Musician dreams of opening up a club

[drumdawg]

First off I am a drummer/sound engineer who's only experience in this industry is playing music at clubs and private events as well as doing sound for shows. I own a Bose l1 PA system (IMO the best sounding system you can get for medium sized venues). I know many top-notch local musicians and dream of creating an incredible sounding (and looking)musical space for myself and others to perform in and customers to enjoy. My idea is jazz and more mellow music during the week and something to get people moving on the weekends(song oriented rock n roll, R&B ect.)
My target audience are people 25-55 or so and not in the heavy metal, teckno or hip hop crowd (although everyones welcome of course). This will not be ear spliting volume but more like sitting in your living room listening to music on a high end system. Gourmet cocktails, wine, beer and minimal food will be the fare. Also have a thought of offering gourmet tea for non-drinkers (high end tea bars are springing up all over my area). Also would be looking to partner up with or hire an experienced person to manage the place. I KNOW ENOUGH ABOUT THESE PLACES NOT TO TRY TO RUN ONE MYSELF! Also am a clean living guy(but fun loving) who wants to work with like minded people to avoid the cocaine/party culture so pervasive in this industry. Any input would be a huge help!

[UnderDawg]

drum dawg; i'm doiing the same thing, I'm also a drummer in a band ,
good luck in your venture

[owneroper]

so are you looking for an investor, a partner, a place to work

[chuckmanley83]

It's good to see that you know enough to know you can't do it yourself. Get all the information you can and come up with a very thorough business plan is my advice. Know every expense and necessity before you start.

[drumdawg]

I would be open to the right partner but have been told by a couple people I respect that the best way to go is to hire a manager and give them a percentage of profit. I certainly would listen to anyone interested in investing. Speaking of money, here are my sources of capital: I have at least $100,000 equity in my home and a pretty good investment portfolio (about 60% of which is in IRAs). I am hesitant to sell any stocks right now because I would be taking such a huge loss (like everyone else!). Spaces to lease are getting cheaper (the one bright spot in starting a venture like this under current economic conditions). A question for you vets; what would be the minimum amount of capital you would go into something like this assuming a lease of $7000/mo. I know there are many other variables to consider here. Let's just say the place needs about $15000 for remodel and equipment. I already have all of the sound equipment I need and don't forsee any pool tables, TVs ect. Also, GOOD LUCK UNDERDAWG! I would like to hear more about you venture.

[Iontheprize]

DON'T sell stock right now, unless you ABSOLUTELY need to...Also, getting an equity LOC MAYYYY not be as easy as you think (if you were considering that as an option for startup capital)...

Just my opinion though...I hope everything goes well and it works out!

dp