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Investment opportunity
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Classical Music Bar - Startup investment
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A classical music-themed bar in Sheffield would be the first of its kind in Yorkshire. There are no competing chains in the UK; Chopin in Manchester is a small restaurant which plays classical music and classical music bars exist in Tokyo – a reminder of a time when professionally produced vinyls were expensive to own privately. However, these examples do not compare to the objective which this business intends to fulfil, which is to reliably provide a combination of alcoholic beverages, lunchtime and evening food accompanied by classical music or classic jazz to listen to every night of the week, live or otherwise.
With there being no competitors in this market in the UK, this enterprise will most likely push to become an established nationwide chain of bars with similar styles in entertainment and musical services.
Nature of Business:
The main source of revenue would be drinks sales (estimated about 90% without a kitchen and 50% with). The notoriety of carefully selected live music performers may bring a following in their own right but it is the unique juxtaposition of classical music and the jovial atmosphere that social drinking brings which will inspire continued custom. The originality of the concept has shown to be the most attractive aspect to interviewees questioned during the study (see Research).
The drinks selection would be hot drinks (in homely mugs rather than fanciful glassware etc), real ales from the many local breweries: Sheffield Brewery, Abbeydale, Kelham Mills etc (one of my contacts is the MD of Stones Brewery), wines (other contacts include the wine merchant Jamie Goodheart of Boncoeur Wines), spirits, liquors and cocktails (see Features: Drink below). The bar would be open from 11.30am to 2pm on weekdays to accommodate lunchtime recitals. It would reopen at 5pm until midnight on most days.
Upon installation of a kitchen, food sales will become the second largest revenue stream. The opportunity to dine whilst listening to live music is a rarity nowadays. This, value for money and the quirky, frequently updated menu will keep punters coming back (See Features: Food Below). Lunch would be served from 11.30am until 2pm and supper from 5pm until 9pm and would allow for openings for Sunday lunchtime.
The installation of a sound system for regular live music events will not only save time and money each event but also provides another revenue stream by converting the bar into a recording environment. The live music can be uploaded as podcasts as a promotional tool. The nights that become popular will inherit a small drinks charge and the music uploaded from these nights would be vendible for an acceptable amount (podcasts are normally 80p for an episode).
At the end of each academic year, ready for Christmas, the bar will release a digital album consisting of the best tracks of the year. It will feature all the best performances and ‘studio sessions’ and brand new compositions. New composers bring with them their own entourage. CDs recorded live at Jazz clubs in the US in the 50s are still selling in major stores (eg Miles Davis and John Coltrane). This is what the bar will be aiming for – to become a leading authority in high-quality, live classical music.
The walls of the venue would serve as an art gallery and display works by local painters and sculptors. The business would simply ask for 10% of all sales. Refreshing the artwork will maintain the bar’s freshness. Exhibition nights would be held once a month, giving the artists the opportunity to talk about their work.
With the bar becoming the first of its kind and therefore a place which music lovers will be willing to travel to try, there is the possibility of selling merchandise. Items will be displayed behind the bar and include crockery, cutlery, glassware and polo shirts used in the bar itself – also music stands, mutes etc. all bearing the logo.
For quiet nights which otherwise make good concert nights such as Sundays, the venue and bar/catering services will be available for hire as a concert hotspot or recording space by music societies and private parties.
Target Markets:
The main sectors, which the business marketing strategy will address, consist of students, musicians, nearby office workers and lovers of the arts. The bar will achieve this using diverse publicity campaigns tailored to Sheffield’s 60,000 students who, although their disposable income is henceforth being challenged by an increase in tuition fees, often prioritise a good evening out over buying another text book.
Followers of classical music may not fall into the group of young adults who spend the most amount of money on an evening out but there are many arty students who come to the trial nights and appreciate a slower paced evening. Contrarily, there are plenty of classical music enthusiasts who spend more than the richest of students do when they go out. Sheffield’s hundreds of classical music students have nowhere they can consider home in terms of a bar which suits their tastes. This bar will be their perfect place to relax and socialise.
Classical music is appreciated by a huge fraction of the population. This is evident through the success of events such as the Proms and ITV’s Popstar to Operastar. Many appreciators will themselves practice classical music in some form: Sheffield and neighbouring towns are home to dozens of amateur choirs, brass bands and orchestras, many of whom have given positive feedback to this concept with the hope of performing at and frequenting the bar.
Most amateur music groups are in a constant struggle to keep afloat financially due to the changing attitude towards buying recorded music and attending formal concerts. This venue can offer them a new fanbase and a fee for performances in exchange for live music and bringing their existing entourage.
The financial district and law districts of Sheffield are next door to the property in mind. The city centre is teeming with middle-aged, middle-class office workers in the evening. Many office workers can be seen catching lunch on a park bench; until a kitchen is installed, the bar will encourage people to bring their own food and enjoy a drink whilst listening to lunchtime recitals or the stereo. In summer, the outside space could be used.
The theatre district, cathedrals and city hall are less than one minute away from the property in mind. The famous crucible is a hotspot in the evenings for theatregoers and the provision of theatre menus has become an important consideration for local restaurants. The added provision of classical music to compliment the dramatic arts will make this bar a sure a perfect start and/or finish to a cultured evening out for many. |
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| Total Funding Required: |
£200,000.00 |
| Min. per Investor: |
£50,000.00 |
| Industry: |
Food and Beverage |
| Sec. Industry: |
Tourism |
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| Region: |
Yorkshire and Humberside |
| Proposal ID: |
2961 |
| Investment Reason: |
Start-Up |
| Proposal Status: |
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Angel Investors Raising Business Finance Small Business Grants Business Funding Venture Capital
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