on 10-02-2017 04:53 AM
Im new to the business world and im looking to start my own cocktail bar.
I was just wondering what are the pros and cons of using a private lender to fund your business or going to the bank to get the money?
and if anyone knows any good business mentors in Perth W.A would be greatly appreciated thank you
on 10-02-2017 10:00 AM
Welcome to the community! Could you tell us a little bit more about your plans for your cocktail bar?
Recently we've posted quite a few articles about different routes to getting finance. Read about applying for a bank loan to start your businss here, how to start on a shoestring here, tips on crowdfunding here, and how to manage your cash flow when starting up here. Don't forget about Virgin Startup loans too! They will help support you putting together your business plan as a part of the application process.
on 11-02-2017 11:03 AM
Well its still early stages for my bar yet, I really need to find the perfect venue in Perth and to be honest I havent really found anything that I've falllen in love with yet. I want my bar to be a sustainable bar (after reading Richard Bransons book 'Like a virgin") and how he talks about looking after the environment etc. I have an idea in my head that I want to start a bar thats, cocktail and food matching (rather than your typical food and wine matching), also I want to serve wine based cocktails as well as your spirit based cocktails too. I want my atmosphere in the bar to be really relaxed and chilled out, kind of like a sunday sesh type of bar thats open 5 days a week to start with. I want it to have a high standard of cocktail presentation of that of the "nightjar" in London (which inspired me to start my own bar, of course I've never been there).
on 13-02-2017 09:18 PM
Sounds like an awesome Idea Logan!
I've never thought of starting a bar myself so my advice may not be relevant! However a few things I think you should focus on. First of all what's your USP? What differentiates you from other cocktail bars?. I know you say that you you don't want your typical bar, but what does that actually look like? what age range are you looking to target? who's you avatar (ideal person)? Above all else what will make people come to your bar and not the one next door? These would be the questions I'd ask myself before starting. Like I said I'm no expect in the field but I hope. I've been a little bit of a help. All the best for the fututre I hope all works out for you!
on 14-02-2017 07:00 AM
Thank you Mate.
1: Is going to be the cocktail and food matching,(which I don't recall any bars in Perth doing this, but I'am yet to check out the competition, most just sell normal meals, they don't actually have cocktails that complement the food whilst eating) instead of the typical wine and food matching.
2: The attention to detail to the presentation and making of the cocktails, our customers will be in for a show, when our barstaff showcases what it takes to make a cocktail to the highest of standards.
3: Our wide range of cocktails. Which will include all sorts, such as beer based cocktails, wine based cocktails and your normal spirit based cocktails as well as using seasonal fruits also for cocktails as well.
4: The atmosphere, from the music, the interior deign, the lighting (dimness, more relaxed and comfortable) and the furniture, i.e the comfort
5: Our unique customer service, this is going to be one of my main focus and ensure I have really good staff to be able to engage in conversation with my customers.
6: Cleanliness of my bar, too ensure at all times it is being cleaned, especially in operating times.
7: One of my other main focuses will be the consistency and quality we deliver at our bar, too many times I've been out having dinner at amazing places. The first time I go, the food is amazing and then I tell friends and family about how good it was and then I end up going the second time around and they don't deliver as good as the first time. I want my drinks and food to be consistent in every aspect getting the same result every time.
My target audience is going to range from 19 - late 30's, for the start I'm thinking about operating it from Wednesdays - Sundays for now, so if your stressed out from the busy work week or got those mid-week blues and need an amazing refreshing cocktail, dont be afraid to pop in and say "G'DAY"
I hope all these listed above will stop customers going to the bar next door!!
on 14-02-2017 08:55 AM
Sounds awesome! Looks like you're on to something big.
Make sure you do your S.W.O.T analysis on each of your competitors.
And also do an instagram page. Show all the cocktails you'll be doing build a buzz before you've even bought premises.
Best of luck!
on 14-02-2017 01:14 PM
Cheers mate! I hope so!
Im going to start having a look at the best way I should go about getting the money for it, for example private lender or save up enough money and get a bank loan not sure yet!
Yeah ill definetly be looking at that too, plus whilst liquor licencing is off getting approved (could take up 9 - 12 months) mean while ill set up a coffee bar, to start paying some of the lease off. Ill also host pop up bar events at my venue as well, still while my liqour licence is getting approved, you don't need a liqour licence when holding pop up bar event, you just need approval from the coucnil.
on 15-02-2017 07:49 PM
Despite the popularity of the Internet, many people still prefer radio as a vehicle for communication and entertainment. There are places where a radio is best suited to inform you, such as in traffic, while practicing outdoor sports or simply for the sake of not having to read anything, just listen to relaxed music or whatever you care about.
My business is Kite Radio Algarve.
I need the mentorship of Virgin Startup.
on 21-02-2017 05:58 PM
Thanks for the tag @amycatling
My business needed far less in the way of capital than yours would as I can work out of a single room ordering stock as necessary rather than needing a venue, staff, menu, etc....
However, I do have a mate who's currently in NSW who I know from working with a chain of vodka bars here in the UK - he was on the openings team! If you want me to pass your details on to him, send me a private message with them and I'll do it for you. He knows a lot about the industry.
All the best
24-02-2017 11:38 PM - edited 24-02-2017 11:41 PM
Been rather busy lately but thought I should pop on here and see what's been happening.
I launched my business with the help of a government funded start up scheme with GLE (Greater London Enterprise) but this has now rebranded and known as NewabIe << link included) but there are lot of similar schemes around the UK
GLE, now known as Newable and The Start Up Loans company helped with all the business plans, cashflow and funding the business and you can visit the Start Up Loans company website on the link below and I believe their rates are much better than banks at approx. 6% interest.
You can also see more details about them here:
I have also attended a Natwest Funding workshop which was all about raising funds and support for a business in various ways and was not just about loans from Natwest and here is a list of different funding solutions that were discussed so you'll need to do a little research on these because some are more suitable than others depending on the business and what is required.
Banks Loans - Not tried.
Peer To Peer Lending - Not tried.
Sweat Equity - Not tried.
Angels - Not tried.
Crowdfunding/Crowdsourcing - Tried this and wasn't easy but it depends on the business.
Shell Livewire - Not tried.
Grants - Can be sourced in different way including local councils but not all will help.
Local Enterprise Partnership - Not tried.
Capital Investments - Not tried.
City Business Library - Tons of business advice, workshops and more.
Invoice Financing - Not tried.
Business Competitions - Like Virgin Media VOOM and The Pitch << link included... or even Dragons Den.
So there you have it and it is quite a lot to take in and a lot to think about but one or more of these could help.
All the best and bye for now.
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