Try Not To Sell The Farm
You’re likely going to be in debt for a few years before your bar gets off the ground. If you find this is the case, sometimes what you’ll want to do is sell the mortgage on the space you’ve made your lounge, take the money, and bide your time until you can start again. This is undesirable, and one way to keep from having to take so drastic a step, is to be strategic.
Be strategic about how you go about running your bar. Foresee what dangers and difficulties you may come against and plan for them in advance. Look at the neighborhood where you’re located, consider mortgages, competition, and legal liability. You’ve got to be careful when it comes to certain liabilities, especially if you’re in the alcohol industry.
For example, those who sell alcohol in places like Texas will come against a variety of liquor laws which can be complicated to navigate. That’s why you’ll need to hire a local liquor liability expert, Texas state is renowned for. The one who has connections with the personnel in the TABC’s Austin headquarters and district office, as well as the Texas Comptroller’s office, the Texas Attorney General’s office, the City of Houston and other municipalities.
If you haven’t done your homework, you may very well find yourself in a situation where you have no legal recourse. You’re likely to get stung by the police at some point, and it will come when you least expect it. They’ll send in some nice chatty kid who will try to buy without showing any ID, and then you’re busted. Or, it can turn out that you’re selling something illegal, or at the wrong hour of the day or night. You need to know the law.
Vetting Potential Business Partners Online
Find online means of vetting other potential business partners. Sure, sometimes you’ll know who you’re working with intimately, but if your business experiences any kind of cumulative growth, you’re likely to come against situations where you’re working with business people you’ve never met.
In the state of Georgia, you can perform a Georgia Secretary of State Corporation and Business Entity Search that will help you know whether you’re working with someone you can trust; according to the website: “…you can find information on any corporation or business entity in Georgia or another state by performing a search on the Secretary of State website of the state or territory where that corporation is registered.”
Foreseeing The Danger, And Preparing
You’re going to need to anticipate whatever problems you can. What’s the point in having all the legal defense in the world if you work with organizations who pull the rug out from under you. But even if you plan things to the furthest possible logical “decimal” point, Factor X could still knock you off the train tracks of successful business.
You’ve additionally got to have some contingency in place should the worst-case scenario manifest, and you have to cut your losses. So plan it out. Plan an entrance strategy for your bar, a sustainability/profit strategy, and an exit strategy. Look up the laws pertaining to the kind of business you’re going to run, and be sure to search other businesses out online.
If you’re fastidious about these things, you’ll be able to operate with less stress. It will make operating your business easier and likely more profitable to some degree. When you feel good, you make your customers feel good; and they’re more likely to become regular patrons.