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There are a few general strategic approaches you can undertake: - Cost-based market penetration strategy or in simple words – underprice your competitor.It may not be the best path to adopt though as you will have to be really careful with your expenses and have a sever cutting-cost policy in place.New York City Bar Association Small Law Firm Committee Robin Kravitz, Esq.
Now it’s time to identify whether it corresponds with the wants and likes of your potential customers.
- The type of clientele you’d like to attract - The bar concept and design. Some say location plays a huge role, other claim that with a right approach you can make a profitable bar business at any place.
For instance, an always crowded theme-bar in my are is situated in a hidden alley, in the basement without even a sign.
You know who your customers are and know a few places where you can meet them.
Now it’s time to settle on the perfect location for your bar to be.