While opening a sports bar may sound like a challenge at first, there are things to do to ensure that everything goes smoothly. This can be a risky endeavor, and competition is tight and stiff, but a comprehensive business plan, good location, low-cost financing, and licenses is what you need to open a bar.
Depending on local regulations, you may need licenses and permits, including food establishment and liquor license, occupancy and zoning permits, as well as sales tax permits and business license.
Obviously, your sports bar needs equipment such as chairs and tables, bar and kitchen equipment and appliances, utensils, etc. You may also need beer taps, keg storage, wine cooler, and reach in cooler. Other things to look into include pour taps, speed bottles, blenders, and ice scoops and bins. Depending on your menu, you may need different types of glasses such as highball glasses, bendy sniffers, martini and champagne glasses, jiggers, and pint, shot, and wine glasses. Finally, it is important to get а TV system, bar stools, and music system. What you need is a well-stocked bar to keep your customers happy and increase your profits as a result. As you surely know, beer, wine, and spirits have a long shelf life.
Financing Options for Your Sports Bar
Unless you already have a successful business to finance your new project, you probably need external financing. There are several options to consider, including banks and credit unions, the Canada Small Business Financing Program, peer to peer lenders, business credit cards with high limits, and angel investors. Banks, for example, offer different options, including secured loans (www.lifeoncredit.ca/refresh-financial-secured-credit-card) and unsecured or signature loans (www.lifeoncredit.ca/top-6-credit-cards-for-bad-credit-in-canada). Contact different providers and ask about financial products such as startup loans (www.lifeoncredit.ca), working capital term loans, commercial mortgages, home equity lines of credit, etc. If you are looking for a low-cost loan, then the Canada Small Business Financing Program is a good choice. Financing is offered to eligible applicants to cover expenses such as registration fees and the purchase of equipment, tools, buildings and facilities, and land. Financing cannot be used to cover holding company assets, franchise fees, goodwill, and inventory, as well as working capital. The maximum loan amount you can apply for is $1 million.
This is another option to look into, and there are plenty of franchise opportunities available in Canada. There are sports bar franchises with a focus on locally produced food, drinks, and beverages. Other options include family sports pubs, casual style bars, casual restaurants, and bar and grill places. Important details to pay attention to include the term of the agreement, advertising fee (if any), royalty fee and initial franchise fee, and the initial investment.
You need a detailed business plan to secure you make a low-cost investment. The more details you include, the better, including projections, sales figures, net profit, gross margin, and so on. Include sections on your objectives, mission, facilities, and locations. Make sure you describe your objectives, for example, high quality food and service, premium quality merchandise, unique design features, sports themes, and anything else. Finally, it is a good idea to include financial details such as inventory turnover, operating expenses, gross margin and sales, and long term and current assets.