Chapter 15 - Managing your bar business. This chapter will help you: Create and use a workable business plan for a bar, determine the worth of your business, position your business favorably in relation to your competitors’ businesses, create an atmosphere and menus, attract customers through marketing activities, use pricing as a merchandising tool. | © 2011 John Wiley and Sons, Inc. All Rights Reserved CHAPTER 15 MANAGING YOUR BAR BUSINESS © 2011 John Wiley and Sons, Inc. All Rights Reserved © 2011 John Wiley and Sons, Inc. All Rights Reserved Create and use a workable business plan for a bar. Determine the worth of your business. Position your business favorably in relation to your competitors’ businesses. Create an atmosphere and menus. Attract customers through marketing activities. Use pricing as a merchandising tool. Make decisions about protecting and expanding a successful bar concept. THIS CHAPTER WILL HELP YOU CREATING A BUSINESS PLAN It should serve as your basic operating tool. It should be useful for communicating exactly who and what you are. It should be useful in obtaining financing. © 2011 John Wiley and Sons, Inc. All Rights Reserved USING THE BUSINESS PLAN Location analysis Competitor analysis SWOT analysis: SWOT is an acronym for “strengths, weaknesses, opportunities, and threats.” The first two items are . | © 2011 John Wiley and Sons, Inc. All Rights Reserved CHAPTER 15 MANAGING YOUR BAR BUSINESS © 2011 John Wiley and Sons, Inc. All Rights Reserved © 2011 John Wiley and Sons, Inc. All Rights Reserved Create and use a workable business plan for a bar. Determine the worth of your business. Position your business favorably in relation to your competitors’ businesses. Create an atmosphere and menus. Attract customers through marketing activities. Use pricing as a merchandising tool. Make decisions about protecting and expanding a successful bar concept. THIS CHAPTER WILL HELP YOU CREATING A BUSINESS PLAN It should serve as your basic operating tool. It should be useful for communicating exactly who and what you are. It should be useful in obtaining financing. © 2011 John Wiley and Sons, Inc. All Rights Reserved USING THE BUSINESS PLAN Location analysis Competitor analysis SWOT analysis: SWOT is an acronym for “strengths, weaknesses, opportunities, and threats.” The first two items are internal: factors that you control. The other two items are external: factors that you can notice and react to. © 2011 John Wiley and Sons, Inc. All Rights Reserved WHAT IS MY BAR WORTH? An appraisal is a procedure used to determine the value of something tangible or physical. A valuation analyzes both tangible and intangible aspects of a company. Business valuation also involves adjusting the assets of the business to reflect its fair-market value, not the depreciated value often used for tax purposes. © 2011 John Wiley and Sons, Inc. All Rights Reserved MARKETING A BAR BUSINESS Define your market. A market segment is a subgroup of the total consumer market. Determine which products and services this market segment wants to buy. Shape everything about your enterprise to attract customers and sell the product at a profit. © 2011 John Wiley and Sons, Inc. All Rights Reserved POSITIONING YOUR BUSINESS The Patron The components of the guest experience are: The service encounter. The delivery .
