If you're tired of your current career and looking to make a change, that ad you've seen for a pub for sale may have grabbed your interest. You like drinking, you like pubs, so why not buy and run one? Seems like the perfect solution, but is it? Before you go any further on that road, stop and ask yourself some important questions.
What Do You Want from Your New Career?
So, you don't like your job and want to do something different, but why? Establishing what you want from a career change is important if you're going to be happy once you've made the switch. Are you looking to spend more time with your family? Do you want to work fewer hours? If so, then running a pub might not be the best choice for you. Pubs don't operate on a 9-5 timetable. Your hours are likely to be more, not less. You can get a manager to run your business, but that means a lower profit. Maybe you want to make more money than you could ever achieve from a 9-5 job or to know that the harder you work, the greater your rewards. If that's what motivates you to make a change, then a pub can potentially satisfy those needs and offer you such rewards.
What Pub Should You Buy?
Making a success of a pub will depend on what pub and where it's located. A pub in a vibrant area that sees a lot of trade is always going to be a better buy. You can't sell to people that aren't there. However, a pub doing that well may also cost more than you want to spend. The ideal pub to buy is one that has a notable customer base with the potential to expand and grow. You want to know that with some effort, you can get more people in the door and get the current customers to stay longer. If you find a pub that offers these opportunities, then you may have found your ideal buy.
What Will You Need to Know to Run a Pub?
Running a pub is running a business. Any skills you have in business will be a useful asset. Additionally, skills you may have picked up from your current work can also help you out. For example, good tech skills will make keeping books easier and the running of the pub smoother. If you have management skills, this will be useful when it comes to employing staff. You will probably already know what legal obligations are involved in staff employment.
Some of the things you probably won't be able to bring to the table are an understanding of how a pub works, such as profits, losses, and overheads. You'll want to be abreast of current trends and movements in the pub game -- this will help make your pub into a viable competitor. A sound understanding of how to market your pub will help you to grow your business. The lack of these skills shouldn't necessarily put you off of pursuing your dream, but before you consider buying a pub, you may want to look into courses that can help you with any skills deficit.