![this guy walks into a bar with a tiny piano this guy walks into a bar with a tiny piano](https://media.npr.org/assets/img/2015/12/15/tape_2015-copy_wide-06347bfc571a4601733d3e0c04cf0bc9815a53bf.jpg)
You will need to be out there talking to people and shaking hands. If you're the kind of person who would rather deal with paperwork or sit in an office where you don't have to talk to people, this business is not for you. Of course, you don't have to run it if you own it, but you'd better make sure you have a team of good, trustworthy managers working for you if you plan to be "hands off." In the beginning, you will probably have to be greatly involved whether you plan to be an active owner or not. The second reason is a lack of knowledge about the business.įrom a personal perspective, you need to ask yourself if you're really the type of person who wants to own and run a bar. Why do they fail? The first reason is they didn't have enough capital to keep the business going. However, like many new businesses, the statistics for bars aren't in favor of the startup. Successful new bars can be in the black within the first six months, and they can go on to recover their initial investment within three to five years.
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Related: How to Start a Business With (Almost) No Money But if you have a clear vision, do your homework and learn the ins and outs of the business, it can also translate into a rewarding and financially successful enterprise. Owning your own bar/club can mean long hours, meticulous attention to detail, giving up vacations and weekends, and sometimes dealing with unruly customers. Owning a bar sounds like the perfect life to many potential entrepreneurs, but it's not always fun and games behind the scenes. If you're thinking of opening a sports bar, you might envision an exciting game on big-screen TVs with everyone cheering and having a great time. Editor's note: This article was excerpted from our Bar & Club startup guide, available from the Entrepreneur Bookstore.įriends, laughter, celebrations, entertainment-fun! These are the things that might come to your mind when you think about owning your own bar as you imagine rooms filled with friendly conversation, music and people enjoying themselves.