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How to Get Funding for a Bar and Open the Venue of Your Dreams

You’ve got the money, right? You have the booze. You’ve enlisted the help of a cocktail mixologist. You’re well on your way to becoming the owner of the town’s hottest new pub. But now is the moment to improve the financial health of your company. And to do so, you’ll need to set yourself up to manage your funds daily.

To get your bar’s finances off to a solid start, you’ll need to perform the following:

Make Certain You’re Ready to Handle Unexpected Expenses

You must evaluate the kind of fees and unexpected expenses that will arise along the way right away.

Your refrigerator might break, your draft lines might go sour and need to be replaced, or you might discover that all of your perishables have gone bad because a bartender forgot to close the walk-in freezer door after they finished their shift.

Whatever the cause, while seeking finance for a bar, you’ll need to evaluate various expense categories—and, more importantly, be prepared for those you couldn’t anticipate ahead of time.

How to Launch a New Company Following Bankruptcy

Although it may seem difficult, starting a business after bankruptcy is perfectly feasible. You will be able to restart your business after filing for Chapter 7 or Chapter 11 bankruptcy.

Business owners and entrepreneurs frequently dread bankruptcy, which is amplified during turbulent periods like the COVID-19 pandemic or the 2008 financial crisis.

Even if you declare bankruptcy, you can still pursue your entrepreneurial goals of founding or running a firm and use bankruptcy hq here. It just means that there may be certain obstacles to take into account and additional financial trouble.

For Lean Times, Payroll and Working Capital Financing

Late October sees a dip in annual beer sales, which might lead to a slow winter. And, as you can expect, slow business leads to payroll issues. The pint, pitcher, and bottle are the lifeblood of your bar. The fewer thirsty customers you have, the less money you have to pay your employees.

Payroll finance and working capital loans, thankfully, offer a buffer against lean periods by providing short-term loans to cover employee paydays. These loans can also be easier to secure than traditional finance, even if you have bad credit or a small firm. You should keep in mind that working capital short-term funding is still more expensive than a typical loan, so you don’t want to rely on them to make payroll.

Managing Cash Flow with a Business Checking Account

Investing in bottles of strange schnapps that no one wants to drink isn’t a long-term plan. If you don’t already have one, a business checking account is the first item you’ll need. Fortunately, there are numerous solutions available to meet your requirements.

Applying for a checking account is simple, and you should be able to discover one with the types of benefits you’ll use frequently. Because most bars accept cash and credit card payments (rather than wire transfers, for example), you’ll want to look for checking accounts that allow you to make a large number of cash deposits for free each month and that are friendly to credit card transactions. You’ll also want to make sure you can withdraw large and little sums of money regularly, as you’ll almost certainly need to buy goods throughout the month.

Chase Business Complete Banking is one of the best introductory business checking accounts for bars. You’ll get 20 free paper or teller transactions per month with this account, as well as unlimited free electronic deposits—ideal for depositing or withdrawing cash regularly. Although Chase Business Complete Banking has a monthly cost, if you retain a daily minimum balance of $2,000, you can avoid it (among other ways to waive). This account also allows you to deposit up to $5,000 each month without incurring any fees, which should be plenty for your everyday banking needs.

Using a Line of Credit in an Emergent Situation or During Seasonal Cycles

A business line of credit can be used to cover unexpected costs as well as operational capital. Lines of credit differ from loans in that they allow you to draw funds as needed rather than having a single substantial debt that you may or may not require at any particular time. You can avoid paying interest on the money you don’t use by using a credit line. Better yet, unlike an SBA loan, which has stricter requirements for your financial health, you don’t need a spotless credit history to acquire a line of credit.

In an emergency or during seasonal dry spells, a line of credit can provide you with quick access to funds. Let’s say you need some cash to buy a couple of kegs of the latest and greatest double dry-hopped, glitter-infused IPA, but you’re already short on cash after paying your workers. Perhaps you need to upgrade your televisions before a big sporting event. You can use a line of credit to pay these types of expenses without having to tap into your emergency reserve.