Campus Bar

[GrateWizard]

Just because I do not know, and I really do not know where to go look for information, I thought I would post on here and get some help.

I go to the University of Minnesota, and we just recently are going to be getting an on-campus football stadium. Which will be located right off our University Ave. and a few blocks from about 3 bars. Now, I was thinking about trying to scope out how I could go about opening a bar and resteraunt in that area as soon as possible, before the land gets to be any more expensive than it already is. Although, I really do not know anything about doing ANY of this stuff.

First off, is this a good idea? Or just one that would be good for the short run and soon fall off.

Two, how and where do I go about in searching for materials to research this kind of information that I need to get.

I am sure I need to get:

Insurance, liqour license, building, equipment, employees, etc. And probably a whole bunch of other stuff that I do not really know about.

And lastly, roughly how much does it take to actually start up a bar?

[toptemp]

Honestly, I would go to a professor to confirm/disconfirm my real estate predictions and then make a few purchase options and do some local advertising and make a decent profit for very little work.

Too much work and not worth your time for the bar especially if you don't know what you're really really doing-- in my opinion.

On the other hand, I may try to get some contract rights to operate a vending location of some sort within the stadium and then hire out local students to do the work-- assuming this is feasible.

[youngmoneyblog]

thats a lot of money to spend.

talk with a real estate agent and scope out your area.
in Florida, getting a license to sell alocohol is VERY expensive.

good luck!

[SSM]

Dont be discouraged. Go to a local bookstore and pick up a "Start Up" business book. Read through it...see what you think. They may even have a specialty food/beverage book on amazon.com or something.

Have you ever worked in the food/bev business? I have experience bartending in a high volume atmosphere and I've seen the #'s that come in at the end of the night. Believe me, you'll make money if you know what you are doing. Esp if there are only 3 bars in town. Just be within drunk walking distance of the stadium (hopefully the closest).

If you have extra money you can always pick up the plot of land you want and sit on it. Even if you dont pursue the bar, real estate always goes up.

[SSM]

On the other hand, I may try to get some contract rights to operate a vending location of some sort within the stadium and then hire out local students to do the work-- assuming this is feasible.

If you opened THE in house bar you'd make millions. I know the one at Detriot Pistions Palace charges $9 or so for a Capt & Coke. Thats about $8.50 in gross profit. Or you could just try to secure one of those kiosk beer stations. Minimal start up, low cost to operate, but they only operate on gameday. But yet again mark up is huge. If you sell drafts and not cans / bottles you'd be seeing nearly about 99% profit as a draft beer out of a keg costs about $0.12 and go for roughly $7-8 at sporting events.

[toptemp]

If you have extra money you can always pick up the plot of land you want and sit on it. Even if you dont pursue the bar, real estate always goes up.

...real estate doesn't always go up-- there is not always a greater fool just as stocks do not always go up.

Real Estate has intrinsic value based upon numerous factors. Sometimes it's undervalued and sometimes it's overvalued. In this case, the future value would probably be greater than current, but this is not always the case.

Obviously, you were using the term "always" loosely, but the only people that say that are those who don't make a lot of money on real estate.

[artdrops]

I hope you have deep pockets as a student because it will cost you thousands and thousands of dollars to open up a licensed drinking establishment, as well as countless permits.(construction/building/occupancy) and an o.k. by the Health Dept./ Fire marshall/ and L&I(License and Inspections) It is a huge undertaking, but like I said, if your pockets are deep go for it. Liquor + College Student = Money