When opening a bar for the first time, there are a few things you need to think about before investing money in it. You’ll need to calculate the entire cost of starting up, along with the cost of staying open for a few months. Here is a list of how much money it costs to open a bar.
College-$2k-$4k You will need to take some college courses before you start the process of getting a loan and opening a bar. You should take a bartending class first. This will teach you the proper way to make drinks and all the tricks of the trade. Then you will need to take a few different business courses. You must be very knowledgeable about your business and this is the best way to get there. Once you’re done with this, you can move on to how much money it will cost you to open a bar.
Structure: $80k-$120k You’ll need to find an empty building or buy a rundown bar to get started. Either way you choose, you’ll need to dismantle the entire place and start from scratch. Have the interior and exterior completely renovated. The walls, the floors, the ceiling if needed, the bathrooms, the kitchen area, and anything else you want.
Equipment: $40k-$60k You can always start with the cheapest versions and upgrade as your business grows. Anyone starting from scratch does this. To get going you will need your basic bar equipment like glasses, shakers, mixers, plates, sanitary ware and everything else in this area. Along with that, you will need bar stools, tables, counters, bar sets, and items of this nature.
First 2 months of liquor $10k-$20k Must purchase at least two months of soft drinks, spirits and beer. This is because you have no idea how well you’ll do at first. All of these things have long expiration dates, so it’s better to have more of something to tell your new customers when you’re out.
Electronics $2k-$10k You’ll need some kind of music for your bar. It can be your own karaoke center or maybe you would like a jukebox. You’ll need to buy the main music source and then you’ll need speakers throughout the bar. Again, you can start cheaper and upgrade as time goes on.
Employees: $4k-$7k You will need to have a few months of money set aside to pay your employees. Their rule is to have 5-6 months of payment set aside. Only hire enough to get things going as you can always add more people later. Having a few months of money set aside for your paychecks is a smart thing to do. If you can’t pay your employees, they won’t stay and work for free, because your business will go out of business very quickly.
License $11k-$15k You will need to purchase a business license along with a liquor license for the first time. Both will need to be renewed every year as well. Along with that, you will need to have high paying insurance.
As you can see, it takes a lot of time and money to open a bar for the first time. So how much money does it cost to open a bar? You should have around $150k to $240k just to start your first few months.