Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am considering purchasing an existing bar/restaurant that has a large attached garage area with office space plus two adjoining rental apartments. In its current state, the bar operates 6 days a week with only periodic food sales. The rest of the space is sitting dormant and would need some TLC before utilizing in any way. Its immediate location is a bit concerning because it appears to be low population (sort of set out of the way) and low income based on demographics for 2012 setting the median income to ~25K. The bar has been in operation for many years, so I'm assuming its been able to at least pay the bills. However, if I were to purchase the place it would be my intention to renovate the unused spaces for rental and possibly setup some type of manufacturing business in the large garage areas, such as powder coating, industrial assembly, or the like. I'm also thinking that a more consistent food schedule and quick sports-bar makeover to the existing bar would increase sales for the bar section.
My research is still in progress on the area's potential, but the one thing that I noticed while stocking the place is that there is a fair amount of traffic (10-15 cars/hour) driving past, but never stopping. This makes me think that the abutting road is a main root through the small town. I know I have much work to do before I could present a respectable business plan, but there are some amazing minds on here that may enjoy helping a first time business owner to succeed.
Is there any advice that will assist me in determining the feasibility of this venture? Any creative ideas for the the large connected garage space? If nothing else, please wish me luck.
I am considering purchasing an existing bar/restaurant that has a large attached garage area with office space plus two adjoining rental apartments. In its current state, the bar operates 6 days a week with only periodic food sales. The rest of the space is sitting dormant and would need some TLC before utilizing in any way. Its immediate location is a bit concerning because it appears to be low population (sort of set out of the way) and low income based on demographics for 2012 setting the median income to ~25K. The bar has been in operation for many years, so I'm assuming its been able to at least pay the bills. However, if I were to purchase the place it would be my intention to renovate the unused spaces for rental and possibly setup some type of manufacturing business in the large garage areas, such as powder coating, industrial assembly, or the like. I'm also thinking that a more consistent food schedule and quick sports-bar makeover to the existing bar would increase sales for the bar section.
My research is still in progress on the area's potential, but the one thing that I noticed while stocking the place is that there is a fair amount of traffic (10-15 cars/hour) driving past, but never stopping. This makes me think that the abutting road is a main root through the small town. I know I have much work to do before I could present a respectable business plan, but there are some amazing minds on here that may enjoy helping a first time business owner to succeed.
Is there any advice that will assist me in determining the feasibility of this venture? Any creative ideas for the the large connected garage space? If nothing else, please wish me luck.
Don't know much about the rental, but sounds pretty bad to be honest. My question of the other business, do you have experience doing powder coating or mechanical assembly. Do you know about the available work? It's going to be more expensive and costly than you think. Especially painting.
Assumption and a successful business do not go together.
I would say there are a fair amount of incredibly successful businesses that started out as a hunch which is like an assumption. There are a fair amount of successful businessmen who did not go to college, so thereby do not know how to properly do the scholarly research that college kids do to right their papers.
I would say there are a fair amount of incredibly successful businesses that started out as a hunch which is like an assumption. There are a fair amount of successful businessmen who did not go to college, so thereby do not know how to properly do the scholarly research that college kids do to right their papers.
OP posted that the bar is in a low income low population area.
For restaurants and bars, it's location location location... I own a small restaurant in a not so great location, and I wouldn't do it again, we are trying to get out of our lease and we have a new, much better location scouted if all goes to plan.
I'd say the overall risk is very high. Also, I assume the bar is right next to the garage? I'd be concerned about noise from the shop in the afternoon and lunch effecting the bar. Does the building have character, like is it an old brick warehouse or something? Transforming old buildings like that into new retro bars, restaurants, lofts is fairly popular and may be a good way to revitalize the building. The garage could be a good location for a Sushi Bar, depending on the type of location/town. There is a place just like that in Hays, KS, it's really cool and a hip place for college students to go to. They keep the garage door open most of the day, it's also an almost all glass door, which could be pricey to buy if that's not there.
Also consider zoning may not mix......food/bar and powdercoating may be too hazardous in the same building.
Who is the clientele? Old run down bars tend to be daytime drunk hangouts (old man bars)....not much upside in those!
Rentals can be tough with bar's operating in the same building (noise, drunks peeing in the parking lot etc).
Never assume the place makes money, owner could be using it as a tax loss, hiding/laundering money from other activities, etc.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
