i just joined this forum yesterday and i am very excited to get this business venture started. anywho a lil background on myself, i am currently serving with the united states marines in 29 palms, ca. i have about a year left on my contract and me and a close buddy of mine have decided to start a bar in the Los Angeles area since thats where im from. Any tips for a motivated, smart, young man that i can get would be appreciated. I have started to work on the business plan, but im having problems getting projected numbers for business and things of that nature. again any help, tips and advice will be taking into consideration :)
I see bars every where but there is still some room to be in this business if you are unique enough. My close friends owns a hotel and a bar next to it. I was spending time with them and knowing enough to be able to share a little of what I learned. First few months could be the worst time, so you might need to prepare for that before it gets picked up. Make sure you have enough money to go on for a while without making money for a few months.
After a year, I was told some months income from the bar exceeded what they got from the hotel. The hotel is not that big but a decent size. You will probably make most money from drink so plan ahead on your inventory system. People get mad when your drink are out off stock and some never return. People talk, so make sure you really impress them well. Also make sure you have a good accounting system and ways to track on every single penny coming in from a bar. Money gets lost if you don't. That what happened to them but they learned from experience and are well off now. Good luck.