The epoch of bars and consumers' sophistication for artisanal spirits is growing in the local scene. At least one new bar opens every month. However, there are legitimate reasons why the number of bars is spiking high.
Singapore's bars are now topping the global list in the international scene. But before you jump onto the cocktails and whiskeys bandwagon, make sure you're aware of the three winning tips.
Win #1: Passion meets Business
If you’re thinking of starting a bar, there are a couple of things you’ve got to keep in mind. Whether you are a first-time entrepreneur or experienced professional, better keep your reality check button on because the overall costs of opening a bar isn’t a small sum. Aside from the massive renovation costs (remember people come for the atmosphere, the aesthetics and the Instagram-worthy drinks first), the rental alone takes up a big chunk of costs that bar owners need to take into account. Manpower is another issue that will eventually contribute to your headaches.
To make sure your passion for this venture is profitable enough, you’ll have to continuously evaluate whether your business plan is pushing towards sustainability.
Your business plan should cover all grounds. Some quintessential questions you should ask yourself are:
Decide what type of bar you want to open
What kind of concept are you going for
Who are your competitors
Where are you going to locate
Who are you going to hire