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.
Business plan
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.
Finances
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
Money spending
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.
Location
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.
Name
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.
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