Re: Who has any experience in the bar/restaurant biz?
Some sheer numbers to consider. To start a place you will definatly need at least 300K capital Not to mention the loan you will have to take out. ANy place will cost you at least 300K to buy if it has good location, also you must think of supplies needed, possible remodling, the stools bar itself and of course the liquor license. I assume 1 million will be a rough estimate of what a hole in the wall will cost. This might seem high, but keep in mind you will need some reserve as the business might not take off. Also, 70 hours a week a minimum for several years. People will rob you blind. The bartenders drink for free, the buy back rounds and steal cooks eat for free if your not watching it it will be stolen piece by piece. So if you are willing to risk 1M dollar investment, try it, its too risky for me. ALl conditions have to be right. Also, getting a line of credit will be hard as you dont have that much relative experinece, they will make you vouch personal assets which is always risky.
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