Looking for advice

[ag10s]

I am looking for some advice. My brother and I have been working on a concept in Tampa Bay. We've been working on this idea for about a year now. We are both pretty cautious people but we have owned our own businesses since we've gotten out of college. After months of research we feel we have a great idea for the Tampa area. We are currently trying to finish our business plan so that we can present it to several possible investors. In the last 2 months we've found a location and have had subs come out and give us estimates on the work needed to be done. So we have all the construction costs done. We've also priced out the equipment needed for the bar and have finished the costs on that side. Where we are now is the nuts & bolts of the business. We need help figuring out staffing and operating costs. And then once we're done with that, we need help putting together a proforma for a future P&L for the bar. We were thinking we would like to hire a consultant that we could talk to so they could help us finish this business plan. Any advice?

[ministry]

we will all assume that you guys have not been in the bar biz before right ? why are you doing it now ? when you hire a consultant please make sure that you get what you pay for. check out who they are and where they worked. there are alot of hacks out there that call themselves consultants. someone who has never owned a bar or managed one ( for along time ) can't help you. good luck guys.

[ag10s]

You are right, we have not been in the bar biz now. Well I guess the reason is because it's been a dream of ours for a long time now. And we've finally come to a point where we want to make it happen. But we definitely want to be as informed as possible and surround ourselves with experienced people to advise us. What we need at this point is someone to help us finish the nuts & bolts part of the business plan. Someone who has a wealth of experience in the business. Obviously we would pay for this help but only to someone with the proper credentials. Then once we have the funding locked in we would probably want to hire a consultant to work with us through the project. Do you know of any people that would fit this criteria?

[ag10s]

Do you know of any good consultants that I could just talk to on the phone?

[owneroper]

why havent you or your brother had a job in the industry. Put your dream off for a couple of years and get a job in the field, be your own consultant

The best and probably only "free" consultants are right here at your fingertips

[nbg]

I agree that you do need some experience in the field before you dive in to owning. I was an Assistant Manager for 6 months at the oldest most successful Nightclub in my city (1981 and still running in a college town). Behind the scenes there are many headaches and panics to be had if you have never worked in the industry before. I am no consultant by trade but I could give you some tips on your business structure and staffing. Based on what you have thus far I may be a viable investor and or manager if such is needed in your venture.

[ag10s]

Well I do agree that with you guys that best case would be if we had experience in the industry but I don't think it's a prerequisite to be successful. I do think that taking our time and doing as much research and educating ourselves as much as possible is very important. I also think it's very important to surround yourself with highly experienced people who can speed up the learning curve. We are very close to completing our business plan. We did not throw this thing together. We've spent several months researching and talking with experienced people to come up with a solid business plan. Does 7 people per square foot of space sound about right to figure out the capacity of the place?

[clubdesign]

I am a bar consultant but the thing is if we provide revenue numbers for you, how do you anticipate reaching those figures? This is not something you should just give to someone and have them hand it back to you completed. You need to do a study of the competition, analyze what your space can do max'd out, where is the breakeven point?
what are your staffing levels and costs? what is your pricing? what makes your place better than the competition? What is the plan to achieve the results? You will need to work WITH a consultant to give you anticipated revenues and costs. Look at the days of the week and what you think you will need to make the revenue figures. Staffing and costs can be worked up from revenue figures by the level of service you expect to provide
For calculating occupancy 7 sf per person is used for standing room, 15 sf per person for sitting or dining 3 sf per person for dance area. Take out the non public areas ( bars,kitchen, storage space, restrooms and areas that can not produce revenue and you will be close. Obviously each area is different according to local codes but that is a good starting point.
AGAIN don'texpect someone to just fill in the blanks, they will need to work closely with you to establish this plan AND how you will achieve it!

[ag10s]

Oh trust me I wasn't just expecting someone to come and fill in the blanks. This isn't something that I've been throwing together the last few days. We've been doing research for the last year. We're about 90% done with the business plan now. But being inexperienced as we are, we'd like to have someone who is experienced and successful to help us along the way.

[scott1988]

What Club said and.........

If you go to a bank or an investor or partner, the first question they usually ask is "how much experience do you have?"

There is a reason why.

I don't understand why so many people want to get involved in opening a bar or restaurant with NO EXPERIENCE. I think that being a doctor and helping fix people would be really cool but there's no way I could do that without some college OR experience. Or being an automotive mechanic.

I commend you on your choice and wish you the best but I'm confused. (scratches head).

[excellentbars]

Hello Alex

Here is a little video response........


http://www.youtube.com/watch?v=jL6moHh8BDI

[ag10s]

Thanks Chris for the great advice and thank you to everyone else for their opinions and help.

[Havensloft]

I love your videos Chris.

[ag10s]

Scott1988--I respect your opinion and understand what you're saying. But obviously I wouldn't compare owning a bar to being a doctor. I don't think you can become a successful doctor without going to school:) There are on the other hand successful bar/restaurant owners all over this world who started with little or no experience. As a matter of fact I'm good friends with one. I think if you are inexperienced it's imperative you surround yourself with successful and experienced people in order to learn as quickly as possible.

[scott1988]

Yes, I agree. I wasn't trying to say that it couldn't be done because obviously it can.

Here's a vid I made the other day. Some of it may have already been said but so I apologize if I do repeat myself. I'm just starting out and the sound isn't great but I believe it shows my business plan ideas. Or just a rough start anyway.

http://www.youtube.com/watch?v=Za8utfLUDhM

[ag10s]

Scott awesome video! Wow you're business plan was very thorough. Thanks for all the advice. So did you end up funding your project privately?

[ca. club owner]

Sounds interesting again.... this topic or discussion comes up quite a bit.. I have said it over an over.. Its best to work in a place for a lil while. But if for some reason you feel like you have to do this now.. the fire is buring, then by all means go for it.

The real question I have is are you trying to pull this off with your own cash? Or are you looking for investment? Also, if its all the same.. How much do you think you need to get this project off the ground?

[ag10s]

Well again I totally understand the whole notion that having experience would be a benefit. That's true in any business, but I believe you can still be successful if you take the necessary steps of surrounding yourself with the right people to increase your learning curve. I've spent at least the last year doing research and more importantly flying all over the country talking to different owner/operators that I know. I've learned a lot from all of these successful owners. As you can also see I've been in contact with Chris for the last couple months as well. Anyway to answer your question, I am looking for investment. I have some of my own money to put up but I need an investor or group of investors to fund this project. We are looking to raise $500,000 to fund the project (that includes 6 months of reserves).

[Bell Ringer]

Well, I dont have any youtube vids yet but that is a creative approach. VEry cool you guys.

AG10S- Guys you sound like you are past the point of taking time to gain that ever elusive practical experience in the industry prior to it being on your own dime, or borrowed dime. I can tell you that there are lots of very qualified individuals on here that can help you with your general questions but beyond that it is really important you follow your instincts of selecting a consultant. It should be a planned expense and just another part of your start up and continued development. I would love to speak to you personally about this. Feel free to shoot me an email or you can call me if that is a better option.

Best of luck with everything.

Bon-die Fortner
Bell ringers P&G LLC
816-716-7783