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citizen erased
Joined: 06 Apr 2008
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 Posted: Thu Oct 23, 2008 7:35 am Post subject: Starting a Bar in Korea |
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I think the economy in this country is built on a house of cards, I dont see these people overpaying for ESL much longer. So what goes into owning a bar here?
At my last hagwan, I saw the "director" drink soju with breakfast. I do see them paying or overpaying for the prospect of sex, and alcohol.
So, what goes into it? It sounds like investment visas are 50K won. |
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ben-ja-mas
Joined: 20 Jan 2008
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| Posted: Thu Oct 23, 2008 7:37 am Post subject: Re: Starting a Bar in Korea |
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| citizen erased wrote: |
I think the economy in this country is built on a house of cards, I dont see these people overpaying for ESL much longer. So what goes into owning a bar here?
At my last hagwan, I saw the "director" drink soju with breakfast. I do see them paying or overpaying for the prospect of sex, and alcohol.
So, what goes into it? It sounds like investment visas are 50K won. |
50K dollars my friend. Actually the way the world markets are going you could be right 50K won. |
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PeteJB
Joined: 06 Jul 2007
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| Posted: Thu Oct 23, 2008 8:00 am Post subject: |
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| ^ Hahahahaha. Let's hope not. |
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CeleryMan
Joined: 12 Apr 2007
Location: Seoul
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| Posted: Thu Oct 23, 2008 10:55 am Post subject: |
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| Being inherently criminally-minded is a prerequisite for getting into the booz business, especially in this country as a foreigner. I'd also make sure you have at least 2 'fall guys' should you need to cash out and skip town. |
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Straphanger
Joined: 09 Oct 2008
Location: Chilgok, Korea
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| Posted: Thu Oct 23, 2008 3:46 pm Post subject: |
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| CeleryMan wrote: |
| Being inherently criminally-minded is a prerequisite for getting into the booz business, especially in this country as a foreigner. I'd also make sure you have at least 2 'fall guys' should you need to cash out and skip town. |
Yeah, that's not entirely accurate.
Wait.
That's entirely inaccurate.
Your books need to look like they were polished with holy water by Mother Theresa because they *will* come in and measure the amount of liquor in your bottles at their whim. They will count the coke and cider bottles in your fridge too. But yeah, it's doable. |
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Are they the lemmings
Joined: 15 Feb 2007
Location: Not here anymore. JongnoGuru was the only thing that kept me here.
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| Posted: Thu Oct 23, 2008 4:16 pm Post subject: |
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| Yeah. Whatever happened to this? |
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Cohiba
Joined: 01 Feb 2005
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| Posted: Thu Oct 23, 2008 4:36 pm Post subject: |
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I talked to one of the co-owners of RMT in Itaewon. They put in an
initial investment of 400,000,000KRW. So, I think that if you think
you can do it on 50,000,000KRW then, all I can say is: Say goodbye
to your money. |
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citizen erased
Joined: 06 Apr 2008
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| Posted: Fri Oct 24, 2008 3:33 am Post subject: |
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A bar is a few tables and a few cases of beer. As long as the real estate isnt outrageous, what costed 400 million won?
(and yeah, sorry, i did mean 50,000 USD) |
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Cohiba
Joined: 01 Feb 2005
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| Posted: Fri Oct 24, 2008 4:13 am Post subject: |
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| citizen erased wrote: |
| what costed 400 million won? |
You must be a Harvard English grad or something right?
Anyway, the RMT guys gutted the building's 2 floors and remodelled
everything in a rustic, real wood sort of feeling. Looks nice, makes
people comfortable, costs a lot. Kitchen equipment, fire standards,
nice tables and chairs, specialty carpentry jobs, sound system, video
system, insurance, money for staff at start-up, money for costs before
the business starts to break even. Then add initial key money and
monthly rent. 400,000,000KRW (I don't know if they used it all)
If you set up a bar that looks cheap, why would I go? And more
importantly, why would women want to go? And dude, if there are
no women you will die very quickly. If you set it up away from Seoul
then nobody would come anyway, If you set up in Seoul then you need
to compete with the likes of Wolfhound, RMT, 3-Alley etc. These are
all professional, well designed and equipped, and it took a LOT of money. |
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