Key Success Factors When Opening a Wine Bar

• Wine bars have become hot spots for social meetings and drinks with friends, and they provide an entrepreneur with the opportunity to work, be creative and have fun. But while operating a wine bar gives you creative freedom and the chance to follow a passion, it requires a lot of work, time and energy. Focusing on business strategy and key success factors will help you in the planning, opening and running of your wine bar.

Analysis and Business Plan

• A business plan is vital to the opening and maintenance of any business, including wine bars. To make a solid business plan, conduct an analysis of your wants and needs, such as the type of bar you'd like to run -- neighborhood wine bar or upscale space? -- and what you are capable of managing. For example, would you like to buy your own space, or an existing space, and what can you manage? Then, you must also analyze the market -- how much does real estate cost right now? What are taxes like? -- to determine what sort of budget you'll need.

  From this, formulate a business plan that includes the type of space you'd like, your market analysis, your company name, menu, tentative prices and staffing, including salaries or hourly wages.

Budgeting

• A budget is crucial. Keep track of your spending, and know how much money is going in and out of your business. Make a tentative budget, including initial startup costs -- buying space, bar equipment, furniture and decorating costs -- as well as projected costs such as rent, staff salary and profits.

  When more of your business plan is finalized, and as you maintain your business, stick to your budget -- and re-evaluate when necessary -- and continually keep track of profits and expenses.

Advertising

• Advertising is how you will attract customers and develop a crowd. Employ different types of advertising. Then, you can continue with those methods or choose the ones that work best for your place. Social networking is free, but specials like coupons can help attract people to try the place out. One of the best ways to maintain a good image is by living up to your claims about service, delicious food, and good wine, and also by employing a staff that caters to the customers and their needs.

Patience and Evaluations

• Be patient with yourself, your wine bar, your staff and your clients. Success will take time, and you will constantly need to evaluate your business, your budget and your progress to see what you need to do next. Be honest with yourself, but be gentle. It will take time for a crowd to gather at your wine bar, and it will take time to get things running smoothly. Patience is important, as is evaluation of progress.