TikTok is too influential

#101
#101
DinkinFlicka said:
There's no real "bar science" because every location faces too many anomalies to have any sort of macro-philosophy. You have to adapt to your location and clientele.

Only things that exist as constants are formulas for making sure your cost of goods sold hit somewhere between 17% and 24% (for the bar proper... this doesn't factor in food) and maintaining up to code.

If it's anything I've noticed about bars in the past ten years is that more and more people are learning how to properly use spreadsheets. The real reason bars are such a volatile, high risk business can be attributed to one, simple fact: most owners have absolutely no clue what they're getting into. It's rare that you'll see a bar started by someone who has actually worked and managed within the industry fail when comparing it to people who have not.
Click to expand...

I figured the target COGS at a bar/restaurant was a lot higher than that.
 
#103
#103
hog88 said:
I figured the target COGS at a bar/restaurant was a lot higher than that.
Click to expand...
Target: no.

Sad reality: yes.

My mentor taught me a lot. It would make me physically ill when I was doing consultation, and I'd look at their books (if they were even keeping books). Worst place I ever saw was running a 39% COGS. It was a dive/night club/shot bar. He was charging $8 for Angel's Envy... this was 2014, but still. He was giving bottles away to any pair of tits that walked in. His staff was always drunk. I eventually decided to not take the contract after a week of evaluating. Told him he needed to close immediately and hawk his inventory before finding an entirely different business to get nto.
 
  • Like
Reactions: Rickyvol77 and hog88
#104
#104
DinkinFlicka said:
Target: no.

Sad reality: yes.

My mentor taught me a lot. It would make me physically ill when I was doing consultation, and I'd look at their books (if they were even keeping books). Worst place I ever saw was running a 39% COGS. It was a dive/night club/shot bar. He was charging $8 for Angel's Envy... this was 2014, but still. He was giving bottles away to any pair of tits that walked in. His staff was always drunk. I eventually decided to not take the contract after a week of evaluating. Told him he needed to close immediately and hawk his inventory before finding an entirely different business to get nto.
Click to expand...

Friend owned a bar in Blacksburg and him and the other 2 owners treated it like their personal party pad. Yeah it went under and they had to sell. They had a lot of fun while it lasted.
 
  • Like
Reactions: Rickyvol77
#105
#105
hog88 said:
Friend owned a bar in Blacksburg and him and the other 2 owners treated it like their personal party pad. Yeah it went under and they had to sell. They had a lot of fun while it lasted.
Click to expand...
I think there's a balance between running a business like a well-oiled machine and enjoying your place as an owner. I reckon I've found that happy medium.

Just wondering if I ever want to undergo the stress of opening my own place again.
 
  • Like
Reactions: Rickyvol77
#106
#106
DinkinFlicka said:
I think there's a balance between running a business like a well-oiled machine and enjoying your place as an owner. I reckon I've found that happy medium.

Just wondering if I ever want to undergo the stress of opening my own place again.
Click to expand...

I've never been in that business but know a few people that have. The successful ones are working their asses off, they hardly ever take a day off and that's not for me.
 
  • Like
Reactions: K-town Vol Fan and Rickyvol77
#107
#107
hog88 said:
I've never been in that business but know a few people that have. The successful ones are working their asses off, they hardly ever take a day off and that's not for me.
Click to expand...

That's where I like to be, but you make way less money if you go hands off. If I owned a place, you'd catch me behind that bar just about every night. That's 2-3 managers you don't have to pay, and those are tips you're collecting.

I have a friend who owns a 2000 sqft little dive in Colorado. owns/operates it himself. That guy clears 400-500k working 5 nights a week behind the bar and lives right above it. I want to emulate that.
 
  • Like
Reactions: VolFaninFla, Grand Vol and Rickyvol77
#108
#108
DinkinFlicka said:
That's where I like to be, but you make way less money if you go hands off. If I owned a place, you'd catch me behind that bar just about every night. That's 2-3 managers you don't have to pay, and those are tips you're collecting.

I have a friend who owns a 2000 sqft little dive in Colorado. owns/operates it himself. That guy clears 400-500k working 5 nights a week behind the bar and lives right above it. I want to emulate that.
Click to expand...

That doesn't sound bad at all. I always thought it would be fun to own and run a "Cheers" type bar. The local watering hole, but even those are 7 day a week ventures.
 
  • Like
Reactions: Rickyvol77
#109
#109
I used to work as a bouncer at a bar in Hixson. It was a fun summer gig.

I've managed fast food and I've trained servers in seated service. Almost started sommelier training when I was at The Loft until I injured myself and had to quit.

Those who own restaurants and manage them well (or make solid managerial hires) have my utmost respect. It's a tough thing to do right.
 
#110
#110
DinkinFlicka said:
Target: no.

Sad reality: yes.

My mentor taught me a lot. It would make me physically ill when I was doing consultation, and I'd look at their books (if they were even keeping books). Worst place I ever saw was running a 39% COGS. It was a dive/night club/shot bar. He was charging $8 for Angel's Envy... this was 2014, but still. He was giving bottles away to any pair of tits that walked in. His staff was always drunk. I eventually decided to not take the contract after a week of evaluating. Told him he needed to close immediately and hawk his inventory before finding an entirely different business to get nto.
Click to expand...
Most people tending bar or managing one have little to no concept of the financial aspect. My wife deals with it all the time. She was having to teach grown men with plenty of experience that beginning inventory+purchases-sold= ending. They couldn't reconcile the bar and at times would be out thousands in a given month. That's product that's either been given away for free or just stolen. They'd leave flats of beer stacked by the bathroom and then be surprised when they walked off.
 
  • Like
Reactions: Rickyvol77
#113
#113
DancingOutlaw said:
Most people tending bar or managing one have little to no concept of the financial aspect. My wife deals with it all the time. She was having to teach grown men with plenty of experience that beginning inventory+purchases-sold= ending. They couldn't reconcile the bar and at times would be out thousands in a given month. That's product that's either been given away for free or just stolen. They'd leave flats of beer stacked by the bathroom and then be surprised when they walked off.
Click to expand...

It's painful because it's so damn easy. I ought to just sell my Google Sheets master bar doc template and a tutorial on how to use it to anyone opening a new bar.
 
  • Like
Reactions: Rickyvol77
#115
#115
DinkinFlicka said:
There's no real "bar science" because every location faces too many anomalies to have any sort of macro-philosophy. You have to adapt to your location and clientele.

Only things that exist as constants are formulas for making sure your cost of goods sold hit somewhere between 17% and 24% (for the bar proper... this doesn't factor in food) and maintaining up to code.

If it's anything I've noticed about bars in the past ten years is that more and more people are learning how to properly use spreadsheets. The real reason bars are such a volatile, high risk business can be attributed to one, simple fact: most owners have absolutely no clue what they're getting into. It's rare that you'll see a bar started by someone who has actually worked and managed within the industry fail when comparing it to people who have not.
Click to expand...
It’s amazing to me that people can not have a clue about business costs, food/drink profit cost, hiring the right people, and protecting themselves from theft, overpouring, bad locations etc but think they can successfully operate a bar because they just woke up one day and felt like owning a bar
 
#119
#119
The problem with men is they are all too eager to take on debt. They don't seem to realize what "debt" means. The problem with ladies is they stopped having fun. You better make sure you have both covered. I've managed bars at a too young age. It ain't easy.

Back on topic, tiktok is not the stupid one here.
 
#120
#120
China’s TikTok Generates More Revenue Via In-App Purchases than Major Social Media Platforms *Combined*

China-owned TikTok is trouncing its competitors in in-app purchases (IAPs), generating more revenue in the fourth quarter of 2022 than its top four competitors combined.

TikTok, which is currently facing down a potential ban by the U.S. Congress, has long had an in-app purchase feature. Some of its competitors, including Facebook and Twitter, have only recently introduced such features, and have a great deal of catching up to do if they want to approach TikTok’s revenues.
https://media.breitbart.com/media/2022/03/oscarsIGinfluencers1.jpg
China's TikTok Generates More Revenue Via In-App Purchases than Major Social Media Platforms *Combined*
 
New posts
You must log in or register to reply here.

VN Store



Back
Top