Will Owning or Managing a Bar or Restaurant Be Right for You?
Bars are an actual business and require a business manager, somebody with the skill-sets to do everything from posting job opportunities, selecting a bartender or chefs to picking merchants.
This really does not mean you will have to have a college degree in business management it merely means you have got to be able to access the information you need to make educated decisions regarding the business.
There are a few things someone that is opening a pub or starting as a completely new manager would need to know.
Everywhere you go for recommendations they are going to explain that customer service is primary, this is certainly a golden rule of retail business.
This is legitimate, but earning cash is incredibly essential to a bar or restaurant.
Holding overhead down is just as critical as customer service and the reason as to why is easy.
If you're the consumer you want more for your money for example greater servings or stronger poured beverages and if you're the bar or restaurant you desire your product to make you more cash per item whether or not it be a drink or a meal you would like portion sizes small and that means you get extra meals or drinks from your stock.
So if we follow our original golden rule and insist that customer service is number one the portions will have to be significant to please the customer.
This means your customer walks away happy but you make far less income.
You can find tricks bars or restaurants utilize to make portions look to be bigger.
They serve them in dishes created to improve the look of a meal or maybe "the long pour" which is a standard bartender's trick to make it look like the drink their mixing possesses more alcohol than it actually does.
Using more affordable products during promotions can definitely increase your earnings margins.
Promos can also bring people into your bar or restaurant but you need to be mindful not to overdo it on the marketing promotions.
It is extremely easy to have a daily or nightly special all the time and undercut your other products.
Commonly bars try to promote sporting events or holidays and fill their advertisements with vouchers and special deals and the extreme sale prices fill up their bar but they use up their entire stock at a lesser price and end up breaking even or even a whole lot worse losing money after the overhead is paid.
So the trick is to find a happy medium.
Hold your special deals for just a few hours instead of for several hours or have restricted time offers.
All of these things can help you lower your expenses this means that you're making extra money.
To sum it up remember these things.
Don't rush into investing in or maybe even managing a bar before you get a handle on what is involved to keep one going.
There are literally thousands of factors that will determine if you're going to generate income or not.
There is absolutely no way you will be able to prepare for all of them but the more you can plan for the better.