Here is some basic info that I wish I was told before I opened my first business. I’ve had two others since then. I’m not trying to discourage just tell the facts. I fully support anyone that want to follow their dream.
First of all, know that there are certain things that will cost you 24/7 such as rent, utilities, banking fees and insurance. No matter how many hours you decide to be opened. Startup costs include construction cost which can be as little as sweeping it out or you may need at the least an electrician to wire for a bunch of games.
Licenses such as state, county and city. Signage can be expensive if the owner requires channel letters like in a strip mail. A lease will most likely need to be personally guaranteed. And you may have a minimum time frame, usually 3 years. That means if you decide to close after say after a year you would have to come up with the money for the remainder of the lease. Don’t forget advertising. Word of mouth only goes so far.
You will need to know accounting unless you have a bookkeeper. You will have monthly/quarterly/annually reports for all the entities. Everybody has their hand out.
Insurance is a must. What if some breaks the glass and cuts their hand. Slip and falls. Break-ins and they took a hammer to the coin doors.
Believe me there are many more.
Again, I’m not trying to discourage but you need to have both eyes open. If you are doing this alone think about who will work when you get sick or have a family matter or just a vacation.
Wish you the best of luck.