your money, b) trust with your establisment (you will need to be away occassionally), and 3) they`ve got to know what they are doing.

Serving up drinks isn`t just sitting behind a bar waiting for someone to order a beer. You`ve got to have a competent barkeep who can mix drinks smoothly and quickly. They`ve got to know quite a few recipes.

Employees are usually the most expensive of a business.

Dan