Good points by Dave here.
Location is not solely based on traffic but largely on the demographics of that traffic. You are likely looking for that 25 - 50 year male demographic and also a location where people frequent bars and are looking for a place to call home. The piece of the action part should be taken seriously and limited as much as possible. Your location may dictate a good part of that but I would really avoid giving up any of the action unless there is compensation from them in the way of lower lease rates or items the landlord will cover on the building maintenance and issues. Watch out for clauses that require you to do parking lot maintenance - for example - especially if there are other tenants using that parking. Having a bar in a high traffic location where the other businesses take up all the parking can be problematic. You want people to be able to park AT your establishment.
Something also to think about is local law enforcement. Do they have a hard on for the bars and therefore do things like park in front of the local bars at key times. A little known fact also is that in most areas, cops are not allowed to simply come in and peruse your clients. I have had situations where I actually had to tell the officers they couldn't come into my place without a real reason. I had a cop try to park in MY parking lot. When I asked him not to, he actually accused me of only being concerned because I might be over serving. I demanded that he leave. In this case though, it is all my parking and I know the Chief fairly well. He put a stop to it immediately as he knew that was harmful to my business. In today's day of alcohol enforcement, there is a premium on drunk driving with no consideration to the business owner. I agree with cracking down on drunk driving but patrons won't even stop to have a beer in a place if there is a cop parked outside. Conversely, if you have the place that is known as the cop hang-out, you will have a pretty good clientele there, very few issues with patrons, and quite frankly, cops drink like everyone else and won't generally bother anyone when they've had even one beer. Try hosting emergency services days if they are willing.
Every new business will cut into your football watching enjoyment. At least with a sports bar, you can still keep an eye on what your team is doing while at work.
The biggest key to what Dave said is that you better plan on being there and working your butt off pretty much seven days a week. Often you are the first to get there and the last to leave. As time goes on though, you will get employees in that you can trust and even toss them the keys with confidence. Still, in the words of Ronald Reagan - trust yet verify. Have security measures in place. Monitor alcohol sales vs content in bottles. Check that there is no watering down going on as well.
I think someone else mentioned - everyone becomes your friend when you are serving alcohol. It should be a very rare occasion when you buy someone a drink - even if you are sitting at the table with them on your "off" hours. I watched as a friend of mine when we would visit his bar would have people come over to sit with him expecting a free drink as they were being social with him. He did at times and then had to reel that back in - which was much tougher than not buying them drinks to begin with. The guy is a hunting partner of mine for over 20 years and a great guy. Even though he would offer, I would never take him up on it. Away from the bar - great. Not at his bar.
I even went so far when we had partners to make a rule that we had to buy our own drinks and if we bought one for someone, we had to actually pay cash for those drinks. They (husband and wife) didn't like it but he lived in the area his whole life. He had a shitload of "friends". Huge money savings and those "friends" didn't stop drinking because they had to buy them.
As to employees - that's again a tough situation. A general rule is that they get a shift drink after they are clocked out. Beyond that, they have to pay for it. But if they are getting drunk at your bar more than occasionally, I'd say that's a red flag. I have fun with almost all of my employees but I am their boss, not their drinking buddy.
I can go on if you like. This is a tough business and failures are all too frequent. But it is one of the most fun businesses I have ever been involved in.
