When opening a bar for the first time, there are a few things to think about before investing money in it. You will need to calculate the entire cost of the start-up, along with the cost to stay open for a few months. Here’s a list of how much money it cost to open a bar.
College- $ 2k- $ 4k You will need to take a few college courses before you start the process of getting a loan and opening a bar. You must first take a class on bar care. This will teach you the correct way to prepare drinks and all the tricks of the trade. Then you will need to take a few different business courses. You must be very knowledgeable about your business and this is the best way to get there. Once this is done, you can move on to how much money it will cost to open a bar.
Structure- $ 80k- $ 120k To get started, you will need to find an empty building or buy a dilapidated bar. Whichever way you choose, you’ll need to gut the whole place and start from scratch. Completely remake the interior and exterior. The walls, floors, ceiling if necessary, bathrooms, kitchen area and whatever else you want.
Team- $ 40k- $ 60k You can always start with the cheapest versions and upgrade as your business grows. Anyone who starts from scratch does this. To get started, you’ll need your basic bar equipment like glasses, shakers, blenders, plates, sanitary ware, and everything else in this area. Along with that, you will need bar stools, tables, counters, bar sets, and items of this nature.
First 2 months of liquor $ 10k- $ 20k You must buy at least two months of soft drinks, liquor and beer. This is because you have no idea how well you will do in the beginning. All of these things have long expiration dates, so it’s best to have more of something to tell your new customers that it’s out of stock.
Electronics $ 2k- $ 10k You will need some kind of music for your bar. It may be your own karaoke center or maybe you would like a jukebox. You will need to buy the main music source and then you will need speakers throughout the bar. Again, you can start cheaper and upgrade as time goes on.
Employees: $ 4k- $ 7k You will need to have a few months of money set aside to pay your employees. His rule of thumb is to have 5-6 payment months reserved. Just hire enough to get things going as you can always add more people later. Having a few months of money set aside for your paychecks is a smart thing to do. If you can’t pay your employees, they won’t stay and work for free, as your business will go out of business very quickly.
License $ 11k- $ 15k You will need to purchase a business license along with a liquor license for the first time. Both will also need to be renewed every year. Along with that, you will need to have insurance that pays well.
As you can see, there is a lot of time and money involved in opening a bar for the first time. So how much does it cost to open a bar? You should have around $ 150k to $ 240k just to start your first few months.