SBA.gov, 20 Questions to answer before opening a new business.

So there will be piles of paperwork to swim through in the process to opening a bar. I have started with SBA.gov an awesome resource for starting a new business. My first step was to read the 20 Questions Before Starting a Business page and see if I qualified as ready to open a business.

Here is my trip through the 20 questions.


1.Why am I starting a business? I want a location to showcase my talents as a professional and make a living for myself and family.
2. What kind of business do I want? I want to own/operate a small bar with a small local menu.
3. Who is my ideal customer? 21-45 yo. customers looking for a casual bar to sit back and enjoy drinks and food with friends and associates.
4. What products or services will my business provide? beer, custom cocktails, light bar food, commission free retail wall space for local artist.
5. Am I prepared to spend the time and money needed to get my business started? Absolutely, to make money you have to spend money.
6. What differentiates my business idea and the products or services I will provide from others in the market? Most other bars and restaurants lack the community feel and relaxing environment that I wish to have. Most other establishments have loud, over crowded, mashed themed spaces that don't really invite people to sit down and enjoy each others company.  
7. Where will my business be located? Undecided.
8. How many employees will I need? I will need 2 Bar Managers, 8-10 servers/bartender, 2 buss boys, 4 line cooks, and 2 dishwashers.
9. What types of suppliers do I need? Food and Beverage, Glassware and Stemware.
10. How much money do I need to get started? This is undecided at this point because I have not nailed down a size or location at this point.
11. Will I need to get a loan? I am sure i will need to secure some form of loan or line of credit.
12. How soon will it take before my products or services are available? Again undecided until a location can be found. but the goal is to be open within the next 5 years.
13. How long do I have until I start making a profit? My goal is to turn a profit within the first year. I know that if I get the concept off the ground that the money will follow shortly after.
14. Who is my competition? Until a location is found the competition cannot be judged.
15. How will I price my product compared to my competition? I plan to have a fair pricing plan. I want affordable food and drinks but still maintain a level of perceived value and comparable market pricing.
16. How will I set up the legal structure of my business? I plan to source this out to a company and pay a monthly payment to maintain legal structure.
17. What taxes do I need to pay? Lots of them! County, State and Federal, employee withholding.
18. What kind of insurance do I need? I am not sure this will take some research.
19. How will I manage my business? I will be a hands on owner operator. I plan to manage day to day operations with the assistance of a business mentor that can be found on SBA.gov.
20. How will I advertise my business? Social Media, Radio, Web Page, Flyer's, Mailers and Print Ads in local papers and hopefully partner with some local community based organizations that will assist in promotions.

So after the 20 questions, I see that I have a few areas to focus on. I will continue to do research on my areas that lack detailed responses.

Here's to chasing that first pint!, Bottoms Up!