Let's build a business.

[Chaostracize]

[ QUOTE ]
Chaos,

Don't forget about insurance, permits, worker's comp, unemployment, and all the standard operating expenses (utilities, supplies, maintenance, etc).

You're talking about an 8-10 person 4-story operation. I suspect when you put together your real budget, operating costs are going to be WAY more than you're currently envisioning.

Also, managing a bar is SUPER hard. Especially in an environment like this. Very easy to have all your profits poured away every night or just walk out the door.

[/ QUOTE ]

All of what you are saying is true. The benefit of owning my own place, is that I'll be able to add on piece by piece the more comfortable I get with it. That is, to start out, the place can be just a hookah bar/internet cafe. Month or two goes by, I feel comfortable...start work on the second floor and get a liquor license. Start feeling good about that and a few months later get a kick ass sound system and dance floor and start bringing in local talent. Once that goes well, I can open up a VIP room and pimp it out.

[Zeestein]

wow

no offence, with no experience whatsoever in running a bar/lounge this is way too ambitious, definitely use other people's money if you can.

GL. Just reading this scares me a little, this is gonna be so incredibly difficult in the establishment phase. Managing this place is going to be insanely hard, especially as you're still experimenting with everything. My advice is to absoloutely 100% idiot proof everything, whatever that people being dumb can be f'ed up by, it will be f'ed up by college chicks at some point. Having a good work culture and a simple non-lame system of treating customers is gonna be critical. Good people is make or break.

Obviously reaching critical mass is a huge unknown, but its much better to be a too small than too big - nothing keeps someone from coming back to a spot than seeing tons of empty space.

[slush fund]

[ QUOTE ]
Chaos,

Don't forget about insurance, permits, worker's comp, unemployment, and all the standard operating expenses (utilities, supplies, maintenance, etc).

You're talking about an 8-10 person 4-story operation. I suspect when you put together your real budget, operating costs are going to be WAY more than you're currently envisioning.

Also, managing a bar is SUPER hard. Especially in an environment like this. Very easy to have all your profits poured away every night or just walk out the door.

[/ QUOTE ]

this is what i am thinking, and thats just operating expenses. even at $3 a square foot, which is what you will be paying, what kind of condition is this place in?. this doesn't take into account the build out and start up costs. i am just curious how much cash you honestlty think it will take to get it up and running and then keep it running until it turns a profit.

you will have to over estimate how much you will need and how long you will need it before you can even think about taking profits out. that's why under capitalization is the #1 reason small businesses fail. failing in business isn't a big deal, its the best way to learn but there can be consequences that follow you out of this thing. almost certainly you will have to sign personally for the lease or any other agreements you make and if it goes belly up, you will be on the hook for all of it. where will you be getting your start up money, investors, personal money, family?

[Jeffmet3]

i go to cornell

if you want, pm me info and i'll be happy to help to the best of my ability.

also, in collegetown, location is very important.

and, the people there do have and spend money. good businesses in collegetown can be very successful.

edit: nvm. Ithaca Commons??

Don't invest in anything there. No one from Cornell goes there. Your target market will be Ithaca College kids, which is a much worse target than Cornell.


or, change it to something not geared towards college kids.

i just think if you're going after college-age kids, you want cornell, not ithaca

[Cornell Fiji]

[ QUOTE ]
i go to cornell

if you want, pm me info and i'll be happy to help to the best of my ability.

also, in collegetown, location is very important.

and, the people there do have and spend money. good businesses in collegetown can be very successful.

edit: nvm. Ithaca Commons??

Don't invest in anything there. No one from Cornell goes there. Your target market will be Ithaca College kids, which is a much worse target than Cornell.


or, change it to something not geared towards college kids.

i just think if you're going after college-age kids, you want cornell, not ithaca

[/ QUOTE ]

Jeff,

There are 6500 students at IC who definitely represent a captive market.

[Jeffmet3]

[ QUOTE ]
[ QUOTE ]
i go to cornell

if you want, pm me info and i'll be happy to help to the best of my ability.

also, in collegetown, location is very important.

and, the people there do have and spend money. good businesses in collegetown can be very successful.

edit: nvm. Ithaca Commons??

Don't invest in anything there. No one from Cornell goes there. Your target market will be Ithaca College kids, which is a much worse target than Cornell.


or, change it to something not geared towards college kids.

i just think if you're going after college-age kids, you want cornell, not ithaca

[/ QUOTE ]

Jeff,

There are 6500 students at IC who definitely represent a captive market.

[/ QUOTE ]

yea, but in terms of spending money, the difference is greater than the number of people.

also, i think his plan is geared much more towards cornell students than ithaca student

i'm also probably slightly biased by some stereotypes

[James Dalton]

[ QUOTE ]
Also, managing a bar is SUPER hard. Especially in an environment like this. Very easy to have all your profits poured away every night or just walk out the door.

[/ QUOTE ]

All you have to do is follow three simple rules. One, never underestimate your opponent. Expect the unexpected. Two, take it outside. Never start anything inside the bar unless it's absolutely necessary. And three, be nice.

[Chaostracize]

[ QUOTE ]
wow

no offence, with no experience whatsoever in running a bar/lounge this is way too ambitious, definitely use other people's money if you can.

GL. Just reading this scares me a little, this is gonna be so incredibly difficult in the establishment phase. Managing this place is going to be insanely hard, especially as you're still experimenting with everything. My advice is to absoloutely 100% idiot proof everything, whatever that people being dumb can be f'ed up by, it will be f'ed up by college chicks at some point. Having a good work culture and a simple non-lame system of treating customers is gonna be critical. Good people is make or break.

Obviously reaching critical mass is a huge unknown, but its much better to be a too small than too big - nothing keeps someone from coming back to a spot than seeing tons of empty space.

[/ QUOTE ]

While I appreciate your concern, the purpose of this thread is not whether or not I should open a business, it's what kind of business can be profitable in a college town. I realize there is a high likelihood for my failure, but I can always make money...it's the experience I want.

Also, with the current set-up, it will be very easy to build slowly, one floor at a time.

[ne14dirt]

So at this point is the current concept of a four floor college hangout set in stone? Are you willing to scrap the concept for a more viable business should one arise?

I guess what I am asking is if you are only looking for comments and suggestions on what you have already outline in the op or some deviation of that concept? For example, would you open a clothing store or an artist studio?

Also, please post pictures of the space. I think that is we had pictures it would really help in making more informed suggestions and comments.

By the way, I think this is a great way to get feedback on a venture such as this. I guess it’s an interesting way to ping idea’s off of people that I would have never thought of..

~L

[Chaostracize]

[ QUOTE ]
So at this point is the current concept of a four floor college hangout set in stone? Are you willing to scrap the concept for a more viable business should one arise?

[/ QUOTE ]

Definitely not set in stone at all. Will take about 2 months to close on the property anyway , so I have plenty of time to create a business model.

[ QUOTE ]
I guess what I am asking is if you are only looking for comments and suggestions on what you have already outline in the op or some deviation of that concept? For example, would you open a clothing store or an artist studio?

[/ QUOTE ]

I'm open to all ideas.

[ QUOTE ]
Also, please post pictures of the space. I think that is we had pictures it would really help in making more informed suggestions and comments.

[/ QUOTE ]

For sure. They will be coming on Monday.

[ QUOTE ]
By the way, I think this is a great way to get feedback on a venture such as this. I guess it’s an interesting way to ping idea’s off of people that I would have never thought of..

~L

[/ QUOTE ]

Word.