The idea of buying a pub might conjure up visions of lively times with friends, becoming the heart of a local community and providing amazing food and drink to guests, but it’s also a tough business and there’s a serious side. Running a bar takes hard work, long hours, dedication and funding. For more information on Finance For Pubs, go to a site like www.specialistbusinessfinance.co.uk/hospitality-finance/finance-for-pubs
Whether it’s a family friendly local village pub, an upmarket urban wine bar or a city centre sports bar for the fans, you should be sure of your target demographic and what other businesses in the area are doing to attract this market. A niche or unique selling point can make success easier if there is a lot of competition in the area.
If you are tied to a specific area, it might be harder to find the right pub for sale but if you’re flexible on the location, your options are greater. The location you choose will also impact the type of clientele you will attract.
You should be familiar with alcohol licence requirements before committing to any purchase. If you are buying a pub with an existing licence, you must undergo a background check before you can take over. You must also ensure that any partners you have in the business are also free of any criminal convictions. Lastly, you need to be aware of employment regulations and how these may impact the staff at the pub you are planning to buy.