Millions of people from across the globe enjoy watching sports in a sports bar during the weekend. You can capitalize on this audience to make money and become financial stable by starting a sports bar in your locality. However, just like any other business, you need to have a sports bar business plan to guide you.
You do not have to forego other important obligations to write the plan. Here at OGS Capital we have mastered the art of writing quality business plans that are useful in helping entrepreneurs like you to get funding from investors as well as lure business partners to support the business.
Qualities of a Professional Bar Business Plan
Needless to say, the quality of your business plan will determine if you will succeed in starting the business plan. Here are three qualities of the best sport bar business plan.
- Provides accurate facts that are verifiable and relevant to the current marketplace
- Well structured
Apart from having a good business plan, you need to make sure that you plan well to help you get the best value for your money.
Design of the Bar
To stand out from the other sports bar in your locality, you need to design your bar differently. For instance, you can come up with an unusual sitting arrangement that provides all clients a clear and direct view of the TVs. Alternatively; you can hire one of the professional hotel designers to revamp the premises on your behalf. Be sure to consider the reputation, credibility, and the fees to make an informed decision.
Types of Sports to Focus On
You may encounter management challenges if you decide to show all kinds of sports. It is recommended to focus on five or less sporting activities. For example, you can choose to be showing football, cricket, hockey, and rugby. However, before you do that, carry out a feasibility study to know what the kind of sports that the target audience loves.
Complimentary Tickets and Offers
If you want to get more clients especially when the business is still new, you have to come up with ways to market your facility. One of the guaranteed ways of doing this is by offering complimentary tickets and offers. You can decide to offer free tickets to the first ten clients who walk into the bar at a particular time. You can also hire a marketing agency or the local TV station to advertise your bar.
Showing sports may not be enough to achieve your set goals and objectives. You need to do more to ensure that you hit your weekly or daily profit targets. Offering additional services such as selling foods can help you to achieve not only this objective but also get more clients who prefer watching football or any other game as their enjoy their favorite meals. No matter the type of additional services that you decide to offer, make sure that they are top quality to protect your credibility and reputation.
As mentioned earlier, complimentary tickets and offers can net more clients. However, you need to come up with a strategy to help you determine how you will charge the customers to watch the games in your facility. The feasibility study will give you an idea of the prices that the current sports bar in the locality charges. With that information at hand, you will be able to come up with an ideal pricing plan that favors not only your business but also the customers.
The Management Team
Having a management team to run daily activities in the bar will give you ample time to concentrate on other important obligations especially if you are employed. You can decide to hire the staff on your own, or you can contract one of the hiring agencies to do the hard work for you. Once you have a select group, go an extra mile, and schedule a meeting to set goals and discuss how you will be managing the facility. The best sports bar business plans provide clear guidelines on how the management team will be formed as well as the individual roles.
Indeed, starting a sports bar requires proper planning and management. Get in touch with our support team by filling this form to get more details about our sports bars business plans services.
Illustrative business plan samples
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.