2 out of 3 bars/nightclubs fail within 3 years.
Your best chance for being successful as a bar owner is to purchase a bar that has already been consistently popular and successful for the last 3 years. But then, a) you probably don't have the capital, and b) the likelihood of an owner of a successful bar owner selling is slim to none.
I've seen a number of successful bar owners open up 2nd and 3rd bars in the same town thinking that because their first bar was a success, the 2nd and 3rd ones will be too. Guess what? Their 2nd and 3rd ones failed.
Once you realize that you've got to make nearly ALL your money in only 2 nights (figure 8 hours total over Friday and Saturday) to finance the rest of your operations the other 5 nights, pay your employees, pay your vendors and creditors...you start to see its really not that lucrative.
Your best chance for being successful as a bar owner is to purchase a bar that has already been consistently popular and successful for the last 3 years. But then, a) you probably don't have the capital, and b) the likelihood of an owner of a successful bar owner selling is slim to none.
I've seen a number of successful bar owners open up 2nd and 3rd bars in the same town thinking that because their first bar was a success, the 2nd and 3rd ones will be too. Guess what? Their 2nd and 3rd ones failed.
Once you realize that you've got to make nearly ALL your money in only 2 nights (figure 8 hours total over Friday and Saturday) to finance the rest of your operations the other 5 nights, pay your employees, pay your vendors and creditors...you start to see its really not that lucrative.