For many years, the British pub has been an institution where people meet to enjoy food and drinks and socialise with others from their local area. The pub has always been a cornerstone for local communities, and many people dream of running a pub themselves one day. Being a publican can be a highly rewarding career, but it will take lots of hard work and dedication to ensure the success of your venture.
If you are considering entering the hospitality industry and running a pub, there are various factors you must consider. Below, you can see some of these factors and tips to help ensure you make the correct choice and choose the perfect pub tenancy for your needs.
Understand Your Vision
Before you start looking for pubs to rent, one of your first tasks is defining what type of pub you want to run. Are you looking for a small pub in a town or village that mainly relies on local customers, a food-based establishment, one in a city centre, or one that promotes live music? Think carefully about the type of public house you want to run, and then you can look at suitable establishments in your preferred areas.
Look At Locations
No matter what type of pub you are looking to manage, the location will go a long way in making your venture successful. You want to ensure that your chosen area has plenty of footfall to help attract customers and, preferably, a nice garden area outside for when the weather is warmer. Choosing a pub in a vibrant area or close to local attractions can help keep customers coming, and ensuring your establishment is highly visible is also vital.
Look At Available Venues
Once you have chosen your preferred area of the UK for your pub, you can start looking at what is available and see if there are any suitable public houses available. Before showing interest in the pubs that are available, it is worth visiting them first to see how they are currently run and the type of clientele they attract. Doing this can give insight into the pub and see whether it is a suitable fit for your needs.
Create A Shortlist
Once you have looked at the available pubs in your chosen area, you can create a shortlist of places you think are suitable for your pub tenancy. You can now start contacting the management companies and breweries that own your chosen establishments and lodge your interest in becoming a pub landlord. Once you have registered your interest, you can arrange a formal visit to inspect the pub and its operations to understand better how it runs.
Financial Planning
You will also want to put together a sound financial plan for any pub you are considering taking over, and this will help show the management companies and breweries that you are serious. Operating a pub can require significant financial investment, and you will need to create a business plan outlining your projected income, expenses, and profit margins. Factor in expenses such as rent, utilities, staff wages, stock, and marketing. It’s also wise to have a contingency fund for unexpected costs. Consult with a financial advisor to ensure your plan is realistic and sustainable.
Ensure There Is Training and Support
Before selecting which company to work with and the pub you want to run, you want to ensure plenty of support and training is available, even if you have experience. Most breweries and management companies will offer training and support as it is within their interests for you to be successful. Once you have ensured your preferred company has the support and training, you can start talking to your preferred company about the lease.
Negotiating The Lease
When you have looked at all the pubs on your list, have put together a financial plan, and you have decided which is the best fit for you, you can then start talking with the brewery or management company about the terms of the lease. You want to ensure that you read through the terms and conditions of the lease carefully, so you fully understand your obligations. It is also worth seeking independent legal advice before signing any pub tenancy lease agreement, and ensure you are 100% happy before signing a contract. It is worth taking some time as a cooling off period before making your decision, and most breweries and management companies will happily give you a couple of days to think things over. You can then make your decision and start your journey to becoming a pub landlord and make your dreams a reality.
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