I cant give you any guidance on choosing where to open a bar but i can tell you about the business.
I own one bar/restaurant, opening a second location in the next few months. There is a lot more to running a successful restaurant than most people think. A very well ran restaurant operates between 15%-20% profit but most are operating at 10% profit margins. From rent to insurance, etc, the fixed costs of running a bar are incredible high.
If you planning on opening a bar, I would use money that you can afford to lose. My business is setup as an llc/limited liability company. I'm the general partner and my investors are limited partners. My restaurant all in coasted around $350k to open and its not a big place, sits around 60 people.
I'm not saying not open a bar but I would due a lot of due diligence. Just because you see bars open does not mean they are making money, majority of restaurants barely break even.
I own one bar/restaurant, opening a second location in the next few months. There is a lot more to running a successful restaurant than most people think. A very well ran restaurant operates between 15%-20% profit but most are operating at 10% profit margins. From rent to insurance, etc, the fixed costs of running a bar are incredible high.
If you planning on opening a bar, I would use money that you can afford to lose. My business is setup as an llc/limited liability company. I'm the general partner and my investors are limited partners. My restaurant all in coasted around $350k to open and its not a big place, sits around 60 people.
I'm not saying not open a bar but I would due a lot of due diligence. Just because you see bars open does not mean they are making money, majority of restaurants barely break even.