Westward Management Services Ltd , as a renowned pub holding company, made the following advice to help individuals to have a good plan in building their own pub.
To achieve success in any business, it is imperative to create a business plan first. It should include your plans for the next three to five years and must contain the summary of the route you’re aiming to take to grow revenues. Make sure that it is realistic and detailed while bearing in mind that a successful pub begins with a strong business plan. Never open a pub unless you can afford at least 6 months of expenses. Identifying the demographics of the neighborhood and the audience you’re trying to attract is also vital.
Get ready your finances. A financial advisor could also be a great help. There are a few things you need to determine and consider with this regard, such as:
-How much money you have (e.g. savings and retirement accounts)
-Any equity you might have in real estate
-Investments you’ve made (valuable vehicles or other belongings)
-What you can afford
-What you need as collateral if you need to take out a business loan from the bank
-The liquor license costs in your area
-The cost of the needed municipal, state, and federal business licenses
-The standard expenses and salaries in your area
-The cost of a property and if you can afford to buy or rent it
You must also decide how you’re going to spend your money, but ensure that you’d make a profit at the same time. See to it that you won’t spend more than 30% of your budget on food and drink costs. Think about how many employees you will hire and other important things regarding the matter such as their salaries and hours of work.
Decide the location and make sure that it is the right one for your pub. It’s given that one of the factors that could affect the success of your pub is its location. Of course, you still need to consider other things including the competition, demographics, plus the building and its floor plan, along with its fire, safety, and health codes.
Westward Pub Holdings Management Services Ltd suggests choosing a building that formerly housed a successful pub or bar as well as asking for recommendations from other bar and restaurant owners. An interior decorator could also be of help. It’s important to have a kitchen, bathroom, and enough space for the tables. Make sure that you interest the customers with the design of your pub by choosing appropriate yet striking decorations.
Make the name of your pub suitable to its location, decorations, and menu. But first, make sure you’re not violating any copyright laws. Make it easy to remember and interesting to your customers according to Westward Pub Holdings Management Services Ltd. You can give it a British sounding name since this is where pubs began.