Considering to make a foray into night life business is really cool. There is a huge potential in the night life industry, considering the kind of traction it has been receiving in the last decade. To be in such a business, one needs to have close proximity with its working, not to forget, extreme inclination and insight. Most people consider venturing into investing in the Night Life scenario, looking at the sheer rat race. There is money here, no doubt, but there is also a heavy gamble. You have to understand as to whether you are really prepared to take the long road that involves a lot of tangible risks.
Here are some important things to consider before venturing into night life business. These things are some of the critical aspects to consider, keeping aside the mad frenzy around.
Are You a Night Life Person?
Important!! If you are not a night owl who will survive that two drink minimum, night life business is simply not cut out for you. Once you start off, there is going to be a lot of micromanagement happening until the shop settles. You have to be up most part of the night, interacting with your customers, networking with people and closing deals, Believe it or not, more deals happen for your business over those drinks rather than during the mundane work mornings.
Do You Understand This Business Right?
It has to be understood that launching a hep lounge bar or a disco is not all about swanky interiors and tattooed DJ’s. A lot happens other than that. Managing operations, delegating work, handling the employees and most importantly, ensuring that there is a decent billing, end of each night. You also need to have good insight about the workings of licences (we will talk about that next) and how to handle the crisis in case there is one.
Do You Have Information Regarding Liquor License?
Yes, starting a bar or a pub essentially means liquor. You have to obtain a liquor license prior to the launch. Get to know the various rules and regulations that prevail in your jurisdiction. Interact with the legal personnel to get advice on what’s legit and what’s not. A lot of people will be ready to misguide you in the matter, so make sure you consult only the experts.
Have You Networked with Other Night Life Business Owners?
True, they are your competition, but the other guys in the scene would have endured a lot. Whether you like it or they like it, talk to these people. Get to know their experiences, both good and bad. Analyse if you are really cut out for the ride. Make sure you connect and part on a positive note with your peers. You never know what possible collaborations are ahead with the same guys.
Have Your Analysed the Market in Your Region?
You have to jump out of the sack and do some intense market study. Analyse how the night life business is faring in the region where you plan to start the business. It is really exciting to envision a path breaking success, but being practical also matters. Visit the lounges and pubs as a guest to get the feel. Gather as much information as you can before making the leap.
Once you are well equipped, funded and well connected, reaping success in a night life business is totally doable. However, make sure you are well prepared before and after jumping into this industry.