Here ARE SOME QUESTIONS TO THINK ABOUT BEFORE YOU TAKE THE PLUNGE… FUNDING?
The first thing to consider is if you have the sufficient funds to run a pub tenancy. Just having enough money to buy the stock and pay the deposit may not be enough, and you may find yourself running out of available cash as most businesses lose money in the first few months of trading, so be prepared and make sure you have the necessary funds to see you through. Don’t forget the wages of your employees and your manager’s cost if you have one. It is always advisable to consult an accountant on these matters.
How will running a pub affect my lifestyle?
Running a pub is a way of life and with the right level of passion, determination, and know-how, it could be such a rewarding way of life. You will live and breathe the pub, within the community you will be seen as the figure head and host, able to deal with difficult situations as well as being able to recognise locals by name and remember what they drink. Mental gymnastics, excellent customer service and management skills are what’s needed along with charisma and a flair for the job.
I’M READY TO TAKE ON A PUB TENANCY, WHAT DO I NEED TO DO BEFORE I MOVE IN?
The first few days of any Pub tenancy and the lead up to moving will be extremely busy and exciting. The more planning you have done before you open your doors to paying customers, the smoother the change over should be. You should have set up a business bank account, registered for VAT, decided upon your menu, arranged a stock taker and an accountant, made arrangements for the initial beer delivery and set up any suppliers that are not part of your tie, for example food suppliers or utility companies. The first day and night of your tenancy will be a real test. Make sure that the first experience the local customers have is a friendly, relaxed atmosphere. This will stand you in good stead for the future.