Locating the ideal pub to acquire
Buying and running your own pub can be extremely rewarding, enjoyable and profitable. However, finding the right pub for you is essential if you stand any chance of running a successful establishment.
After all, it’s vital that it ticks all of the right boxes when it comes to budget, location and style.
From finding the perfect location through to ensuring that it has the character, facilities and amenities that you are looking for, there are lots of different factors to bear in mind when searching for the perfect pub!
And this starts with having a clear vision of what you are looking for. We’ve created a helpful guide outlining the things you will need to consider when it comes to locating the ideal pub!
The perfect location
Whether you’re buying a residential property or pub, location is always a major deciding factor.
And this is a factor that is often at the forefront of peoples’ minds when it comes to finding the ideal pub! And whether you want to stay in the area that you are already familiar with or you want to move to somewhere that is completely new, it’s important that you carry out extensive research into the area in order to ensure that it is also compatible with your lifestyle.
For example, if you have little ones you might want to check the standard of the schools in the area. But that’s not all… you should also check how long it will take to commute to the pub each day – ask yourself is the commute viable and will it cause you any problems?
Determine what you can afford
Your budget will have a huge impact on the location you can afford to buy in, as well as the style of the pub you can afford. So, it’s important that you establish your budget before you even start looking at Pubs for sale. After all, you don’t want to set your heart on particular establishment, only to be disappointed later down the line, right? It’s crucial that you manage your own expectations when it comes to fully understanding what type of pub you can get for your money.
And don’t be tempted to buy a property you fall in love with if it is not within your budget, as you could easily run into difficulties along the line, and potentially lose everything!
Market Research is key
Once you have identified properties that meet your specification, it’s important that you carry out extensive market research.
For example, is there a market for the type of establishment that you want to open? Is your potential audience likely to invest in your brand or services? Is your target audience present in the area you are investing in?
Carrying out market research is a crucial step in making any business work. So, as part of your market research efforts, note down any pubs that are over performing and ask yourself why their business model is working. Look closely at your competitors and find ways to differentiate your pub from the rest.
View potential properties
The only way that you will get a first hand insight into the properties you are interested in, is to view them!
Ask yourself, does the property meet your requirements and if you did have to make any changes or carry out any repairs, how much would they cost you? Oh and always ask for that second viewing!
Talk to other breweries
A great way to expand your knowledge of the industry is to talk to other breweries as this will allow you to gain a thorough understanding of all aspects of the industry.
This will also help you to identify potential pitfalls and also keep a tight hold on what your competition is up to!
Have an open mind
Just like buying a property, many people don’t fully understand what they want until they start looking.
So although you should have a clear vision of what you would like, be open to new ideas and new opportunities, especially if you have the experience to pull them off.
Perfect your business plan and you’re good to go!
And when you find the perfect pub, take the time to make a business plan!
A solid business plan will not only keep you on the right track when it comes to achieving your business objectives, but it will also help you to maximise profits, identify growth opportunities and optimise performance in all areas of your new venture.