Opening a bar in Australia seems almost like a cultural thing to do. That’s because Australians still love to party and dining in a bar was always part of Australian culture—until the Corona pandemic hit and everyone thought that would be the end of the bar scene for many years to come.
However, since the easing of restrictions, there’s renewed interest to hang out at bars and it’s slowly becoming a competitive space to be in once again for bar owners. So, if you’re contemplating joining the bar business scene in Australia, you will be signing up for a popular hustle.
However, there’s always space for one more competitor who has business ingenuity and is determined to make a success of a bar business venture. If this resonates, then we have some inspiring advice to offer you. In this article, we will explore a step-by-step guide to help you get your new bar off the ground.
Create Your Master Plan For Success
A true master of any trade knows that having a plan in place is a critical success factor. This is the real X factor. You need a carefully crafted Master Business Plan to put some skin in the game. You should consider getting some professional advice and assistance to draw up a great business plan. Here is why you need a business plan:
- Achieve clarity on your strategy for ensuring a successful bar
- Determine your financial needs
- Ascertain the necessity for lenders or investors
- It’s estimated that you need at least AUD$120,000 just to refurbish a small to medium-sized bar in Australia.
Before rushing off to hire a professional business coach to help you come up with a successful blueprint for your new business, why not start by doing some basic homework first.
Register The Business Name
Have you decided on the name of your new bar? Coming up with a catchy name is the fun part. Whatever name you fancy, applying for an Australian Business Name will secure the name of your new bar. By legitimizing your name, you can do business in Australia and have the name registered properly.
A License To Trade
You will also need to obtain a liquor trading license and comply with hygiene requirements. If you’re planning on selling food prepared in your kitchen at the bar, then consider applying for a food trading license and find out as much information as you can about regulations that you would need to comply with.
Remember, alcohol is a semi-regulated industry. So, find out as much information as you can from local government authorities in your area. It’s not difficult to make these basic inquiries.
Check Out The Competition
If you don’t know how big a share of the market your competitors already have, you might fail to stand out and get noticed for your unique offering. Competition is great for consumers and business owners because it encourages innovation and business ingenuity. If you want to stand out, you would need to capitalize on your best skills, products, and go the extra mile to make your differentiation factor more glaring.
Understanding the market demand for bars in your area, as well as popular trends, will pivot your business ingenuity and help you respond to the market accordingly. Go check out the local competition, enjoy a couple of beers, talk to locals, and make some notes.
Develop A Niche
Once you’ve completed your market research, you would be better positioned to develop a niche in the market. This is important to help you stand out as a new business owner. While it is expected that you will need to stock up on popular drinks, like beer, tequila, cokes, and whiskey, why not start creating your own unique cocktails by experimenting with a few popular mixes? Just add a twist of uniqueness and give them a catchy name.
In this way, you can develop a competitive edge. Having a niche also helps you widen your profitability because you are bringing something unique to the market that has the potential of becoming popular. Also, consider the current location you’re targeting with relevant demographics.
For example, if you’re close to a college, it would be wise to cater to the students who will be screening new bars and places to hang out. In this way, you can adapt your business plan to make the best of student nights to boost sales, introduce happy hours for students, and bring out some unique themes and specials for them.
Demographics and unique locational features are opportunities to create marketing draw cards to lure new customers to your bar. Keeping up with drinking trends amongst specific demographics is also key to developing marketing strategies to boost sales.
Be Proactive & Work On Your Advertising Channels
Start setting up your social media channels and lay the foundation for your website. Take great pictures of your unique cocktails and menu, and don’t hesitate to appoint a graphic artist to start working on your signature online profile to make it as attractive as possible. Lay down your content on your website and social media channels, making sure that the content is of the highest quality. Be creative and get ready to launch your bar by building your online content in advance.
You will need all the advertising material you can generate to ensure a great online launch when the time comes. Don’t delay anything as you’d be hard-pressed for time when the actual launch and bar opening gets closer.
Determine What Equipment You Need
Investing in the right equipment is crucial for any business to operate optimally. Most bars today also have outside seating available for those who want to enjoy their drinks while soaking up some fresh air and enjoying snacks at the same time.
It’s important to draw up a concise list of all the equipment and furniture you would need for the outside area. Check out the best umbrellas in Australia to complete your outdoor dining requirements.
Ordering Your Stock
Make a concise list of the inventory you need to stock up on for an entire month of operations. Remember you’re stocking supplies to run a fully operational bar, so make sure to cover all your bases in this respect. For example, make a note of all the drinks and types of alcohol you will need to be supplied to your bar each month. Also, make a note of the key ingredients needed to stock up in the kitchen to ensure you deliver on your food menu.
Some of the other essential items you would need would include items such as cocktail mixes, straws, stirrers, cutleries, napkins, glassware, refrigerators, freezers, ice crushes, a beer draft machine, kitchen equipment, admin equipment, furniture and so much more.
Hire the Right Staff
Consider the staff you would require to ensure that service to your customers will not be compromised. Think of the standards you want to implement to ensure that your customers keep coming back because you have competent employees who are friendly, intelligent, and service-oriented. Incentivize employees to be part of the team for a long period. Staff training and retention should be an important part of your business strategy.
Ensure that your staff is trained to handle any situation at your bar. Most importantly, they must know how to prepare drinks, food, and take care of the administration side of the work too. It is also important to identify training for yourself as a business owner who would be responsible to manage people. Staff retention also depends on excellent leadership skills that you can display as a business owner.
There is no shortcut to success. You’ve got to be willing to put in the long hours and give this your best shot. Every successful entrepreneur will tell you that you’ve got to put skin in the game, work very hard and pay attention to every little detail.