How to Start a Profitable Bar Lounge Business in Nigeria — There are several ways to start a successful business. You can follow trends, make it trendy, and meet the demands of customers by being creative and having good research skills.
These are some of the secrets that will guarantee success for you in your business venture. However, if you want to start a profitable bar lounge business in Nigeria, you need to go beyond this. You need to understand how bar lounge business work and why they are popular among the youth today. In this article I will show you everything you need to know about starting your own successful bar lounge business in Nigeria, including what your costs will be, how to keep the location secure, and how to attract customers and keep them coming back. If you are interested in learning how to start a profitable lounge bar business in Nigeria, read on!
How to Start a Profitable Bar Lounge Business in Nigeria
What You Need To Know Before Starting A Bar Lounge
As with any business, you will want to do your research before jumping into a bar lounge business in Nigeria. But unlike other businesses, you may not even know where to start when it comes to starting a bar lounge. There are lots of important factors involved in starting up and running an effective bar lounge. It takes time and careful planning so you don’t make mistakes that can sink your bar lounge from day one. Below is information about what you need to know before getting started with your new bar lounge business.
Step 1: Invest In Good Equipment And Location for your Bar lounge
Investing in good equipment is important for making profits from your bar lounge business. Good equipment like bar stools, tables and chairs, beer taps, a refrigerator, stand by generator, sound systems, lighting systems, television sets, snooker table and ice machine will attract customers. You should also make sure that you have enough parking space for customers’ cars. Choose a location close to bus stop or public transport so as not to discourage potential customers from visiting your bar lounge. Investing in good equipment and location early on will give you time to grow before incurring large investment costs later.
Step 2: Hire The Right Staff for your Bar Lounge Business
It is better to have an inefficient but cheap staff that you can manage easily than it is to have an efficient but expensive and difficult-to-manage staff. If at all possible, try to be at least familiar with who you are hiring for before you hire. Have an idea of what your needs are going to be before you go out looking for people. The more prepared you are when interviewing candidates, the easier it will be to spot someone who is going to work well with your business model.
Step 3 : Get Needed Startup Capital for your Bar Lounge Business
First and foremost, you will need money to start a bar lounge business. To get started you will need about N700,000 – N3million to really get things rolling depending on your location. The good news is that startup capital for your bar lounge business can come from a variety of sources including: personal savings, microloans, crowd-funding, family members or friends who believe in your idea enough to invest. You may also be able to secure financing through traditional lending institutions such as banks. Once you have some working capital, consider how much cash flow will be needed to keep your bar lounge open and operating smoothly each month. If you plan on hiring staff or contractors, factor those costs into your monthly budgeting process too.
Step 4 : Advertise & Market Your Bar Lounge Business
One of most difficult parts of starting up a bar lounge business in Nigeria is getting it out there. If you have fantastic product or service, but no one knows about it, then you might as well not exist. Fortunately, when starting up your business, you have many options for advertising and promoting it. You can spend money on different advertising forms or services (billboards are always good for local businesses), or invest your time creating social media profiles to attract new clients organically.
How to Start a Profitable Bar Lounge Business in Nigeria
Step 5: Get Permits And Licenses your Bar Lounge Business
In most cases, you will need government permission to run your bar lounge business. For example, if you are planning on serving alcohol at your bar lounge, you must obtain a liquor license from your local government area council authority. Some jurisdictions may also require an occupancy permit and or health permits for food and beverages sold at your establishment. Be sure to check with all applicable government offices before opening for business.
Step 6: Engage Local Influencers to Promote your Bar Lounge
Getting bloggers, journalists, experts, music artists, comedians and other industry leaders on your side is crucial. Find out who these people are and reach out to them about your new bar lounge. Offer them free samples and find ways to get them involved with your business through social media campaigns and other methods. These people can help spread your brand message like wildfire if you give them something interesting to share with their followers or readers. The influencers will most likely provide valuable feedback that you can use on future campaigns as well.
Step 7. Budget Wisely And Watch The Cash Flow Flowing In!
A common mistake made by many business owners is underestimating how much money they need to run their business. They fail to plan for enough stock, staff and premises or when things don’t go as planned, their business is forced into liquidation. The best way to avoid these problems is simply by setting up a reliable cash flow forecast for your bar lounge business in advance.
Step 8 : Provide Adequate Security in your Bar Lounge
No business thrives without peace, therefore to make your bar lounge safe for your customers it’s required that you provide adequate security to protect lives and property by scaring people with criminal intention from visiting your bar lounge.