What You Should Know Before Opening a Bar
(Entrepreneur) — First, you should consider the market for another bar in your area. Is there really a market for one, and if there is, how will yours be different that the competition? Do they offer food to their patrons? One way to do this is to find out how much people in your metro area spend on dining out, bar services and entertainment in your area, then see how many bars and restaurants are in your area — as you will be competing against them as well. Then, divide numbers. Say, for example, you see people spend $1 million per year in your area on these services and there are 10 bars and restaurants in your area. That means each bar and restaurant is grossing $100,000 per year.