Have you always dreamed of running a pub? It is important to know all of the essential elements for running a pub successfully before you take on the ownership role. Running pubs involves much more than you might expect, and you must be ready and willing to deal with both the front-end and back-end aspects when you decide to turn your dream of opening a pub into a reality. If you are not sure of what starting and running a successful pub entails, here is a basic straightforward guide to reference so that you can decide if this is truly what you want to do with your future:
Choosing a Property, Designing the Property, and Maintaining the Property
Location is extremely important. Not only do you want a location that is safe and convenient, you also want a location where you can attract traffic. When you are choosing a property, you must consider the community in which you are serving. You want to target a community full of residents who will frequent your pub, and a community where you can compete with other pubs in the area.
Once you select a community, you must focus on selecting a commercial property that can be licensed to serve alcohol. You should choose a property that can be seen, that is well-maintained, and that has a sufficient maximum capacity. You must be able to furnish the property with attractive furnishings, maintain the structure and the furnishings, and keep your customers and staff in mind to succeed in an already competitive industry.
Personalised Service and Offerings: What Will Make Your Pub Unique?
A pub is not a one-size-fits-all business, and you will need to identify what personalised services and product offerings that you will promote to make your establishment stand out. If you want to attract a specific target demographic, you need to consider what this target demographic values when determining what to offer and what values to market. If the target audience has a preference for a large menu of beer, this is something you will need to keep in mind when constructing your menu. If the patrons you target like specialty drinks and cocktails, tailor your menus to meet these needs. You should also consider the food menu, entertainment offerings, and design when running your one-size-fits-all pub.
Property and Equipment: Buying vs. Leasing
When you are opening your pub, your budget may only allow for you to lease both a commercial property and the commercial equipment that you need to efficiently run your pub. As you begin to profit, you will need to decide whether you should continue to lease equipment and property, or whether it will benefit you more to purchase property and equipment. Decide on a fixed term agreement with a landlord, a standard tenancy agreement, or an assignable lease to protect the interests of your pub
Buying Pub Insurance
You are required by law to carry a pub license, and to comply with licensing laws you must also purchase pub insurance. Pub insurance will cover a variety of different perils. A comprehensive pub insurance plan from the likes of Aon rewriting insurance will include coverage for:
* Business interruption
* Employer’s liability
* Cover for cash on premises and in transit
* Cover for goods in transit
* Building cover
* Loss of license cover
* Accidental damage
Owning a business, especially a pub, can be a risky venture. While risk is inevitable in business, if you take the time to plan and maintain your business you can run a successful pub. Being the owner of a pub can change your life. Make sure that you are prepared for the changes before you take the steps necessary to open the pub you have been dreaming of. There are a number of online resources out there to help your pub business such as howtorunapub.co.uk worth having a read.