10 steps to a great business plan for your pub
Starting a new business venture is an exciting journey filled with opportunities and challenges. Amid the excitement, one tool often stands as a compass, guiding business owners through the ever-evolving landscape of entrepreneurship - the business plan.
A business plan acts as a comprehensive roadmap for your enterprise and lays the path you need to follow to achieve your business goals. The foundation laid during the initial stages, through research and planning, sets the tone for maximising the potential of your new venture.
When partnering with Greene King Pub Partners, a business plan will guide any discussions with your appointed Business Development Manager (BDM). We will provide you with a comprehensive template to help you lay out your key considerations and also supply a handy guide to help you complete your plan.
In this post we'll explore 10 key components that should find their place in your business plan, ensuring it becomes a blueprint for success.
A business plan acts as a comprehensive roadmap for your enterprise and lays the path you need to follow to achieve your business goals. The foundation laid during the initial stages, through research and planning, sets the tone for maximising the potential of your new venture.
When partnering with Greene King Pub Partners, a business plan will guide any discussions with your appointed Business Development Manager (BDM). We will provide you with a comprehensive template to help you lay out your key considerations and also supply a handy guide to help you complete your plan.
In this post we'll explore 10 key components that should find their place in your business plan, ensuring it becomes a blueprint for success.
1. Self Reflection
Begin by introspecting your skills, qualifications and experiences and ask yourself, 'what can I bring to the pub business?' Think about your strengths and weaknesses. Where do you shine? What are the areas you feel need more attention? Perhaps you possess excellent catering or front of house skills. But maybe you lack DIY or maintenance skills? Seek input from trusted friends who can help you with these insights. If you plan to appoint someone to run the pub for you, conduct a similar assessment with them.2. Market Analysis
It’s crucial to examine the market around your pub so that you can better understand the demographics of your potential customers. What is the average age of your customer? What do you think they want from their local? Are they likely to prioritise food or beer?We will provide a full demographics report during the business plan process to help you better understand who you are going to be marketing to.
And, if you are looking to expand the customer base, research the competition and see what they offer and then identify any gaps in the market that your new business can exploit.
3. SWOT Analysis - Strengths, Weaknesses, Opportunities and Threats
This is a pivotal part of your business plan and key to understanding your pub's position in the marketplace. Identify strengths for your pub, such as being in a central location with high levels of foot traffic or a large beer garden. Weaknesses might include limited inside space or outdated toilet facilities.Explore possible opportunities for your pub, such as a new housing estate being built in the area or a popular competitor business closing. Similarly, look at any threats your fledgling business might face. Identifying these factors will enable you to determine the future course of action for your business.
4. Competitor Analysis
Unless your pub is in a remote, inaccessible part of the UK, it is unlikely that your business will operate in isolation. What's more probable is that there will be competitors vying for the attention and loyalty of your customer base. By identifying your competitors and analysing their offering, you can determine how you will compete and differentiate your pub business by creating a unique selling point to stand out in the market.5. Strategic Plan
Having studied your competitors and conducted a SWOT analysis, you can now outline what you propose for your new pub business. This should include a sample menu, product ranges and details of any additional features or facilities you will be introducing (such as function rooms, events, a games room etc). It is vitally important here to highlight the differences between the existing offering and what you intend to provide. If you have an outdoor space or garden, don't forget to include plans for that too! Your BDM will work closely with you to develop a robust plan for your pub and help you create an exciting proposal.6. Customer Service
Can the current service levels be improved? Emphasise the improvements you intend to make to customer service in your business plan. Assess the current staffing levels and knowledge of team members and propose training to plug any gaps in knowledge and help improve the overall customer experience.7. Investment Opportunities
Explore potential investment opportunities for the pub. How can it be improved? Consider updates to the existing facilities such as converting rooms to provide Bed & Breakfast or creating a function room to hire. Does the car park need re-surfacing? Has the pub garden seen better days? Discuss ideas with your BDM to explore any refurbishment opportunities that may be possible before you open.8. Delivering The Offering
Consider how you will deliver the proposed offering and outline any support needed to ensure it is successful. Marketing is essential to the success of your business - it's all well and good creating a fantastic venue but people need to know about it. Consider leveraging social media platforms to enhance the pub's visibility and ensure your business plan shows how your experience could bring these changes to reality. It’s always worth the time and effort to engage with the local community to help spread the word – invite local societies/clubs to visit with a view to them holding their forthcoming meetings in your venue.9. Meet The Team
Include details of key individuals involved in running the business, such as the chef, head bar tender and any professional advisors you are intending to work with. Highlight their experience and ways in which you will support them in their role. If you're yet to earmark someone for the pivotal positions in your business, explain how you intend to recruit them.10. Financial Forecasts
You will need to create financial forecasts for the business, including cash flow analysis, profit and loss statements, break even analysis and forward projections. A sensitivity analysis to project what would happen if costs increased, wages increased or sales decreased. A template will be provided to assist with this and your BDM will be able to provide support in providing you with specific figures for your pub.While crafting a detailed business plan may seem like a lot of work before you even sign a contract, the meticulous research, preparation and strategic thinking will greatly increase the chances of long-term success and business growth for your new pub.