Somewhere along the line I got a reputation for being great at choosing hotels. Now my family comes straight to me every time they are going on a trip and asks me to choose the hotels. It's fun to go exploring travel sites but can be a little sad when you realise you aren't going on the holiday with family. I am pretty good at finding great deals on the big chains, but also on cool little local boutique hotels and bed and breakfasts. This blog has some of my tips for other people when they are booking hotels and accommodations.
For most people, owning their own business is considered a life goal. Buying a pub is one way to own your own business, but as with anything worth doing, there are some things that should be taken into careful consideration.
Are you comfortable with that lifestyle?
Owning a pub is nothing like owning a local retail store in the neighbourhood. The hours, for instance, are completely different since you will probably be open during the late afternoon hours to the wee morning hours. And after closing time, you will have to stay behind to run the numbers and balance the books before going home. Then you will have to get up early to stock up supplies and clean up in readiness for happy hour.
In addition to the hours, there is the customer service angle. Since this is a service industry business, you need to be courteous and cordial with your customers, while also being prepared to be tough with clients that have a bit too much to drink and start causing trouble. A pub attracts an interesting mix of people, and you should be able to interact with all of them in a friendly and professional manner.
If you have thought of all this through, and still want to buy the pub, then we can move on to the next consideration.
Can you afford it?
You should definitely think about the cost, especially if you want complete ownership of the business, also known as a freehold tenure. Think about your payment options based on the cost of the pub. You can either use your savings or get a mortgage on a percentage of the pub's value. If you are wary of going into debt, you could get some partners (usually friends and family) to own part of the pub, and they can either remain as co-owners, or you can buy them out gradually.
Is it a good buy?
There are several qualities of a good buy with regard to a pub:
Examining all these qualities requires a professional eye, so you need to seek advice from the relevant industry professionals before making your final decision. For instance, most people sell off their businesses when they aren't bringing in the profits they used to. You should talk to a financial consultant before buying such a business to see if there is any hope of improving the profit margin, or if you should give up on that pub.
Buying a pub is a big step and should be taken only under advisement. That way, you can at least be sure of a good start to this new phase of your life.Share