Extremely Frustrated need suggestions!!!

Ashlinggnilsia

Ok so here is the situation I am getting increasingly frustrated by the fact that I have really good ideas for business in my local area and I know that where I am situated really needs what I want to do but.... I have no money to make it possible. I know my idea would be a success and would rake in loads of money but I have no money to set up the business !! Has anybody got any ideas of how to raise money for such things!!! Like I am really and ideas person I have really good ideas for business's and when I suggest the ideas to people they are all like ya that would be great. But I have no way of funding such a business!!! So confused and frustrated!! Any help would be greatly appreciated!!! Thanks!

drunkmonkey

What kind of business is it, do you need much capital?

Ashlinggnilsia

drunkmonkey wrote: »

What kind of business is it, do you need much capital?

I would love to open up a late bar, where I am from, and to be honest I havn't a clue how much it would cost but I know it would be a great idea because the place I live there is like two late bars who basically have a monopoly on it, 1 place only has the business because there is nowhere else to go to and the 2nd place only gets business cos the other place is too packed. And I know if a good decent late bar was set up in town with good thought put into it and ideas it would steal the business left right and centre, everyone is sick of going to the same place every weekend and want somewhere else to go but there is nowhere else!!

Piriz

Hi Ashlinggnilsia,

I think you need to scale back your ambition to within your means.
It's easy to have ideas such as yours but to make an idea a success you need to factor in a whole lot of reality.
Identifying a market is forward thinking but its not enough. I too noticed a opening for cheap, quality fast food in the Irish Market while in California, 'In and Out Burgers' business model could produce better food than McD's and BK yet at 30% of the cost to the consumer, it's reasonable to assume it could transfer successfully to Irish cities. However, I certainly am not the one to do it.
As far as the night club idea goes, you need to consider the barriers to such a venture: Licencing Laws would be difficult to overcome, especially for a late bar,
insurance could be enormous, acquiring suitable property, interior design and fire certs, professional management and security staff, jesus there would be so many things to be on top of...
If you could commit yourself to making a business plan it could be a start but without perhaps years of business & new venture experience nobody will invest in you, banks wont give you capital, certainly not during these times...what can you bring to your idea that would make it successful and would deter someone from simply stealing your idea and bankrolling it themselves and not include you...
anyway im trying to inform you of what would be involved in such a large venture..
If you have lots of ideas focus on the smaller ones, if you could identify a market and operate as a sole trader this might be more attainable and less stressful too, i hope i havn't quashed your idea but given some perspective to consider..good luck
you should consider a course in business too as business knowhow is essential to support any ideas..

Ashlinggnilsia

Do you know what you saying that hasn't deterred me at all, I do not no how to do it but i do realise what is involved, i will be graduating shortly with my business degree and am currently working for a business networking organisation, I realise what is involved, I feel like i could almost guarantee it to be a success but I know never to guarantee. I know many ways to make it unique to the other places but obviously im not going to say it on here cause then of course someone could steal my ideas!!

It's like this I know I am business person, I know this sounds soo corney but its like its in my blood and its soo frustrating having ideas but not having the money to do it, I know of course that banks aren't going to be the answer to this problem, and I feel like I might be able to make some connections from my new job but I am not with them long so I'm not going to go asking all guns blazing at them moment. Like I would be fully interested in a partnership if I could find someone who knows how to actually set it up i.e. legalities and all that I have no problem with doing all the rest of the work, like once the "paper work" would be sorted I know I could do everything else by itself!!! Even though I said I know not to guarantee if people knew what I knew about the location and people's demand I know it would be a sucess!! I feel like I could guarantee that!!

Like I don't even drink so its not like im like ah yeah a night club would be some laugh ah ya!! I think it would be a good money maker if it was done properly, good music, good atmosphere, good style and I know how to do that to speak metaphorically I have all the ingredience just don't have the pan to bake it in

Piriz

Hi again,
Im glad to hear your 'business' educated, if you are serious about doing this, do it! investigate whats possible, locations/property, licences (contact your county council), read up on what would be involved and create a business plan, do the numbers, income/expenditure, start up costs, the least you will achieve is a clearer picture of whats involved...and you can demonstrate that you have backed up your idea to any potential investors. I would imagine you'd be seeking an investment circa €1,000,000+, depending on premises etc.
However, do you think its plausible you could find this kind of investment? could you get a viable return on such an investment? whats the risks?

Ashlinggnilsia

well at least now i have an idea!! That sounds like alot, but maybe its not I don't really now, like that sounds like alot of money to me but at the end of the day if that was too much nobody would be making any money from it so I would say that is fine then, thats an idea, might ask my boss to help me make a business plan and that!! I don't live in a city or anything its a town but its a big enough sized town so things would be alot cheaper where I am then they would in a city!!! I honestly believe that if I set up a nightclub in the location I want, with good music, good location within the town and stylish it would be jam packed every weekend!! it would take loads of the business from the other places if not almost all of it people in this area have been waiting far too long for a new nightclub/late bar everyone wants one but nobody has done it yet and this is the perfect time for it. I feel like its only a matter of time before somebody does and I would love to get in the first!

Ashlinggnilsia

So I suppose my final question to everyone would be....Does anyone know where to find investors?

drunkmonkey

Ashlinggnilsia wrote: »

So I suppose my final question to everyone would be....Does anyone know where to find investors?

Piriz had some very good points don't let your qualifications get the better of you.

Why would an investor invest in your idea above other ideas, what experience have you managing staff, running a business, the hospitality business, what investment are you bringing to the business besides local knowledge?
Any finally why will this late bar be better than the other 2, because your running it??

Sorry Ash just playing devils advocate but I too don't think you've thought this through. A degree means very little in the business world. Experience is priceless.

Chet Zar

Hmmm while I think your enthusiasm is great, (I am looking at setting up a business myself in the near future) I would wonder about a late bar in what I presume is a small or medium sized town down the country somewhere? I don't know if the idea that people are sick of going to one place will bear out in reality - how are you so confident that people will suddenly flock to your bar? Will they take to it? How much will you have to invest to make sure that it WILL be somewhere they'll want to go to. Also, it's not just investment that will get people in, they have to 'take to it' - there are so many variables...

Plus the cost is by far the biggest thing. You sound like you are very motivated and business oriented - have you considered other lower-risk but still promising ventures/ideas?

Ashlinggnilsia

Oh I wasn't saying that just because I have a degree means im great or anything, I was just asked if i had any education in business and that is why i said i was getting my degree shortly, If hypothetically speaking i got the money right now, its not just local knowledge I have, I know good music, and what looks good in realation to design of the building, its really hard to explain everything to ye over this but there is alot I am holding back because if I said it out on boards I know my idea would get robbed and I am not willing to risk it, its not the idea of just opening up a nightclub/late bar that i have I have ideas on how to make it unique and enjoyable for everyone. Like i don't want to just open up a nightclub and let it run itself I want to have everything to do with it, Pick out the decor, choose the music, of course if someone can convince me that something else would look better or sound better I would take their advice. And the reason it would take the business from the other too is not simply because people are sick of the other two places, yes that does factor in but It would be completely unique from the other two I have an idea of what I can do with it that the other two don't have which would attract even more people.

Chet Zar: To be honest its a fairly big town it needs another latebar/nightclub there is a huge opening for it, and i totally understand what you are saying like i said on another thread it will be what i make it, I cannot just sit back and don't expect to just sit back and let it sort itself out, I know that people like to try new things and new places and pubs and clubs but I have to make it so enjoyable for them the first time they come that they will want to come back and it will be their favourite place to go, I realise that though it does need to look good because that is the image i want people to have of it but pub goers will go where they feel comfortable, relaxed and where they are having a good time, I have to create the atmosphere and I realise atmosphere cannot be bought and fitted next to the chairs it needs to be made not bought and I feel I could do this! As I said before, I do not drink so its not like I think "ah wouldn't it be a right laugh to own a nightclub ya some craic gettin langers the whole time". I am interested because I like the idea of it and I know it would be a money maker in the area I am intersed in and I think the recession is a good time to do it because rent etc would be at its lowest and the fact that I know students, young people all the type of people that are night club goers are currently drinking at home before they go to the nightclub, the skip the pub drink at home but still go out to the nightclubs!

Chet Zar

Ashlinggnilsia wrote: »

Oh I wasn't saying that just because I have a degree means im great or anything, I was just asked if i had any education in business and that is why i said i was getting my degree shortly, If hypothetically speaking i got the money right now, its not just local knowledge I have, I know good music, and what looks good in realation to design of the building, its really hard to explain everything to ye over this but there is alot I am holding back because if I said it out on boards I know my idea would get robbed and I am not willing to risk it, its not the idea of just opening up a nightclub/late bar that i have I have ideas on how to make it unique and enjoyable for everyone. Like i don't want to just open up a nightclub and let it run itself I want to have everything to do with it, Pick out the decor, choose the music, of course if someone can convince me that something else would look better or sound better I would take their advice. And the reason it would take the business from the other too is not simply because people are sick of the other two places, yes that does factor in but It would be completely unique from the other two I have an idea of what I can do with it that the other two don't have which would attract even more people.

Chet Zar: To be honest its a fairly big town it needs another latebar/nightclub there is a huge opening for it, and i totally understand what you are saying like i said on another thread it will be what i make it, I cannot just sit back and don't expect to just sit back and let it sort itself out, I know that people like to try new things and new places and pubs and clubs but I have to make it so enjoyable for them the first time they come that they will want to come back and it will be their favourite place to go, I realise that though it does need to look good because that is the image i want people to have of it but pub goers will go where they feel comfortable, relaxed and where they are having a good time, I have to create the atmosphere and I realise atmosphere cannot be bought and fitted next to the chairs it needs to be made not bought and I feel I could do this! As I said before, I do not drink so its not like I think "ah wouldn't it be a right laugh to own a nightclub ya some craic gettin langers the whole time". I am interested because I like the idea of it and I know it would be a money maker in the area I am intersed in and I think the recession is a good time to do it because rent etc would be at its lowest and the fact that I know students, young people all the type of people that are night club goers are currently drinking at home before they go to the nightclub, the skip the pub drink at home but still go out to the nightclubs!

It does sound like you've given it a lot of thought. However, as mentioned above, what do you actually bring to the table in terms of this specific area? I mean, I love the thought of having my own bar/late bar/club, but even if I lived in a town where there was scope for having a new one, actually going to set one up wouldn't be on my radar in any shape or form. Why? Not because I don't think I'd be any good at - I think I would! - not because I wouldn't have an eye for design etc - but simply because I know SQUAT about the bar trade, setting up a bar, insurance, costs, staff, security, tax, legal responsibilities, licensing, partnerships with other providers/businesses, etc etc. All my knowledge of the bar and club trade is from drinking in them and inconsequential tidbits I've picked up over the years (one being that running a bar is bloody hard work!).

Now, as a contrast and to illustrate my point, the business I am looking to set up in some shape or form is an area in which I have an active stake and interest, it's in a sector of which I have over 4 year's experience, and I am very up to speed with trends/movements in the area - what is needed to succeed, dos and don'ts, maximising the potential of my project/business etc.. see what I'm getting at? Also, I have limited capital but luckily my start up costs are very low.

Defo not raining on your parade, love to see passion and enthusiasm, and I also think if there is a market there is potential of course - but just getting you to step back and think it through a bit more.

Thoie

Ashlinggnilsia wrote: »

If hypothetically speaking i got the money right now, its not just local knowledge I have, I know good music, and what looks good in realation to design of the building,

I think a good place to start would be writing down the "what's and how's" - that's some of your business plan right there. So, from your list above a "what" is "Good music". Then write down the "how" - are you going to hire a popular local DJ, are you following what's trending in the charts, at live gigs, on the internet? Are you planning on creating the playlist yourself, and if so, what are you basing that on? Gut feeling isn't a suitable answer for the "how".

An investor isn't going to accept your word that you know good music - you need to demonstrate that your music choices will be favoured by 90% of your demographic. Same with the design - put down on paper the "how" of how you're going to achieve the look. Have clippings from magazines saying "these are the tables we'll have" and know how much they cost. Know your demographic, write it down - are you aiming at 18-25 year olds? Their taste in music might not match the 35-50 age bracket who may have more money. For every "must have" on your list, put a realistic cost against it.

You say there are 2 late bars in your town. Are there other pubs who might be interested in branching into that field? Partnering with an existing license holder might help overcome some of the "paperwork" issues.

Try and get some experience in the bar/nightclub area as well so that you can see how things are done - this will give you ideas on areas you want to avoid/improve on for your own venture. Being able to tell an investor that you already have experience in that field will help.

Talk to your local bank about new ventures. They may not lend to you at the moment, but may have sample business plans, or some kind of starter packs, and may be interested in working with you later. BOI have some guides online, other banks may do too. Talk to Enterprise Ireland (they might not be the right people for your idea, but may be able to point you in the right direction). Talk to your local Enterprise Board.

Ashlinggnilsia

That is my point exactly I know of what is involved, public liability, etc but I don't know everything, I have not worked in a bar but I do not take this to mean failure, Ideally I would like an investor who could in a sense show me the ropes, in relation to the setting up of a business, and I think the only way you can properly learn what is involved is by doing it. Yes I do think it would be beneficial had I worked in a pub/latebar etc but I havn't and that is fact I am not going to lie about it but I am a business person, I wouldn't be able to take on every type of business but I know it something that I can do as I said before like im not going to say im the beez b****x because im not, but you know you can make your business work and I know I can make the idea I have work. Like I am going to look into it alot further but until I feel like I have a possibility of getting some financial backing from somewhere it is really pointless!! Like when I first thought about it I was like ah that would be such a good thing to do but then I thought sure the bank isn't going to give me money = fail so I stopped thinking about it but then I rememberd I could always try and get backing elsewhere which is what has sparked me to think about it again which is why I came on here to get some info. Like I'm not saying I would be ready to start tomorrow and I'm not saying I know everything I would need help

MagicMarker

What the hell do they teach you for a business degree these days? :eek:

Why not start out by getting a job in a bar?

Ashlinggnilsia

Thoie: As regards to DJs and that in the two places the DJs are restricted by management as to what they play because they are afraid if they play a song that everybody loves that they will get too rowdy!! I plan on giving them what they want.... must I must say everything you have said is very interesting and helpful along with everyone else, and I welcome yer criticisms because it will throw up questions I maybe hadn't thought about and then I can try figuring them out!!

Ashlinggnilsia

Magic Marker: One thing I personally couldn't get over is the fact that they taught us about maketing, employment law, managment, web applications, accounting, etc but over the years not one lecturer has showed us how to do a business plan or set up a business.... I actually feel embarassed not knowing but shur I'm trying to learn!! That's all I can do!

Thoie

Ashlinggnilsia wrote: »

I don't know everything, I have not worked in a bar but I do not take this to mean failure, ...
Like I am going to look into it alot further but until I feel like I have a possibility of getting some financial backing from somewhere it is really pointless!!...
I'm not saying I know everything I would need help

And these are all things you can put in your business plan. Like the others, I'm not trying to rain on your parade, but your business plan is what you use to sell the idea and attract investors. It's highly unlikely (but not impossible) that you will get an investor without one.

Do the impossible: make a list of all the things you don't know
You've already thought of some of them - solicitors for legalities, accountant for company registration/tax advice. An experienced bar manager who can tell you what drinks to order, how to deal with the breweries. Do you need a carpenter/builder to build your design? An architect?

Mentally walk yourself through a day in the bar, and think about problems that might arise, and what kind of experience/people you need to deal with them. Will you need security? Wheelchair access? Who's going to clean the toilets, and how often? How many power points does a DJ box need? Who will deal with staff issues - the bar manager or you? What happens if someone gets injured (that's where your public liability insurance comes in, and that might be where you want a solicitor to set that up).

An investor's job is to pick holes in your business plan. Don't leave any holes. Brainstorm with friends/family, see what holes they find, and know (and write down) how that will be dealt with. The answer may be as simple as hiring an expert (solicitor/accountant/bar manager), but, like the tables, you'll need to factor in those costs as well.

frag420

HI

Myself and two mates looked at doing something similar last summer when our local haunt was vacated. The problems we had were similar to yours as in raising enough for lease, stock, slight refurb etc. We identified a few things that were missing in the region like a place that plays decent music and does not pander to chart stereotypes etc. I researched loads about money saving ideas for the bar, how to get people in on quite nights, quality Dj's etc. It is something I do intend to pursue further at some point when the time is right.If you want to brainstorm ideas sometime just pm me. The best thing you can do is to get a decent business plan together with a clear idea where you want to be in five/ten yrs time. The hard part is getting the green to get everything up and running. Nice to see someone else out there with a dream like mine...........best of luck.

frAg

edit- just reading your bit on the dj's which i missed while posting. good to see your not pandering to the usual crap. More bars like this are needed.

Thoie

Ashlinggnilsia wrote: »

Thoie: As regards to DJs and that in the two places the DJs are restricted by management as to what they play because they are afraid if they play a song that everybody loves that they will get too rowdy!! I plan on giving them what they want.... must I must say everything you have said is very interesting and helpful along with everyone else, and I welcome yer criticisms because it will throw up questions I maybe hadn't thought about and then I can try figuring them out!!

Another good idea is to think further about why the other management restrict certain songs (and the other things they do that you don't like). You say they're worried that people will get too rowdy, but think about it deeper than that. What happens when people get too rowdy? How would this affect (cost) you? Would things get broken? How can you avoid that? Would fights start and lead to personal injury claims? Would staff feel threatened? Can the building physically support 300 rugby players jumping up and down on the spot in unison?

Ashlinggnilsia

Thoie: Cool stuff, that's the problem I suppose like i do need help with it because there is so much to actually consider I am afraid I would forget something. I'd say now I will try and get a template for a business plan and get cracking on it and see how that works out! Thanks for all your help.

Frag420: Thanks a mill, might just take you up on that offer.

drunkmonkey

Ashlinggnilsia wrote: »

I am interested because I like the idea of it and I know it would be a money maker in the area I am intersed in and I think the recession is a good time to do it because rent etc would be at its lowest and the fact that I know students, young people all the type of people that are night club goers are currently drinking at home before they go to the nightclub, the skip the pub drink at home but still go out to the nightclubs!

i'd guess 97.5% of people who go to nightclubs are drinkers, there going to the nightclub to get more drunk, dance and meet people. You don't drink, do you really want to spend your weekends dealing with these people, think about it, there's easier ways to make a living?
The demographic your aiming at is the 18 - 28 year olds, students, your right these people are drinking at home and then coming out, that's no good for you as there drunk and will need very beer once they enter the nightclub.
Then you've got the 2 competitors, one has been creaming it for ages with probably little investment, once you kit out your new club i'm sure they have a war chest to up their game, if they offered half price drink once you opened how long could you sustain your business?

You know good music? It's not you who decide the music it's the punters, If they want hard fluffy techno that's what you'll have to play. I don't see how your taste in music has anything got to do with anything.

Now as a beer drinker if you said you were going to open a chain of craft brewer pubs starting with your town, i'd drive up there regardless of where in the country it is and i'd bet you'd probably pack it every night and bring something unique to your area.

My Granny used to say what's good for the goose isn't always good for the gander. People surprise me every day;)

Ashlinggnilsia

Thoie wrote: »

Another good idea is to think further about why the other management restrict certain songs (and the other things they do that you don't like). You say they're worried that people will get too rowdy, but think about it deeper than that. What happens when people get too rowdy? How would this affect (cost) you? Would things get broken? How can you avoid that? Would fights start and lead to personal injury claims? Would staff feel threatened? Can the building physically support 300 rugby players jumping up and down on the spot in unison?

Ha ha ha no they just don't like us to have fun.... i kid i kid, to be honest I get your point but I know other night clubs in other locations play those songs, and sometimes the very very odd time the will play one of those songs and i think that maybe thats making it worse, if it was played most of the time it would be no big deal but because people love the song and havn't heard it played in so long they all rush to the dancefloor!

drunkmonkey

Thoie wrote: »

Another good idea is to think further about why the other management restrict certain songs (and the other things they do that you don't like)

edit: What song are we talking about??

I know a couple of local clubs near me were ordered not to play dance music as of the crowd it was attracting (students mad for dancing). The citys are not restricted, gangsters paradise if you will but town clubs won't get away with what their city counterparts can.

Ashlinggnilsia

drunkmonkey wrote: »

i'd guess 97.5% of people who go to nightclubs are drinkers, there going to the nightclub to get more drunk, dance and meet people. You don't drink, do you really want to spend your weekends dealing with these people, think about it, there's easier ways to make a living?
The demographic your aiming at is the 18 - 28 year olds, students, your right these people are drinking at home and then coming out, that's no good for you as there drunk and will need very beer once they enter the nightclub.
Then you've got the 2 competitors, one has been creaming it for ages with probably little investment, once you kit out your new club i'm sure they have a war chest to up their game, if they offered half price drink once you opened how long could you sustain your business?

You know good music? It's not you who decide the music it's the punters, If they want hard fluffy techno that's what you'll have to play. I don't see how your taste in music has anything got to do with anything.

Now as a beer drinker if you said you were going to open a chain of craft brewer pubs starting with your town, i'd drive up there regardless of where in the country it is and i'd bet you'd probably pack it every night and bring something unique to your area.

My Granny used to say what's good for the goose isn't always good for the gander. People surprise me every day;)

Oh don't get me wrong that is my point exactly I know what music people like and most of the places around here don't play what people like , like they will play chart stuff never ever ever and dance and the odd time a dance song comes on everyone loves it... I want to suit everybodies tastes and play music everyone likes.

And I go out with my friends the whole time when they are langers and I am sober and I still have a good time, drunk people don't bother me at all, quite entertaining actually.

You see I have a few tricks up my sleeve when it comes to the competition, just not going to say on this because they will be robbed!

drunkmonkey

Ashlinggnilsia wrote: »

Oh don't get me wrong that is my point exactly I know what music people like and most of the places around here don't play what people like , like they will play chart stuff never ever ever and dance and the odd time a dance song comes on everyone loves it... I want to suit everybodies tastes and play music everyone likes.

And I go out with my friends the whole time when they are langers and I am sober and I still have a good time, drunk people don't bother me at all, quite entertaining actually.

You see I have a few tricks up my sleeve when it comes to the competition, just not going to say on this because they will be robbed!

Were back to the music thing, what type of music are you talking about?, if it's dance as in proper dj's grinding the wheels of steel your not going to make money in your club unless it's 10 euro for a pint of water.

As for the competition don't ever underestimate them, they have funding, a track record and investors in place.

micdug

Ashlinggnilsia wrote: »

That is my point exactly I know of what is involved, public liability, etc but I don't know everything, I have not worked in a bar but I do not take this to mean failure, Ideally I would like an investor who could in a sense show me the ropes, in relation to the setting up of a business, and I think the only way you can properly learn what is involved is by doing it. Yes I do think it would be beneficial had I worked in a pub/latebar etc but I havn't and that is fact I am not going to lie about it but I am a business person, I wouldn't be able to take on every type of business but I know it something that I can do as I said before like im not going to say im the beez b****x because im not, but you know you can make your business work and I know I can make the idea I have work. Like I am going to look into it alot further but until I feel like I have a possibility of getting some financial backing from somewhere it is really pointless!! Like when I first thought about it I was like ah that would be such a good thing to do but then I thought sure the bank isn't going to give me money = fail so I stopped thinking about it but then I rememberd I could always try and get backing elsewhere which is what has sparked me to think about it again which is why I came on here to get some info. Like I'm not saying I would be ready to start tomorrow and I'm not saying I know everything I would need help

Talk about running before you can crawl!!! You've not shown a single reason why anybody will invest in you. Worst of all in your last statement you've shown you don't want to put the graft in - not working in a bar is not a failure, WTF?? - you have an idea that an investor will fund a club and teach you how to run it...... I mean if life was that easy.

Every Angel Investor (the only type of investor that will look at investing at this stage) will look at three major point -
a. A unique difficult to replicate business concept (like the other clubs could not refurbish/change their ambiance if they thought they would lose trade to you. You are utterly naive if you think otherwise).
b. Domain knowledge - you need to know the industry inside out. Nobody is going to babysit you. ever. fullstop.
c. Your investment. If this fails you get to walk away with no hit!!! No investor will take that risk. ever.

You bring nothing to the table. As an investor I'd walk away from this without a seconds attention.

If you are serious here is what I would do. (really optimistic version btw)
1. Go work for 5 years in the nightclub industry - preferably a club with a good reputation in one of the cities or even abroad. Get to be a club manager.
2. Save like hell for the 5 years so you have 100k in the bank.
3. Go home and look around for a tired club, with the owner about to reach retirement age. Approach him about leasing the business. Then approach 3rd parties about getting investment on top of your 100k to refresh the premises. You'll be lucky to keep 20% interest in the business. Choose wisely or they might have more then that in this business!

Then you are on the long, hard road to owning your own club.

Sorry to be harsh, but you come across as a dreamer, not an entrepreneur.

But really - my actual advice is to go for a year or two around the world (work in clubs while you do!). Learn what's beyond the borders of your little town. You'll mature a little and realise that patience and hard graft are what's required to build a business in this world.

Ashlinggnilsia

What I am saying in realation to music is that I will play whatever it is they want to hear I will not dictate to the djs on what they can and cannot play at the end of the day its about pleasing the consumers not what i want to hear but i know what it is they want to hear. Ideally i would love to split it in two or three and do different genre's in each but that is being ambitious!

Ashlinggnilsia

micdug wrote: »

Talk about running before you can crawl!!! You've not shown a single reason why anybody will invest in you. Worst of all in your last statement you've shown you don't want to put the graft in - not working in a bar is not a failure, WTF?? - you have an idea that an investor will fund a club and teach you how to run it...... I mean if life was that easy.

Every Angel Investor (the only type of investor that will look at investing at this stage) will look at three major point -
a. A unique difficult to replicate business concept (like the other clubs could not refurbish/change their ambiance if they thought they would lose trade to you. You are utterly naive if you think otherwise).
b. Domain knowledge - you need to know the industry inside out. Nobody is going to babysit you. ever. fullstop.
c. Your investment. If this fails you get to walk away with no hit!!! No investor will take that risk. ever.

You bring nothing to the table. As an investor I'd walk away from this without a seconds attention.

If you are serious here is what I would do. (really optimistic version btw)
1. Go work for 5 years in the nightclub industry - preferably a club with a good reputation in one of the cities or even abroad. Get to be a club manager.
2. Save like hell for the 5 years so you have 100k in the bank.
3. Go home and look around for a tired club, with the owner about to reach retirement age. Approach him about leasing the business. Then approach 3rd parties about getting investment on top of your 100k to refresh the premises. You'll be lucky to keep 20% interest in the business. Choose wisely or they might have more then that in this business!

Then you are on the long, hard road to owning your own club.

Sorry to be harsh, but you come across as a dreamer, not an entrepreneur.

But really - my actual advice is to go for a year or two around the world (work in clubs while you do!). Learn what's beyond the borders of your little town. You'll mature a little and realise that patience and hard graft are what's required to build a business in this world.

I think you will find I said "I have not worked in a bar but I do not take this to mean failure, ..." and I still don't think that because I hadn't worked in a bar it means automatic failure, I wasn't saying experience doesn't matter but to this point in my life i had not worked in a bar. - Never said i wanted someone to teach me how to run it - I didn't say they wouldn't change their plans (other business's that is) I said I had a few tricks up my sleeve! Didn't ask for a babysitter! What are entrepreneurs without dreams? I take your actual advice and what you said in points 1,2,3 seriously but I do think you need to calm yourself a bit, I had an idea, I asked questions and got answers. I thought originally because a bank would not be an option as for most people at the moment there was no point, but I then thought about other options, why would i even go ahead with making a business plan if i thought I couldn't get funding for such an idea, look to be perfectly honest the only reason you annoyed me with your comment is because it frustrates me when people lack ambition, and by saying your dreaming means to me you have none and suggest that I am not realistic, and ignorant of real knowledge. This was a starting point for me, wanted to get peoples opinions on the idea and help, and people did help and give their opinions which is what i wanted I never once said right lads thanks a million i think ill get my investor and open up tomorrow! I need to investigate this further, but wanted to get some advice first is that so terrible?

Ashlinggnilsia

DrunkMonkey: Just saw your edit there.... always Tiesto!

drunkmonkey

Ashlinggnilsia wrote: »

DrunkMonkey: Just saw your edit there.... always Tiesto!

Ohh lord, you've no idea what your getting into.

Maybe you should start with organising a club night with the place that only picks up the stragglers. Maybe get some good dj's down and see how it goes, can you make a few quid on the door, It'll cost you nothing only some hard graft, at least you can then get a taste for it and see how you like it.

maybe if you ask on the forms over here you might get a hand with organising a local club night with respected dj's/producers.

Forget about getting investors, your 10 years of hard graft away from that stage. What you currently have in mind is not a sustainable business.

Try your hand at promoting and see how you go. All the good music and none of the expense.

micdug

You looked for advice and you received it! Don't bite because you don't like the advice! It was actually written with a bit of humour but also honest advice.

Not having worked in a club will increase the chance of failure by a magnitude. Let's put it this way - the local Garda Super will object to you being granted a licence before you even get to set foot on the premises if you have no experiance running a club... unless you are thinking someone will act as licensee as well!

Unfortunately my comment about being a dreamer is as harsh as it sounds. You are not realistic and you acknowledged you have no experiance in this trade. You are simply dreaming about running a business. BTW both Dreamers and Entrepreneurs are ambitious. The difference is dreamers dream about achievement, skipping any of the hard graft needed to get there. And never get there. Entrepreneurs put the hard graft, long hours etc. to build a viable business. Harsh but true - any investor will say this in an even harsher tone.

I suspect anyone putting their hardearned cash into a business will want it run by an ambitious entrepreneur.

Look, I'm not trying to rain on your parade. But nothing is worse living your life as a "ambitious" dreamer..... take the hard road -thats why so few people startup and succeed with business.

Anyway, to answer your question have a look here: http://www.irishinvestmentnetwork.ie/home

CathalMc

I don't know the market, but if I was in your shoes this is how I'd proceed - and I'd see this as a multi-year effort.

It seems to me primarily you will need a partner with experience.

I would probably start by contacting a large number of club owners (particularly in other towns where there won't necessarily be competitive defensiveness) and get a sit down lunch with as many as possible. Explain your circumstances - get feedback, and ask them how they got started, and start building up your knowledge base. Expect some attitude - remember you're still just some kid. Ask if they know anyone looking to expand their business to a new location - they'd likely know the scene, you might get lucky. I might consider offering my services to help out with cash-flow or payroll accounting or general management for a few hours a week in exchange for access to the business details, as well as hands-on experience. This way you could build up a knowledge the actual day-to-day running and financials. This research, along with more specific quotations for insurance, suppliers etc, will form the bones of your business plan finances.

I'd also ask the about any bars or clubs under construction or in planning they know of (and they'd know the landscape). I'd be brazen about approaching these people and offering, again, a quid-quo pro arrangement, your cheap labour for the experience and hands-on involvement in the set-up phase. In my experience (wholly unrelated to services industries), people will rarely say no to enthusiastic and free help, especially during the stressful, unprofitable early days of a business.

If you haven't discovered a partner by this point, you at least have established your experience as someone who has indeed actually helped establish and manage a bar/club, with recent, relevant raw data to support your investor pitch.


Piriz: I totally agree about In&Out Burger (I'm living about half a block from one right now) - but what amazes me about the In&Out Burger system is: basically 2 items on the menu, amazing cheeseburger... and kinda crappy fries. How could dry cardboard-y fries possibly be one half the equation of such a successful brand. And then, they've pretty slow service for a fast food restaurant considering its essentially a two item menu, - it astonishes me they couldn't optimize the process a little more.

Ashlinggnilsia

Ok well thanks everybody for all yer help!