Opening a new bar/night club in Texas

[kolbyk85]

I recently negotiated the purchase of one of the 9 college bars in Lubbock Texas. I have been a promoter/bartender for the last 3 years. I got the bar for a very low amount financed over 3 yrs with no interest. The rent is half the going rate in the area. The bar is in the center of all the other bars. It has 2 large patio's and an inside capacity of 180. The bar has a current license so it shouldn't take long to get one in my name 2- 3 weeks. So besides licensing, remodeling, and insurance what other expenses am I looking at. I estimated around $50K. Besides money info and help or advice would be appreciated. Thank you very much for the help. :cool:

[Michael Black]

Ok, I now seethe size- great deal, but you need a business plan which will include your marketing and important financial plan. This should show your break even analysis and cash flow projections. You should already be on top of this before the sale. You may need a partner or at least a good advisor with experience. Good luck.

[kolbyk85]

I am having trouble coming up with a name

[monkee28]

Some ideas to throw up in the air.
- What was the venue before?
- What kind of theme?
- Have a theserous handy.. Dont think to literal
- Lateral thinking :)

if you need help with logos and websites send me a pm.

[bruce]

The first thing you are going to need is a lot of luck. Then about three times as much money as you think you will need. More brass than brains also helps. And to top it off you will need a lot of patience to get by those in control. Good luck.

[kolbyk85]

Ok so I found a better place. Its the same size and all indoor venue. The property is 1 street down and 500 cheaper a month. To top it off I dont have to buy any business to do my bar there! It will take longer to get the liquor license but that is construction time for me. After reading the posts and talking to a few people I realize now the deal wasnt bad but it wasnt the venue I really wanted. This gives me more time to focus on the long term instead of just trying to get open as quick as possible. Its not that I am not experienced but have really wanted to do this and when what I thought was a good deal came up I just jumped on it. Lesson learned.

[kolbyk85]

I am looking to completely redo my business plan for this location. Any advice? Any pointers?

[SirKincade]

Have you opened your bar yet? How is it going? I'm thinking about selling my current business and opening a bar. i currently own a Teeth Whitening Kiosk in the mall.