Why A Business Plan Will Help You To Decide If You Really Want To Run A Pub
Date added: Mon, 15/08/2016 - 10:00
If you have never run a pub before, or even worked in one, how do you know that taking on a pub tenancy is right for you?
We have many successful landlords running our pubs who do not have a background in the pub trade. They may come from other areas of hospitality like hotels and restaurants, have run other unrelated businesses before, or have had successful careers in industry or the corporate world. So how did they know that buying a pub to let was the right decision for them?
Research Your Pub Idea Using A Business Plan
The key is to do your research. This needs to include a range of factors varying from whether you have funds in place to invest in the right pub for you, to the impact on your lifestyle (and your family’s) and whether that is something you welcome or are worried about.
It can be quite overwhelming thinking about all these elements and wondering whether you have all the information you need to make a decision; it may even seem a bit risky.
One way you can reduce this uncertainty and really get to the bottom of whether the pub business is for you is to start creating a business plan. Although in the early stages of investigating this business opportunity you won’t have all the facts and figures you need to complete it fully, it’s a great way of understanding what is involved and whether you have what it takes.
In fact this is a good exercise to go through whatever business you might be looking at investing in, whether it’s a pub, dry cleaners or local shop. A business plan is good way of focusing on the cold hard facts of running a business and the skills and resources you need to do it.
Key Points Your Business Plan Can Address
The business plan will also guide you through the process of letting a pub, from a speculative business idea; right through to finding a specific pub; and then into your first few years of business, and the goals you have set for yourself and the pub.
If you are at the speculative stage, it can help you decide whether you: -
- Can afford it;
- Are prepared to move for the right pub;
- Have the support of your family or partner;
- Have the relevant skills and qualifications;
- Need to gain experience or qualifications that you do not currently have;
- Envisage running the pub day-to-day yourself or employ a manager;
- Would suit a particular style of pub, such as a community pub;
- Are looking for a project that you can make changes to;
- Feel confident in your ability to manage other people;
- Like the idea of dealing with customers every day;
- Have the energy and drive to work hard to make your pub a success.
Doing your research is the best way to see if your idea is a good one and help you make an informed decision. Furthermore, informed decisions will leave you inspired and confident in your ability to make your business a success.
With a good plan you will find it easier to talk to others about your ideas and convince them that you have thought through your ideas fully and know what is involved. This may help you inspire those close to you that running a pub is a great idea, especially if they have reservations.
It also means that if you pursue running a pub further, and start actively looking for a pub to let, you will know what questions you need to ask. Similarly, if you decide to work with Greene King you will be invited to meet with our Pub Partners team to talk through your ideas. Having partially completed your business plan you will no doubt have lots of questions you want to ask, and it provides a great starting point to discuss your options and next steps.
Are you ready to get started? We have designed a free Business Planning Tool to help you get going with your business plan and explore the idea of running a pub. You can download it by clicking on the link below.
If you have completed your business plan, or just started it, and would like to talk to our Pub Partners team about any aspect of running a pub with Greene King speak to our team.