You have a concept for your bar. You have several locations in mind. Now it’s time to determine if it meets the desires and preferences of your potential customers.
The good news is that the vast majority of the materials you need to research are already available.
The bad news is that you will have to collect and analyze it yourself (or hire a professional to do it for you).
If you choose the do-it-yourself approach, here’s the data you’ll need:
- General demographic data can be obtained through your local chamber of commerce or the SBA. Pay attention to age, gender, marital status and income level. The concept of your bar may have to go in the opposite direction if you are in a sophisticated upscale neighborhood than if you are in a college town.
- Local laws and regulations. Some cities have really weird laws that you wouldn’t even know about. Double-check everything closely related to your niche to avoid unpleasant surprises and lost profits in the future.
- Alcohol trends. You potential vendors can usually provide all the valuable information about your customers and what they like to drink.
- Lifestyle trends. Look through local newspapers and magazines to get an idea of successful establishments in your area and the concept behind them. It would be beneficial to open a smoothie/juice bar in a community interested in healthy living and sports.