A lot of people have flirted with the idea of owning their own pub at least once in their life. Aside from being a lucrative business opportunity in 2017, there are numerous other perks this kind of enterprise would bring to the owner. Aside from having a place where you can drink and relax with your friends, it also gives you a no small amount of respect in the local community. Still, what does it take to start your own pub? Let’s find out.
Do your research
The first thing you need to do is conduct a thorough research on all the local venues and start looking for the ideal place for your pub. You see, each pub has their regulars and opening next door to a place that’s been successfully working for several decades won’t give you the desired results. You also need to make an estimate of your earnings and expenses in the following period and the best way to do so would be by inquiring about how other businesses are doing.
You need a business plan
Another thing you need is a sound business plan. For example, you need to establish an internal structure of the place and choose if your pub is going to have a theme. Here, you also need to come up with a name, preferably something catchy and easy to remember. Aside from all of this, it is probably the most important that you find an adequate supplier. If you want to maximize your profit, you can’t expect to acquire all your liquor from the local Walmart.
Find the money
Next thing that should be on your mind is finding the adequate funding for your dream. This one is never easy, but there are always few ways to go about it. For instance, you could go to a bank and credit union and take a loan. Aside from this, you could also take a personal loan from a friend or a family member, although it is much better to simply avoid this for obvious reasons. Finally, you could always choose to sell an asset you own (a property, vehicle, valuables, etc.) in order to gain the initial capital. In case your business hits off, you can easily buy them back.
Rules and regulations
Apart from all of the above-listed, there are few more things you will have to deal with before you can actually open. There are so many rules and regulations you will have to go through in order to be legally allowed to sell alcohol (for consumption) in your bar. While there is a series of requirements you will need to fulfill here, the two major ones are that you should be of legal age and that you should have a clean criminal record. Sure, there may be some additional (local) requests, but these two are the bare minimum.
Earlier on we mentioned that your place needs to have a theme. Well, now that you have everything else covered it is time to start making this theme come to life. Sure, there are some basic items every bar needs like a bar, a TV, some rubber mats for the entrance and of course a pool table. The rest mostly depends on your personal taste and the above-mentioned theme. This mostly gets determined by posters, the color of accessories and the music you play. How much you invest in this, however, depends on your personal preference and the capacity of your budget.
As you can see, starting your own pub is far from difficult, but it does require you to invest a no small amount of effort. Still, how much is too much in order to make your dream come true? This is something that everyone needs to answer for themselves.