Investing in a pub is a whimsical idea for many, yet few people have the skills and knowledge you need to run one successfully. While owning your own public house may invoke images of late-yet-happy nights behind a bar making new friends, reality is often different. Before making your investment, you need to consider whether you have what it takes in terms of capital, options, and gumptions to generate an income.
Not every pub for sale will turn over a profit
Not every pub for sale is immediately fit for business. When you're in the throes of browsing through potential prospects, it's easy to fall in love with one that ticks a few boxes, but comes with hidden problems. Before choosing a pub, always consider:
Is the pub's location right for your business venture?
Before narrowing down locations, consider what your pub's vision is. While a country business is great for work-life balance, it won't always guarantee a steady flow of customers and is less than ideal for sports bars. In contrast, pubs in suburban areas are likely to have a loyal customer base, while those in cities benefit from business people and tourists. Take a step back from the search process and think about the type of customers you wish to attract, whether you need a community feel, and whether you're happy to rely on food as a source of income.
Do I have what it takes to run a pub?
Even when a sound investment lies ahead, running a pub requires a lot of effort. In addition to acting as a manager who works long hours, you'll need consistent insight and inspiration to draw in new customers and a friendly nature that allows you to socialise easily. As a pub owner, you'll act as a community figurehead whose reputation can draw business in or drive it away. While you don't need to have previous bar or restaurant experience to own one, it's certainly a useful asset.
Ultimately, investing plenty of time into researching your chosen industry will stand you in good stead for success. When you take a careful approach, you increase your chances of investing in a pub that'll work for you.
Share30 May 2017
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