Planning a successful cocktail bar business might seem like an easy undertaking on the surface. However, the reality is quite different.
A significant amount of effort goes into planning which makes the entire process worthwhile. If you need help writing your cocktail bar business plan, we’re here to help.
COCKTAIL BAR BUSINESS PLAN GUIDE
In this article, we’ve provided an easy-to-use template that touches on the key components of a good cocktail bar business plan. These can be followed with necessary adjustments made to your situation.
At the end of the day, you end up with a unique cocktail bar business plan you can effectively implement.
The Building Blocks for a Great Plan
Before writing your cocktail bar business plan, one of the things you’ll need to figure out is what to include.
Here, the sections are key to how your plans pan out. Important sections you can’t do without are the executive summary, the company description, and also the products & services sections.
Of equal importance are sections like the marketing analysis, strategy & implementation, organization & management team, and the financial plan & projection sections.
Each of these touches particular aspects of planning that help with establishing a great business.
i. Executive Summary
Although the executive summary section of your cocktail bar business plan should be written last, it should come first in order of appearance.
This is necessary because it serves as a highly summarized version of the plan. With a good executive summary, investors should be able to determine the viability of the business idea.
The executive summary should include subsections such as the business name & location, products, and services being offered, as well as the mission & vision statements of your cocktail bar business.
It’s important not to leave out the purpose of the plan.
Business Name & Location
What bar name do you want your cocktail bar business to be known by? You’re expected to have carefully researched and figured this out. Also to be included in the location of the business.
Location helps your audience to assess the potential for patronage.
Products & Services Offered
Cocktail bar businesses offer a wide range of services.
If you’ve been an operator in the past, this shouldn’t be difficult to figure out. If this is your first time, you’ll need to research your service and product offerings and have these included here.
Be careful not to bore your audience with too many details here as a whole section is dedicated to that in the plan. You only need to get straight to the point by summarizing what’s on offer.
Mission & Vision Statements
The mission statement basically defines your cocktail bar business.
It should give the reason for your existence and also states the purpose or the “why” of the business. The Vision statement on the other hand should state the current and future objectives of your cocktail bar business.
As an internal communications tool, the vision statement helps to align the objectives of all workers with that of the business.
Purpose of the Plan
Every great plan should have a clear purpose.
For a lot of entrepreneurs, the purposes of the plan could be either one or the other or even both. That is, to help set strategies, or to secure investments. Here, no answer is wrong.
You’ll need to find out what your own purpose is and clearly state that.
ii. Company Description
This section of your cocktail bar business plan should contain a summary of your short and long-term goals.
Other key details include your preferred legal structure, a clear summary of business growth with financial or market highlights included.
Your cocktail bar business plan should also include an overview of services and products. Knowing your target market is a great plus for your business. Of course, you’ll need to identify your suppliers and provide such information in your description.
iii. Products & Services
Products and services cover a wide range of offerings provided by your cocktail bar business. In a nutshell, it should describe what you sell and how much would be of benefit to your clients.
What is the market role of your products? It’s important to understand that you’ll face a lot of competition so, highlighting your competitive advantages will be necessary.
Are there any trade secrets or copyright information you might want to add?
This is the section to include such. You may want to add any information on ongoing research and development activities towards the emergence of new products here.
iv. Market Analysis
The market analysis section requires a great deal of work. As the name implies, a lot of research needs to be carried out to demonstrate your knowledge of this industry.
Key areas to cover under the market analysis section include a sketch of target customer segments as well as demographics.
Know who your competitors are and assess their strengths and weaknesses.
Another crucial addition to the market analysis section includes providing an industry description and outlook with supporting statistics where necessary.
v. Strategy & Implementation
For your cocktail bar business to be considered viable, your plan must have a strategy & implementation section that explains business promotion to your target market in addition to offering pricing and cost details.
Also, providing information on the operational cycle of your business will go a long way to help.
vi. Organization & Management Team
The management team of your cocktail bar business needs to be clearly presented. Here, information on departments and personnel heading such departments should be presented on an organizational chart.
Details about the owner(s) such as names, percentage ownership, and level of involvement are important.
Also provide a complete profile of your management team with accompanying information like experience, names, positions as well as key responsibilities.
vii. Financial Plan & Projection
Your accounting experience will be required here. If you don’t have such skills, an accountant will be of significant assistance.
The key areas being worked out here include the historical financial data with balance sheets, income statements, and cash flow statements provided.
With all of these points or sections carefully discussed, you should have a good cocktail bar business plan that is unique to you. Plus, such a plan is likely to get the attention of investors.