Running a pub is both a lifestyle and a business decision. As such you should expect to work long hours, be able to multi-task and find the energy to be sociable and welcoming even at the end of a long day, but as many in the industry can testify the rewards, both financially and personally, can be significant.
Whilst getting into the licensed trade can seem quite daunting it must be remembered that breweries and pub companies are continually on the look-out for enthusiastic new partners to run their pubs and as such if you have drive to take on a new challenge and the commitment to make a success of a new venture, the pub trade may well be for you. For the first time operator this route can often be the best as it comes with various support and training packages and it is invariably the lowest cost of entry.
You will initially need to understand what you are able to afford and decide on the style and location of the operation you would like. Speaking to a specialist finance broker at this stage can save you a huge amount of wasted time looking at opportunities you can't afford.
Do your research and cast the net widely. Find out as much about what is available in different locations and with different tenures. Contact Agents, register on websites, consider, shortlist and then go and see as many as you can. Weigh up the pros and cons and decide which matches your requirements best. Then you can take your interest to the next level.
You need to know you can afford it and have, or are able to obtain, a Personal Licence quickly. But the next step is to fully understand the business you are looking at. What does it do well, what can you improve on? Is the trade related to present operator and will you retain all the business when you take over. Has there been a change in economic activity near by such as factory closure or new office building/estate. What about the competition are there plans for a new super pub nearby? Consider the strengths, weaknesses, opportunities and threats, understand what you are taking on.
Don't be afraid of seeking professional assistance for Surveys or Valuations, Accountants and trade bodies all have something to offer. Money invested in professional services of this kind is invariably money well spent, as it is likely to cost you a lot more if you get things wrong.
The Licensing aspects of running a Pub as well as a variety of support and advice services can be obtained from the British Institute of Inn Keeping including training course designed to meet your needs.
If you are thinking of taking on your own Pub contact your local Fleurets office as we specialise in matching people to opportunities in the pub trade. Our national network of local offices have experienced negotiators who can advise you on which pubs in your chosen area are for sale or are available to let. We can also put you in contact with other professional services such as Specialist Finance Brokers, Solicitors and Accountants that can help you with the preparation of a business plan.