Brief Overview of the Drinking Bar and Relaxation Spot Business in Nigeria

Nigerians drink beer a great deal. Lots of Nigerian men enjoy unwinding after work, at a beer parlor to gist with their male buddies. A drinking bar and relaxation spot business is a really lucrative business in Nigeria. If you begin this business, you will certainly make huge sales daily. There is a significant increase in the intake of alcohol in spite of the so called financial hardship in the country and the increasing religious beliefs that is against the intake of anything that contains alcohol like beer, wine, alcoholic beverages, and so on. Every part of the country consumes alcohol, without regards to tribe, ethnic beliefs or background and religious stand; this implies that the producers of alcoholic beverages make nationwide sales and current data shows a consistent increase in the sale of these drinks.

Potentials of Drinking Bar and Relaxation Spot Business in Nigeria

You can sell 1 bottle of Stout/Star beer for N250 at your beer drinking bar and relaxation spot whereas the wholesale cost is N200 per bottle. For each bottle of beer, you sell, you can make over N50 profit. If you sell 500 bottles in a day, you can make N50 x 500 containers = N25, 000 in profits. In a beer drinking bar and relaxation spot, you need to sell other meals such pepper soup and snacks as well as cigarettes. This increases your revenue margins every day. A drinking bar and relaxation spot business in Nigeria is very easy to start.

Steps to Setting up a Drinking Bar and Relaxation Spot Business in Nigeria

Business Plan

A business plan is essential for a drinking bar and relaxation spot business in Nigeria. A business plan is a written document that explains thoroughly how a business, generally a brand-new one is most likely to accomplish its objectives. Understand that a business plan sets out a written plan from a marketing, financial and functional perspective. A business plan is a written summary of your business's future. A business plan is a file that explains what you plan to do and how you plan to do it. Create out a business plan, for each stage in establishing operating a drinking bar and relaxation spot. This will help you prevent any type of reckless mistake, which will make you lose money.

Location

To guarantee success in a drinking bar and relaxation spot business in Nigeria, you need to choose an excellent location. If you choose a place where people are not frequent, you will have no customers. Ensure the place you select is secure, comfortable and easily accessible for your customers. 

Register your Business

Ensure you register your drinking bar and relaxation business with the Corporate Affairs Commission. This is an important step in establishing any business in Nigeria. The entire procedure for registering a business name usually takes 1-2 weeks, depending on the workload of the CAC and various other factors.

Capital

Capital refers to the funds that businesses can use to run their operations like cash, machinery, tools and various other resources. All businesses should have capital in order to buy assets and preserve their operations. You need money to set up a drinking bar and relaxation business in Nigeria. You can get funds from financial institution like banks which will serve as loan, you can also get sponsor or grants from families, friends and loved ones. 

Get a Refrigerator

You have to get a good fridge. You can get more refrigerators as your drinking bar and relaxation spot business grows. When your business becomes more established, you will be getting free branded refrigerators from beer companies as promotional products. These drinking bar and relaxation spot firms will want you to use the refrigerators for their products.

Buy Chairs and Tables

You need to get solid plastic chairs and tables. Ensure you get the original chairs and tables from good brands so as not to cause embarrassment and injury for your customers. Chairs and tables of top quality are quite costly however are much far better, much more secure and cost effective. Acquire as several chairs and tables as you need.

Buy Cups

You require cups to serve drinks. Get great glass cups that the customers will enjoy using. Constantly maintain your cups in good shape by frequently cleaning them. Get other things you believe you may need in your beer drinking bar and relaxation spot business. 

Employ Staff

Staff describes all individuals employed by a specific business. You cannot run a drinking bar and relaxation spot business in Nigeria all on your own, you have to employ people to help you. You need personnel that will buy drinks, serve clients and collect payments from clients. And you likewise require cleaners that will help you maintain the beer shop is tidy and in good shape. Employ sales girls/boys to work at your drinking bar and relaxation spot.

Get a Generator

You have to get a generator for your drinking bar and relaxation spot in Nigeria to grow. Nigeria is a nation plagued with poor and unstable power supply. A generator assists maintain your drinks cold at all times, and your drinking bar and relaxation spot well ventilated.

Find Trusted Suppliers

Find trusted suppliers that you can create a business collaboration with. These suppliers will supply drinks anytime you require it, and as frequently as possible. Buy various brands of drinks, particularly the popular ones like Gulder, Star, Stout (Big and Small), and Heineken as well soft drinks, wines and juices.

Overview and Features of the Excel Template

The excel template comes with a powerful presentation and a thorough financial analysis and model for succeeding in this business venture. The template will enhance your chances of getting grants, attract investors and bank loans.

Inside this template, you will get:

1. 3 years Income Statement.
2. 3 Years Financial Position
3. Cash flow Statements
4. Trial Balance and Account Charts.
5. Automated Macros to make the template faster, user friendly and accurate with little or no manual input.
6. 24/7 Support from our team of financial experts and analysts.