October 28, 2019
Taking the leap into owning your own business is a big one, but it can come with plenty of reward if done correctly and handled with expertise. The first step to being a proud operator of your own bar is finding the perfect place to set up shop, and invest in property for the location of your business. Finding that ideal spot is a bit of a process, but pay attention to these 4 key details, and you’ll be able to create a great list of possibilities to consider.
4 Things To Look For When Buying Property for a Bar
Denver bar property isn’t hard to find, but not all available locations are made equally. The difference that an exellcent property can make will affect not only your sales and foot traffic, but your ability to market and grow as time goes on. Don’t rush the decision, and make sure the properties you’re interested has been vetted by going over these 4 key aspects with each one.
Does The Ambiance Fit Your Audience?
How does the property look and feel? You probably already have a general theme and idea for layout in mind, which includes the target audience you expect to see coming in those doors. Establishing your brand enough to be able to set different properties apart is great for eliminating options and creating a clearer vision of what you’re looking for when it comes to your best options for property investments for your bar.
What Is The Future For The Area?
By considering the growth and expansion in retail around your location, you can estimate if you will thrive or sink over the years. Lots of plans for construction and growth in your area could mean more population and foot traffic for you, but will also bring competition with it. Housing development plans nearby are a great way to promise stability for the success of your bar, so look for new and upcoming neighborhoods or residential areas to work off of when finding the best property for your bar.
How Much Additional Work Is Required?
Fixer-upper properties are great… if you have the time to give their restoration. If you’re just now starting a new business, you don’t want to wait too long before you can start making some income to help break even. A new start-up business is rough on the bank in the early stages, so don’t pick a property that has too much work left to be done. You run the risk of setting yourself back and spending far more on fixing up the location than would be necessary.
Do Your Prices Fit The Average?
Your price point needs to fit in with the rest of your location. You should never be too far above or under the general price point of your area, or you risk losing your audience in favor of a different, more reasonably priced joint down the road. Consider the prices of nearby locations, both retail and those in the food industry. How do your prices compare? You want to be considered affordable without coming off as too cheap, so look for properties where your own costs will blend nicely with what is considered the “norm”.