How To Start Up a Pub Business
May 05 2017
Starting and running a pub seems like a dream job. But what is actually involved from a business owner perspective?
- Decide on the business model for your pub
- Assess the costs to start a pub
- Assess if you’re suited
- Review the rules and regulations of the pub business
- Determine how much can I earn as a pub owner?
- Register your pub name
- See if you can get a Start Up Loan to help you start a pub business idea
What does owning a pub business mean?
The pub industry is one most us are familiar with, which is one reason why many people are tempted try to start a pub. Eight out of ten of us count ourselves as pub-goers, and a significant percentage of people in the UK drink in a pub at least once a week.
No surprise then that the pub industry is big business; A report by the Drinks Industry Group of Ireland (DIGI), which was authored by DCU Economist Anthony Foley, states that Ireland has 7,193 pubs. Pubs are becoming more ambitious, especially with the growth of pop-up bars, and customers become increasingly demanding, which can be healthy for profits.
In addition to this, the fact that pubs serve meals as well as alcohol shows fewer people are now content just to go to the pub for a couple of pints. So although the traditional pub is changing, pubs remain central to the Irish way of life. However, running a pub isn’t for the faint-hearted. If nothing else, it’s hard work.
John McNamara, chief executive of the British Innkeepers Institute (BII), says:
“In addition to requiring good people skills you will need to be extremely versatile as the job involves people management, stock management, financial management, catering, drinks knowledge, legal knowledge, marketing and customer service. The rewards, however, can be fantastic.”
As generations of retired footballers have found to their peril, being a pub owner requires commercial awareness and business knowledge. You’ll be managing a team of staff, so will also have to keep on top of employment law, management techniques and training.
Looking for an external stock taker for your pub? Contact Synergy Stocktaking today!