Owning a bar sounds pretty glamorous. With the right skills it is not difficult either. Just get the basics right. Find the right place, the right theme, the right audience, the right liquor licenses and you are all done. It can sometimes take a year before you get a liquor license, so start this process as early as possible. To open your bar, you might purchase the liquor license from an existing bar. Consider taking over a bar to get its license.
What kind of skill sets do you need? No formal training is required except for getting the necessary liquor licenses. RSA is needed for anyone working in a bottle shop or shop selling alcohol. It would be an added advantage to get a diploma in Hospitality Management but this is not a requisite. The diploma basically provides you with management skills as well as the operational skills and knowledge needed to be a food and beverage manager. What would really help is an advanced diploma in Hospitality Management as this equips you with the skills required to run a restaurant or a bar.
For a bar to run successfully there are a couple of skills you can work on:
You do need a RSA licence. Some of the other formalities that need to be taken care of would be:
- The legal and Tax implications
- Business restrictions
- The trading name you plan to use. Make sure you check for the name physically as well as online. An online presence is unavoidable in the longer run. Getting a trading name and fin ding that the name is taken online does not really help.
Get the right team
It is important to put together staff that wants your bar to succeed. Get people who have some experience in the alcoholic beverage service industry. Try getting people who have attended a bars skills course and have the experience in bartending. Put together a plan for launch and make sure you identify the size you want to start with. This helps you decide on team members like the strength of the bar staff, do you need a supervisor or a manager? The size will again determine if you require a separate bookkeeper. Interesting themes like a Paris theme, an elegant theme as in The London Club, an ice theme like in Ice bar Tokyo, a science theme as in the gastropub,
A great design and theme
A great bar layout can make or break the bar. The design should allow freedom of movement for the bartender; accessories and other equipment should be within reach. If the bartender takes more than 5 minutes to fix a drink there will be long delays and customers are dissatisfied. If the 3bartender takes more than a few steps to get anything then odds are the design is poor. Get advice and avoid this.
The design should include the following equipment: speed well (which holds most popular or house spirits & liqueurs), Glass Ware, Till, Ice well, Sink, Beer taps, Soft Drink gun etc. Now see what all can be clubbed together so that the bartender has easy access when fixing a drink. Beer Taps & Beer Glass’s should be placed side by side. The Cocktail Equipment should be in one place This would include Glass’s, garnishes, Ice well, straws, coaster, napkins, juices, soft drink gun & Sink. Wines and and Wine Glass’s should be located together. Go over each object and see what is practical to be placed together.
Keep in mind the theme of the bar and the likely customers. There is no point in setting up a wine bar close to a place where there are likely to be more students. You will not get the right crowd.
Plan out how you will price the products your bar supplies – this would also mean deciding to have happy hours or not. Do you want to offer loyalty discounts, add ons to services, complimentary snacks with drinks etc. Whatever you plan keep in account the likely customers and their average spending pattern – what they can afford and what they cannot.
Running a business is not an easy ball game. The dynamics of business change everyday with ever changing rules and to add to that ever changing government policies. It is actually a very difficult preposition for businesses to survive leave alone thrive. In such times companies keep themselves prepared to implement and follow different processes. These processes are implemented to simply place the company in a comfortable situation from financial perspective and also with an aim to further enhance the companies positioning in the market.
The ideology behind Merger and Acquisition
A Merger is simply a process when one company purchases the other company and they both unify into each other. Henceforth they work together moving forward with all the resulting risks, losses, profits, productivity issues and resulting reputation consequences. They are now one entity. On the contrary in the acquisition process, one company purchases the other and mostly the company which has been purchased ceases to exist in its name and takes the name of the buying company.
When a company proceeds with a merger process, it loses all its original holdings. In simple terms it has to begin from scratch. Over the years it has generally been noticed that companies which go into this procedure do this with the aim to fill up the deficiency that they hold, which could be skill deficit as well. However, by doing so, they aim to come at par with other companies in the market. Steinpag mergers and acquisitions have advised clients on numerous takeovers, schemes of arrangement and other transactions, small and large,within western Australia.
The Mediator’s world
With the ongoing fluctuations in the economies the world over, companies have begun to take very cautious steps. The very obvious step is cost cutting through downsizing. Any human resource asset which is posing or in future could pose a liability is being laid off. This step is a first indication of some major shuffles happening in the company processes. Companies today are hiring and consulting strategy firms who can plan process which could be profitable for them in due course of time, be it an acquisition, merger or even a shut down for that matter.
Industry watchers and consultants in different industry segments keep a keen eye on companies, their management, their shareholdings and their assets over a period of time. Here by they make their case studies on their probable future and their probable merger or acquisition. They suggest them the best bail out process in case of any impending financial breakdown. These professionals could be CA’s, Management consultants or Gurus and even lawyers who even mediate during such a time so that it is a smooth transition between companies.
However, all said and done, one must leave the legal things to professionals no matter how knowledgeable one feels about oneself. So let someone else do the talking for you while you just sit back and relax.
Deciding on the right career option is not easy. With many options available it is not easy to choose one that fits your personality. For example take the finance industry. Options within the finance sector are plenty once you go down this path.
What is the bent of mind for a career in finance?
It is not just about clearing the right exams but about being happy as this is what you choose to do for a very long time. See if any of these options excite you:
- Commercial Banking
- Corporate Finance
- Financial Planning
- Hedge Funds
- Investment Banking
- Money Management
- Private Equity
- Real Estate
If your answer is a “yes” then these may be some of the areas you can explore. Clearing the exam is not easy so unless you are willing to spend long work hours in completing the course don’t attempt further.
What exams do you need to clear?
Being an undergraduate is a must. A graduate gets an edge. A masters degree is not a must – to move ahead in the finance market there are certain qualifications you must have. You would complete the course and pass the exam for getting the Chartered Financial Analyst (CFA), Certified Financial Planner (CFP) or Certified Public Accountant (CPA) designations. Both these designations and licenses are issued by the Financial Industry Regulatory Authority (FINRA). They add credibility to your resume. Professional licenses such as the Series 7 are legal requirements to transact certain types of business.
How do you go about preparing?
The CFP exam is offered three times in a year and is 10 hours long. You c an get more details on the CFP exam here. Remember that you do have the option of retaking the exam in case you do not clear it the first time around. You can apply online for the CFP exam. The CFA consists of three exams. Each of the exams is given at least once a year: on the first Saturday in June for all three levels, and additionally in December for Level I. The program is very intense and you need to devote at least 10 to 12 hours a day for 6 to 8 months to clear one level. Attempt this only if you know you can take out this kind of time.
Don’t just rely on self study as the curriculum to cover is quite vast. There are many study-course options available – with a choice of attending g weekend classes. Courses maintain regularity in the learning schedule which you may not be consistent with if you attempt to study on your own.
What are the options available locally and overseas?
Corporate finance jobs might involve mergers and acquisitions activity, positions like financial analysts, treasurers and internal auditors, Debt Consolidation consultant. Commercial Banking would include positions like bank tellers, loan officers, operations, marketing and branch managers. You can also opt for working in an investment banking firm. Choices in investment banking would include mergers and acquisitions professionals or the trading desk, which trades stocks, bonds and other securities in the secondary market. Hedge-fund jobs like financial analyst, Trader, Regulatory compliance officer, Quantitative analyst, Marketing manager, Portfolio manager are another option. Last but not the least are Venture-capital professionals.