Anybody here own a bar?

[1fastdoc]

I wonder how difficult it would be. I don't have shit for business sense but fortunately I have friends that do.

We were talking today at lunch and one of the guys was complaining that he needed a drink after dealing with a few PITA patients this morning. That's when another noted that in every hospital TV show they always congregate after hours at a bar. Turns out in looking back, we used to do that too. Every hospital where I worked had a bar you could walk to. Except the one I'm at now. And it Catholic. You'd think one bar wouldn't be enough.

So I think I need to build a bar next door. But I really wonder if it becomes a money pit, a break even proposition or a modest money maker. I don't expect it would be something that would allow me to quit medicine, as much as I'd love to do that. Unfortunately Belle Meade real estate is super expensive so I'll probably still need a different retirement plan.

[BMW F22]

The liquor license would be the most expensive expense. Bars can make good money since the alcohol is marked up like crazy. It could be successful if you do something that makes you stand out compared to the next dozens of bars in a 10-15 mile radius.

I am a social drinker and prefer places that seem a bit more upscale. That doesn't mean more expensive. It just has to be clean, offers good value (entertainment options such as pool table, gaming systems, juke box, etc.), good food and good services.

Of course that doesn't guarantee flocks of customers but if you can offer that, people will bring their friends and those friends will bring more friends. It is a very saturated market but is also lucrative if done right.

[Needbmwpartzz]

I don't own a bar but my buddy used to and you need to have business sense(invest wisely)...lots of friends and as they say in the restaurant world,location location location as well as the ability to network and plan event after event to draw people to your business and not your competitors.........Not sure what type of bar your thinking..pub,lounge,club,country bar etc etc but you need to know your demographic and keep them coming week after week which is hard to sustain as there will be ups and downs and you need to prep for the slow periods always.
My friend did very well for a couple years but I think his passion faded and with that so did his business.
You really do need to love being an entertainer/matchmaker and meeting new people always if you plan to be a hands on type of owner and if not you better hope your business buddies do.
Good luck!

[RickFLM4]

I have always thought of bars as businesses where it is very easy for employees to steal. Internal controls and having someone onsite you can trust are important.

[1fastdoc]

Originally Posted by RickFLM4

I have always thought of bars as businesses where it is very easy for employees to steal. Internal controls and having someone onsite you can trust are important.

Lots of good points. And yes, this one is concerning.

I think the location is prime. It's also an area where traffic gets stuck. But it would be an older demographic and that would be the challenge. We used to go to the bar when I was a med student/resident but that was also before the family came alone.

The problem with the location is that I think most who have businesses here established before everything began to explode in 2010. Buying property would probably be easier in Hawaii.

Time to start looking closely at my friends/acquaintances.

[MaC-N54-E82]

Bars and Restaurants have the highest failure rate of all startup businesses.

[ASAP]

Originally Posted by MaC-N54-E82

Bars and Restaurants have the highest failure rate of all startup businesses.

Correct, this is a walk in and walk out business that is limited by how many people that you can get inside. Building the name and local recognition is such a pain in the ass and the amount of work required to run a bar or restaurant all day is exhausting.

Source - I know a few people that owned bars...

the successful ones did a combo of bar / restaurant focused on something very niche, the others worked more than their regular day jobs for less money

granted you appear to have a good location and niche market, so anything is a possibliity

[msjt]

Liquor store or Funeral Parlor. You'll never go out of business lmao

[CANGRKE70]

My parents have operated a successful restaurant/bar for 27 years. I call restaurant/bars the golden handcuffs. The money you can make is great, but you're married to the place if you want it to be successful. You also have to know the neighbourhood you're in and cater to that demographic. Location is a huge, as is parking, food, price you charge for booze, atmosphere, etc.

I got out of the family business, but there are days that I have thought about opening up my own place.

[EALm4]

If you're already working a full time job and cannot dedicate 200% of your time into operating one, there's no way it'll last and will be a financial drain. If location is correct, Nashville already has a competitive bar/restaurant market that are already well established. What is going to set your bar appart from the hundreds of others? Will your niche market be able to turn a significant and sustainable profit?

A lot of start up want to be entrepreneurs forget about the time, money, and dedication it will take to establish a reputable business. Being that you stated earlier that you wouldnt plan on giving up your day job, that right there has a big deal with it. Sure you can hire contractors, friends, family, etc.. to get everything up and running but unless they are investors...they're just employees and you alone will take all the financial risk. Which is fine if you're willing to accept that risk.

However, Nashville is already a heavily saturated market for bars and a lot of the new restaurants have to delineate themselves from others by catering to a niche market, such as the recent 'farm to table' movement which is huge in your area.

[Krockit1]

Originally Posted by MaC-N54-E82

Bars and Restaurants have the highest failure rate of all startup businesses.

Correct. Bar. Bar and Restaurant. Restaurant. Three biggest red flag business models in the banking business. Highest failure rate is for bars. Risk/reward is high. Be prepared for big collateral demands.

[AlpineE92M3]

Originally Posted by CANGRKE70

My parents have operated a successful restaurant/bar for 27 years. I call restaurant/bars the golden handcuffs. The money you can make is great, but you're married to the place if you want it to be successful. You also have to know the neighbourhood you're in and cater to that demographic. Location is a huge, as is parking, food, price you charge for booze, atmosphere, etc.

I got out of the family business, but there are days that I have thought about opening up my own place.

I agree completely. I have been in the Restaurant/bar business my whole life. We have been open for 30 years. The golden handcuffs is a great analogy. The money that can be made is fantastic, but you are married to the place if you want it to be successful. Alcohol sales are through the roof, a lot of money is made selling alcohol, Food not so much. Plan to be there night and day, unless you hire a full time manager, and even then, you still would have to be there to make sure they are in check.

[MKSixer]

Originally Posted by EALm4

If you're already working a full time job and cannot dedicate 200% of your time into operating one, there's no way it'll last and will be a financial drain. If location is correct, Nashville already has a competitive bar/restaurant market that are already well established. What is going to set your bar appart from the hundreds of others? Will your niche market be able to turn a significant and sustainable profit?

A lot of start up want to be entrepreneurs forget about the time, money, and dedication it will take to establish a reputable business. Being that you stated earlier that you wouldnt plan on giving up your day job, that right there has a big deal with it. Sure you can hire contractors, friends, family, etc.. to get everything up and running but unless they are investors...they're just employees and you alone will take all the financial risk. Which is fine if you're willing to accept that risk.

However, Nashville is already a heavily saturated market for bars and a lot of the new restaurants have to delineate themselves from others by catering to a niche market, such as the recent 'farm to table' movement which is huge in your area.

Great information and sage advice.
Nashville is saturated and you MUST have someone whom you trust, without question.
I helped to open a bar which included a 12 table restaurant in Valley Ranch a long time ago and the first 6 months were hell.

OP, talk to someone who has done this recently in your area and really pick their brain. Otherwise, buy a track car and burn off steam that way!

Cheers-mk

[upstatedoc]

pics of GT-R

[UncleWede]

"Wherever you find 4 Catholics, you'll always find a fifth."

Learned that one from a priest always telling it at KofC events. I resemble that remark. . .

[1fastdoc]

Hmm, a bar may not be my out from medicine. Sounds like it can't beat my current income. The idea is to build a business that can run and make money for me.

I did realize I know one of the brothers who started several major and successful restaurants/bars in Nashville. He would know all the ins and outs and whether it's worth it or not.

Originally Posted by upstatedoc

pics of GT-R

[IMG][/IMG]

[TXSTYLE]

Have invested in em' Plan on opening another soon.

Way too much info and opinions to fully discuss.

Here are my pointers:

Location!
Size. Don't exceed your client/customer demand for your area or your wallet!
STAFF!!! This is critical. Trustworthy, loyal and reliable. Keep in constant contact almost like family, unless YOU plan to be there overseeing $$$ daily.
Market! 2 mile radius. Get out there and let your neighbors know you're there/coming! Invite them over. They will in turn spread the word to their clients (unless they're competitors)
Have enough 'survival capital' that can sustain you for 4-6 months while you ramp up and become profitable.
Be HANDS ON! This type of business is VERY finicky. It can tank or make money hand over fist if YOU work it and stay on top of every aspect.

Good Luck!

[csu87]

Watch all the bar rescue episodes and you'll be good to go. Unless you do like all those owners do and ignore the good advice...

[John Tanglewood]

My father owns a bar in a busy area of town. He makes some money, doesn't really kill it. It's just another investment type holding for him.

Do not ever go into the restaurant business thinking that it will be an investment. Almost every single one of them will fail, eventually.

[1fastdoc]

I've seen a few people say they can make plenty of money. But I've not seen numbers. For those that owned bars, how much net profit goes into the bank at the end of the year?

[upstatedoc]

Are you burned out at work?

[1fastdoc]

Originally Posted by upstatedoc

Are you burned out at work?

Well, I'm on m3post because I just finished clinic and sent my MA home and I just need a break before I sit down and do another 1-2 hours of data entry. I think I do about 2-3 hours of doctoring per day and another 10 as an entry level data entry clerk with a big vocabulary.

I promised my wife I'd be home at 6. She knew I was lying. I'll probably get home around 7 and reheat whatever is for dinner. Then I'll spend an hour with my son trying to get him to finish his homework before putting him to bed.

Then I'll log back in and do whatever telephone messages and emails I didn't finish before at work followed by going over tomorrow's OR cases and printing out all the paperwork for them.

Then I'll take a break and go look at Facebook and probably pass out, like I usually do. I'll wake up around 2-3 am and spend an hour finishing whatever didn't get done and then go back to bed for a few hours.

Tomorrow I'll do it all again. At least I'll be operating tomorrow after only a 1/2 day of clinic. And I'm not on call this weekend so all I'll have to do after work are the 30 things my wife has been saving up during the week while I'm at work.

I think that was the long answer to your question.

And on the plus side, I was in a meeting with the CEO of the hospital today. Last week they bought much of the property where I think a bar would flourish. When I mentioned one thing that's always been near a major hospital except here -- he actually said "a bar." So, we're on the same page. The buildings they're planning will be practices and medical offices. There's also a bunch of residents from UT coming here. They're great clients. The first floor will be retail and they've already thought about a bar. So I told him I'd like to be called when this plan moves forward and he was all for it. Next step is call some people I know who have built very successful bars/restaurants in Nashville already. It will probably be several years, but this may actually go somewhere. And no, I have no intent of quitting my day job. It's a PITA and all the gov't bs has made it very unpleasant but I'm only 42 and I don't think any other venture would reimburse enough to warrant my departure from medicine quite yet. My next hope is my son. He's 9 and I've been teaching him poker for 3+ years. At 12 I'll stake him online and turn him loose. That's my retirement plan.