Pour 1 — Can I Buy You A Drink?
After much consideration and a little motivation from friends and family, my good friend and I have decided to couple our financial resources to open a bar. The process has been tedious and getting answers to questions has been more of a chore than anything else…and we haven’t even opened the doors yet.
Family First! No Exceptions.
Many things have crossed my mind as we embark on this journey. First and foremost is family. I hesitated at first because this would mean spending time with my son would be a more challenging feat. And I refuse to even give him any inclination that “daddy owns a bar”. My goals are short term: open a great bar, grow it into a self-sufficient machine, and sell my interest. My intentions are financial. I’ve always been interested in commercial real estate. I am confident that doing this will allow me to explore new opportunities with less of a stigma attached…not that I’m really worried about it in the first place, or I wouldn’t be doing this. But it definitely raises concern. Just not something I want my son (and future children) to be associated with.
Friend = Partner
Second is my friendship with my partner. We’ve been good friends for a long time now. And I would be an idiot to think we are going to see eye to eye on everything. The good thing is that we do trust one another. Without that, we would be headed for certain disaster. Partnerships are hard. Partnerships with friends are even more difficult. There’s more at stake. But we’re focused on a similar goal, and we both have alot on the line…personally and financially. Every decision counts.
Friend = Competition
Another concern is that we each have friends that own bars. Now we’re going to become the competition. Friendly…but still competitive. Part of the planning process is your theme. While we aren’t going to have a blatant theme to go with our catchy name (more on that another time), we will still cater to the same audience as our “competition”: the young, social career-oriented professional. I do know that we plan to offer one additional aspect to our establishment. But I’ll expand on that a little more in another “Pour” down the line (don’t want to give all our secrets away just yet). So, back to our friends…I don’t think its naive of me to think that we can work together. In fact, one of these friends, whom I’ve known since 7th grade, has been gracious enough to help us get going. When you bascially know the same network of people, his help becomes somewhat of a sacrifice…and is greatly appreciated.
So, I’ll leave you with this. But look for “Pour 2″ (versus “Part 2″…thought it was catchy) soon in which I’ll discuss the importance of doing your due diligence. While this is important with any business, we found it to be critical for our purposes.
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July 14th, 2007 at 10:30 am
Best to both of you as you begin this new challenge. I’ve given some serious thought to owning a bar in the past as I would love to own a neighborhood bar. When I did my research and due diligence, I came to the conclusion that it wasn’t the right thing for me at that time.
I’m looking forward to future posts in the Pour series!
July 14th, 2007 at 10:40 am
Good luck with your new adventure! Let me know when it opens, and I’ll come buy a beer!
July 16th, 2007 at 10:31 pm
I’m counting on it.
July 14th, 2007 at 4:37 pm
Awesome! My brother, a friend, and I have talked about wanting to open a club/bar if we ever get the chance after we graduate college! The best of luck with your venture
Be sure to keep us updated!
-Gregg
July 14th, 2007 at 4:40 pm
Definitely a good idea to enter into this venture with a partner, especially when family comes first. I have a friend who was inexperienced in business who opened a bar by himself recently, underestimating the work needed, and now he is literally putting every minute of his life in there. He just bought a sofa bed in his office so he would sleep there and be able to work right after he wakes without wasting anytime. He has no more time for himself.
http://www.succeedwiththis.com
July 16th, 2007 at 5:39 pm
Good luck Derrich. With the “network” of friends we have, I suggest you never, ever get behind the bar. I guess that won’t be a problem since you still don’t know what’s in a rum and coke…
July 16th, 2007 at 10:30 pm
Good thinking. And I do too know what’s in a rum and coke. Wait. It’s that dark drink in the small glass, right?
July 19th, 2007 at 3:31 pm
[…] If you missed Part 1…excuse me, Pour 1 of this series…check it out: Pour 1: Can I Buy You A Drink […]
July 20th, 2007 at 1:50 am
[…] the text links, graphics links, and ads nicely. Derrich is opening up a bar soon, so maybe he can pour you a drink. I’ve always been against business with friends. But I wish you well in your […]
July 26th, 2007 at 12:45 pm
[…] you missed Pour 1 & 2, be sure to check them out. Pour 1 — Can I Buy You A Drink? Pour 2 — Realize Your Business Goals. Do Your […]
August 15th, 2007 at 3:01 pm
[…] Pour 1 — Can I Buy You A Drink? Pour 2 — Realize Your Business Goals. Do Your Research. Pour 3 — Choosing A Name That Sticks. Pour 4: Getting The Word Out. Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages. […]
August 28th, 2007 at 3:51 am
Good luck with this.
I’ve learned from my own experience that making money — as opposed to earning money — takes heaps of hard work, thought, and (dare I say it)courage.
As you’ve explained, there are other concerns as well. You mentioned that your friends will become the competition.
I think this kind of thing happens a lot with business, which is why so many people pull out. Also, they can’t quite get their heads around being THE BOSS when for so long they’ve been just an employee.
Capitalism is a lot harder than people think!