Opening a sports bar with high payback is a real chance! - Expert says
Most certainly, when passing by another sports bar, everyone who has an entrepreneurial spirit thinks: Can I bring a similar project to life? What do I risk? What shall I face? What difficulties are there and will I have any problems?
Today, we will answer your frequently asked questions and describe in detail the process of starting a sports bar from scratch.
And in fact, the process of starting a sports bar is not very different from the process of starting any other material business.
The process of starting a sports bar can be split into five basic steps:
- Obtainment of a license.
- Calculating the bets.
- Formation of a reserve fund.
- Renting of premises.
- Purchase of equipment, hiring personnel.
And as a bonus, at the end of the piece we will describe the ways of additional earnings!
Sounds good? Then let’s get started!
Obtainment of a license
The stage of obtaining a license is a standard one, but in different countries there are fundamental differences in the procedure for obtaining a license. You should consult a lawyer, or contact us if you plan to open a sports bar in Russia, Ukraine, Kazakhstan or in one of the countries of Latin America. We will provide you with all the necessary support in obtaining a license to start a sports bar.
Calculating the bets
This stage will be fundamental for the sports bar operation. Through the calculation of bets you will have the opportunity to enter the market with your quotes. However, there's always a bad apple that spoils the whole barrel. For the correct calculation of quotations, you should contact an experienced analyst who will help you correctly set the rates, so that they compare favorably with those of competitors. This is the person that will be responsible for the marginality of your sports bar operation, as well as for its safety, since more experienced players take advantage of the carelessness of entrepreneurs who do not control the amount and number of bets.
How can one find such an analyst? Establish a contact with other owners of sports bars in your city, on a neutral pretext - they will share with you the contacts of reliable people.
Formation of a reserve fund
A sports bar requires the reserve fund in order to pay the prize to the winner without using the current assets of the company.
The size of the reserve fund should be calculated based on the indicators as follows:
- Average planned number of visitors per day
- Average customer pass rate
- Average gain based on quotes
- The average number of payments per month
This data is determined simply and individually as much as possible for each location, depending on its size and popularity, which makes it possible to correctly calculate the necessary amount of the reserve fund. The format of its allocation is not limited, the reserve fund for a day, week or month is to be determined by you, the entrepreneurs.
But we strongly advise you to do this even before opening your sports bar, so that you would be in all arms.
Rent of premises
Each of you will approach the renting of premises individually, the real estate market is full of offers, and we in turn will give you a number of valuable recommendations on how to choose the right premises to open your own sports bar.You should always remember that:
- 95% of visitors of sports bars are men
And based on this fact, you should correctly prioritize the future location of your business.
- Look for the premises with the largest possible flow of people, most of whom will be men. Central avenues, exit areas at major traffic joints, immediate proximity to several office centers.
- Do not forget that your business will need to be shown to the flow of people. Look for premises, where it is possible to place an outdoor advertising on the facade.
- The entrance space must be on the front side of the building.
- Basement level is not the best option.
The floor area depends on your budget and business plan only, you should not rent a small room with ambitions for a great number visitors and vice versa.
Purchase of equipment and recruitment
This stage is not so difficult to implement, but it should be approached in a responsibly manner, as on the previous stage.
Get a document where you will be writing down all the planned expenses.
What do you need to have?
- A cash register and receipt issuing machine
- A personal computer for the booking-clerk
- TV screens
- Basic furniture for customers and a booking-clerk
What is not necessary, but useful?
- An air-conditioner
- Alarm system with an alarm button
- Video surveillance system
As to the staff, in the initial stages of work, you will only need a booking-clerk and an office-cleaner to keep your sports bar clean.
There are no standards for furniture and equipment. If your budget is limited, and you are focused on the mass market segment, you can always reduce the expenses on material support by purchasing used equipment, furniture and everything you need to work, just make sure that everything has a marketable condition.
And we promised you a bonus, you will get it!
Ways to earn extra money.
The essence of the system is in the fact that you will be able to keep your regular customers without having to visit your bar, or those who would not like to visit sports bars, but are passionate enough to keep playing.
o do this, you just need to create a website for your sports bar and advertise it to your customers by showing advertisements on TV screens, printed materials and using speech modules of your booking-clerk.
The excuse is as simple as possible: do not miss the prize even when you are not here. For players, this service will allow betting anywhere, at work, at the office and even on vacation, and you will be provided with a pleasant share of additional income with minimal investment.