Where to Begin?

[Lostan Confused]

Greetings all:

I've been lurking for some time reading through the posts. Tons of information but as Bono famously sang ' I still haven't found what I'm looking for' (How did I know that? I hate U2)...

The plan is to buy an existing bar. I've enough capital reserves to put a better-than-average down payment on a small place but from reading the previous posts it seems a better idea to not use my own money.

Basically what I need to know is what do I do first? Should I see a lawyer, an accountant, a broker or talk to my bank?

I have no direct bar experience but I did own and operate a small tourist-service and gift business overseas for several years.

I'm reading anything I can find related to the bar business and am currently suffering from information overload, hence the screen name Lostan Confused.

So in addition to continuing to read through the posts on this site, what else should I be doing?

I suppose the obvious answer is get a job bartending somewhere to get a feel for the business. However that is easier said than done as every place I have applied to so far seems to have a preference for hiring young women rather than 50 year old men. Can't say that I blame them, I'll likely do the same thing once I open!

TIA for any tips!

[Lostan Confused]

After reading more posts I decided to see my accountant first. It's a busy time for them, but I do have an appointment for early next week.

After that, what? The lawyer? I really don't want to call a broker and start kicking barstools without having my finances lined up. Good idea? Bad idea?

I'm gonna keep reading....

[walawdog]

I wouldn't see a lawyer or an accountant until you've found a place you like and want to start talking actual numbers. By the way, it's going to be hard to use other people's money to open your bar....your own money is still the most realistic way to go.

[userpk300]

When opening a bar for the first time there are some things that you should think about before investing any money into it. You will need to figure in all the cost for start up, along with the cost to continue to stay open for a few months. Here is 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 even begin the process of getting a loan and opening a bar. You should first take a class on bar-tending. This will teach you the proper way to make drinks and all the tricks of the trade. Then you will need to take a few different business courses. You should be very knowledgeable about your business and this is the best way to get there. Once you have finished this, you can then move onto how much money it will cost to open a bar.
Structure- $80k-$120k You will need to either find an empty building or purchase a rundown bar to start with. Either way you choose, you will need to gut the entire place and start from scratch. Have the inside and outside completely redone. The walls, floors, roof if needed, bathrooms, kitchen area and anything else that you may want.
Equipment- $40k-$60k You can always start off with the cheaper versions, and upgrade as your business grows. Anyone starting from scratch does this. To get going you will need your basic bar equipment such as glasses, cocktail shakers, blenders, plates, sanitary items 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 should purchase at least two months worth of soda, liquor and beer. This is because you have no clue how well you will do in the beginning. These things all have long expiring dates, so it's better to have more of something then telling your new costumers you have ran out.
Electronics $2k-$10k You will need some sort of music for your bar. It can be your own karaoke center or maybe you would like a jukebox. You will need to purchase the main source of music and then you will need speakers throughout the bar. Again, you can start off cheaper and upgrade as time progresses.
Employees- $4k- $7k You will need to have a few months of money set aside to pay your employees. Its rule to have 5-6 months of pay set aside. Just hire enough to get things going, as you can always add more people later. Having a few months money set aside for their paychecks is a smart thing to do. If you can't pay your employees, they won't stay and work for free, there for your business will be closed very fast.
License $11k-$15k You will need to purchase a business license along with a liquor license for your first time. Both of these will need to be renewed each year as well. Along with that you will need to have high paying insurance.
As you can see there is a lot of time and money involved in opening a bar for the first time. So how much money does it cost to open a bar? You should have around $150k to $240k just to get you going for your first few months.

[SusanMart]

I think you better start from the amount of money you have and budget.

See what has to be spent on rent, food, licenses, equipment, etc, etc.....and then correspondingly start to fill out these blank spots after you have written the project plan step-by-step: first set up the place, then sign up contracts (whatever you need), buy equipment and materials, hire people.
adverstise, get a website, tell to friends