The most important part of opening your dream bar
Let’s face it, pretty much everyone has an idea for their own dream café/bar/restaurant. The question is this: is opening a hospitality venue something you should try your hand at, or are you better off spending that money at other people’s outlets without having to manage any of the risk?
Australia’s premier industry publication for bars and pubs, Bartender Magazine, has published a must-read article for anyone looking to take the plunge.
You can find the entire article here (and you should – it’s really informative). Sven Almenning is someone worth listening to, having opened some of Sydney’s best venues including Eau de Vie, Boilermaker House and The Roosevelt
The basic premise of Almenning’s piece is that a Heads of Agreement is essential. There are several elements to this, and Sven drills down into some of his strategies throughout the article.
However, the easiest way to imagine the approach is just like any other piece of business planning. It’s essential to get as much as possible down on paper so all parties are aware of their responsibilities, and there can be plenty of thinking done around the potential risks of the venture.
You might be very successful in another aspect of business, but building the bar (or café or restaurant) you’ve always wanted is likely to be outside your current skillset. Passions can run high, and the idea of owning a trendy venue is seductive, but you need to pull all the emotion out of your thinking – especially in the early stages – and get down to brass tacks.
Is this venture going to make you money, or simply flush money down your very expensive stainless steel drain?