Are you a sports fan and you want to make money out of that passion? Are you interested in starting a sports bar and grill business with no money? Or you need a sample sports bar business plan template? If YES, then I advice you read on.
A sports bar is a place where sport fans gather to watch televised sporting events such as soccer matches, tennis tournaments, basketball games, and so on. Many people prefer watching sporting events in sports bars due to the comfortable and lively environment they provide; as they can argue and feel the tense moments together.
If you would like to tap from the opportunities provided by the increasing craze for sports, then starting a sports bar might be the best option for you. This article discusses the steps involved in starting a sports bar.
Starting a Sports Bar and Grill Business – Sample Business Plan Template
1. Learn more about the business
A good way to start is to visit any sports bar you know, and meet the manager to ask questions about the business. Find out about the startup costs, required equipment, and marketing strategies. Also, you must find out about the likely challenges you should expect as you start your business as well as how to overcome those challenges.
I advice you visit during the weekend when the bar is usually filled with sports fans. Observe the environment and the facilities. Also, observe other business activities that might be going on in the bar, such as sales of snacks and beverages. You might want to start these side businesses too as a way of making additional income from your side bar.
This step is very important, as it will help you understand how the business works, and help you avoid all pitfalls that may threaten the success of your business.
2. Write a business plan
Although writing a business plan for a small business like a sports bar might sound unnecessary. But the truth is, every business is worth planning. And the best way to plan is to develop a business plan that details all the necessary information about the business.
The business plan will include the goals of the business, the required startup cost, the running cost, a thorough analysis of the market and the competition, your marketing strategies, and so on. With a comprehensive and accurate business plan, you will be able to successfully launch your sports bar and grow it over the years. Here is a sample sports bar business plan template to help you get started.
3. Fulfill all legal obligations
You will need to define a structure for your sports bar. You can choose to be a sole proprietorship, a limited liability company, or a corporation. It is recommended that you meet with a Certified Public Accountant to figure out which option is best for you.
In addition, you should visit the appropriate regulatory agency in your city, state, or country to find out the required licenses, such as a business licenses, and a tax license (if applicable). You can also meet with an attorney who understands the legal requirements for this type of business to help you ensure that you have fulfilled all necessary obligations.
Choosing a good location is germane to the success of your sports bar business. Your location must be visible and must have lots of parking space around it. In addition, good access from main roads is very important. However, you must ensure to obtain a zoning approval before signing a lease agreement.
5. Decorate your sports bar
It is best to design your sports bar décor around the type of sporting events that will be watched. If soccer fans are your main target, for example, you should prominently display the pictures of top soccer teams and players. Frame championship posters and newspaper clippings for patrons’ favorite teams.
6. Gather your equipment
Once you have implemented step one to five, you can then order your equipment and supplies. However, you must ensure that there is enough spacing between two seats, so customers do not feel crowded. Also, you must ensure that your furniture will give maximum comfort; so buy chairs with recliners instead of benches.
Large screen televisions are your main equipment. You will need to get two of these, so you can display matches that are played simultaneously.
7. Subscribe to sports television services
It is important that you select a well-rounded sports events package offered by cable or satellite television service providers. You can choose to focus on popular sporting events and leagues that have a large following in your city. However, you must ensure that your satellite sports package includes all television receivers in your sports bar.
8. Hire employees
If you need more people to work with you, then you can hire employees with an affinity for those sporting events that people will be watching at your sports bar. However, you must ensure that your employees are very courteous and polite, and that they can power your equipment without any hassles.
9. Open your sports bar
At this stage, you can proceed to open your sports bar during a widely publicized championship week. This is where the need for a sports bar marketing plan comes into play. Advertise the opening in local newspapers, print flyers and handbills, and adopt other effective marketing strategies to attract customers to your sports bar.