photo credit: joebeone When preparing your bar financial plan, you will need to show an understanding of the cost of starting up the business before a cent of revenue comes in. Pay attention to estimating the following key categories.
Leasehold Improvements
Leasehold improvements, defined as fixtures and additions to the space made by the tenant, can be a significant cost, especially if the space was not previously used as a bar. Lighting fixtures, sound equipment, booths, the bar itself, and storage spaces are all included in this category. Before starting the lengthy process of talking to all of the necessary contractors to do the needed work, consider talking to someone who has opened a similar business, such as a bar or restaurant, to get a ballpark sense of what the costs may amount to.
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