#1
When I graduate I want to either open my own recording studio or my own live music venue. I've decided it is easier and more of a chance to succeed with the venue so I am starting to look up costs and such to do so.

I want it to be a nice venue...nothing HUGE but not small either. Right in the middle ya know? Something where maybe local bands could play on weekdays but then on weekends I could have big/good bands play.

What I came up with so far is just the cost of the basic equipment needed (mixer, speakers,etc) and that came to around $12,000. The next thing I wanna start messing around with would be to figure out some revenue/expenses/etc.

My question is.....how much do "bigger bands" make?

I know this one festival my band played in the main act was Joe Grushecky, whom used to play/write with Bruce Springsteen. His band now plays locally around Pittsburgh (where he's from) and I know at the festival they charged $6,000. Also, the other day I went to see Devil Wears Prada in Cleveland. The venue was suprisingly small but decent enough for a good show. Tickets were like $20 and there were probably 200-300 people there I'm guessing. which means they made around the same (not subtracting other things).

Any thoughts on what I might need to figure out? Expenses, costs, etc? Keep in mind that this is still very much in the works and I am just starting to think about these things now haha
#2
I've recently started looking for a building to save up & purchase from the state to work on and turn into a venue. No idea if I'll need any liscences or anything.
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#3
They usually play for free drinks all night, if that's not enough. Buy them all party hats. I have some if you want to buy them, let me know what sizes and how many you reckon you'll need for the first while.
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#4
none if they show up an hour late because they were pissed off with the organiser
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#5
Security staff
Ticket booth staff
Cleaners
The building itself
Wiring up said building
Advertising
Bar staff if you actually want to make some money
Alcohol licence
Electricity bills
Sound techs
Accountant
Live music licence

You need a fair wedge of cash and business know how. Local bands aren't growing to draw huge crowds midweek and may end up being relatively poor in the profit side of things. Think about having club nights, for which you'd have to consider DJ costs.

I'm going through exactly the same thing at the moment with a 40 year vet sound guy. All I can say is thank f*ck he's doing most of the business end of things whilst I'm going to be dealing with the bands.
#6
Try to meet someone actually in the business and ask for advice, because I doubt anyone who isn't will actually know what they're talking about.
#7
Did you see the Devil Wears Prada at the Grog Shop in Cleveland..? I live right next to there!!!

But, yeah I know nothing about opening a live music venue....
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#8
Don't know a direct answer to your question, but the venue I'm most familiar with was opened several years ago by a couple of lawyers. Their practice is upstairs and they probably saved up about 10 years before opening up the venue. They're doing OK I guess since after the first year or two they were able to expand into the space next door, tripling their square footage. Aparantly they sell several million dollars of alcohol per year, but I don't know how much profit they get off that. They also happen to be the singer and lead guitarist for their own house band, and even get to do some touring.

That seems to be the way to do it...have a successful primary business and then branch out with the riskier endeavors for fun (and profit if you're lucky) later on. That way if it doesn't work out, you can still feed your family, and even have the resources to try again.
#9
Opening and running a business is so much more than $12,000, if you want to be succesful. I would recomend getting a very good job that could give you experience in this kind of field, saving your money, building up your credit and all of that until you can get a very good loan. After that I would start thinking about your venue...

By the way, not sure if you're to far into college to be thinking about this, but probably the best degree you could have to do this would probably be a Business Management degree.
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#10
acoustics. if you build the place, build it to sound good. it will save you money on gear and make all your fans/bands happier. if you're not building, get someone who knows what they're doing to help you treat it. it will make things 100 time better for your.

get a professional to look at your gear list and help install it all. you cant expect to get decent bands in there if you're PA sucks or if you cant easily set theirs up.
#11
Quote by nbur4556
Opening and running a business is so much more than $12,000, if you want to be succesful. I would recomend getting a very good job that could give you experience in this kind of field, saving your money, building up your credit and all of that until you can get a very good loan. After that I would start thinking about your venue...

By the way, not sure if you're to far into college to be thinking about this, but probably the best degree you could have to do this would probably be a Business Management degree.



Yeah I know that was just how much it was for the PA system/speakers/etc. I'm graduating in december with my business management degree haha Like I said.....literally JUST started thinking about this today so I'm not too far into my thoughts/planning yet
#12
Quote by Deliriumbassist
Security staff
Ticket booth staff
Cleaners
The building itself
Wiring up said building
Advertising
Bar staff if you actually want to make some money
Alcohol licence
Electricity bills
Sound techs
Accountant
Live music licence

You need a fair wedge of cash and business know how. Local bands aren't growing to draw huge crowds midweek and may end up being relatively poor in the profit side of things. Think about having club nights, for which you'd have to consider DJ costs.

I'm going through exactly the same thing at the moment with a 40 year vet sound guy. All I can say is thank f*ck he's doing most of the business end of things whilst I'm going to be dealing with the bands.



May be true about the weekdays but if I could get anybody to come to locals shows it'd be worth it just for the little sum of money I would make. I was thinkin about doin the bar thing cuz that would make more money too. Somebody mentioned they lived by the Grog Shop in cleveland wear I saw DWP and thats what that place was....with a bar. Thanks for all the tips though
#14
Bar = dollars, except for that most local bands probably won't draw a lot of crowds over 21 if you want to a lot of local stuff. Also, your costs will be more than 12,000 just for audio equipment. You also have to buy mics, stands, and cabling which gets very expensive, and you'll need lighting.
#15
Me and my friends have thought about doing this down the road when we're all kind of settled into any careers we might have. More or less a joint venture. The biggest part of starting any business is your business plan and the overhead you need to keep it running, but you should obviously know that considering you're a bus. mgt. major.

I'd say that one of the main things is location for one. Are other businesses going to like having a bar/music venue nearby? Is it going to be in a district where there's direct competition?

A huge thing I have with music venues is the atmosphere. Can someone who doesn't even like music go there to have a good time? Is it mainly a bar with bands or is it a venue that happens to serve liquor as a tasty beverage to enjoy the music? I've had places where I didn't care to go because the crowds always sucked, it would get dingy, and the acoustics were horrible.

Also something to look into is a theme bar. Just a suggestion, plus it automatically directs it to a certain consumer. I'd actually visit some successful venues to see what makes them tik. I've found the best to be in nashville or memphis. It's all about the live music there, but then that's the draw too. Best of luck to you if you're able to get something up and running.