Bar management, Business plan Options

[jayi12-15psi]

For the last couple of months I've been working at a local nightclub, it plays mostly hip-hop and it usually entertains a pretty good crowd. The problem is that this club is very poorly run and seems to me like it is about to go out of business, how it stays afloat is beyond me.

I was thinking about starting a new club with a couple of my friends, they are both bar managers at this club. They have the experience in management and we all bar tend. My expertise is usually more book smarts. I have my psychology degree and I'm working on my business degree. The problem is I've taken alot of business law and management courses but I haven't taken my finance requirements yet.

In short, the question is... Is anyone here an entrepreneur/have knowledge of creating business plans for new businesses?

[RocketScott]

I started my own business two years ago with two partners and just about to add a third. I'm in construction so my business is a little different than what you want to do. Before that I managed a climbing gym and guide service for four years (strangely similar to a bar).

The banks basically want a business plan to see if it's viable (make a sure bet so to speak). If you can provide demographics that show that the need exists for what you want to do then you should be in business. Go to other clubs in the area at night and count the number of people that go in. Make maps showing the competition and any holes that may exist in service. Business people like charts, graphs, and maps that make you look like the next Donald Trump. Prepare so much information that they think you know what you're doing (whether you do or not).

Having partners is not a big deal with the proper groundwork. Everyone can have input on various issues but each partner should have clearly defined roles that they are responsible for. The key is for everyone to be a little flexible and adapt to new situations and circumstances. Everyone is accountable to the group but still free to run their area of focus as they see fit. It can be a difficult balance so you have to choose your partners wisely.

Be professional, no matter what you do. In my line of work there are very few people that act professionally. It's easy for me to stand out above the rest since I act professionally. I don't know you so please don't take this to mean that I think you don't act this way already. It sounds like you are looking at this very professionally from your observations about your current place of employment.

I set my company up as an LLC to protect our private assets. I don't know whether this will work in your instance but it would be worth a look.