In theory, owning a bar sounds like nonstop fun. However, while there is pleasure and satisfaction to be had in providing enjoyment and entertainment to others, opening a bar is a serious and, yes, even sober undertaking. Like most startup businesses, it takes a lot of hard work, money, and planning, especially in the beginning. Here are some essentials you will need to achieve your goal of starting a bar in Texas.
1. Appropriate Licensing
You may know going into this new venture that you need a license to serve alcoholic spirits, but TABC licensing in Texas may be much more complicated than you realize. There are required beer licenses and liquor permits depending on the types of products you intend to sell. Whether you produce your own wares also makes a difference. For example, if you purchase prepackaged snacks to serve at your bar, there is no issue, but you need a food manufacturer license if you intend to make your own. You also need a winery permit to sell your own vintage.
2. Business Structure and Plan
Starting a business isn’t something that you improvise. You need to decide on a structure for your business, such as a sole proprietorship, a partnership, or a limited liability company. You also need a business plan that describes your objectives, your unique selling proposition compared to competitors, and your business goals. You need to figure out how much your startup costs are likely to be. The more detailed your business plan is, the easier it can be to obtain a business loan or attract investors.
3. Bar Concept
There are many different kinds of bars that cater to different clientele. One of the first things you should decide is whether you want to start a college bar, a sports bar, or something more high concept. This influences a lot of the decisions you will have to make, such as the bar’s location. You will have to conduct market research to find out where both your competitors and your customers are, choosing a location sufficiently distant from the former and convenient to the latter.