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How to Successfully Purchase, Fund, and Open a Pub

Whether you’re dreaming about pulling pints in a cosy rural retreat or envisage standing behind the bar in a bustling city centre establishment, the allure of running your own pub is a strong one.

Here at Smart Funding Solutions, we work with business owners from many industries ranging from accountants and architects to recruitment and restaurants.

We also deal with many business owners who operate pubs and bars.

This guide offers comprehensive, step-by-step advice on how to purchase, fund, and open your very own pub.

Let’s take a look.

lady pouring pints in a pub

Step 1: Finding the Perfect Pub

The success of your pub largely depends on choosing the right location.

Research different areas, keeping in mind factors such as local demographics, competition, and customer demand. Consulting with estate agents who specialise in pubs can be incredibly helpful.

Additionally, consider the pub’s size, the condition of the property, and licensing terms.

Step 2: Assessing Operating Costs and Profit Potential

Before investing in a pub, develop a detailed understanding of the operating costs, including rent/mortgage, staff wages, utilities, and stock.

Gauge the profit potential by estimating expected footfall, drinks and food sales.

Ensure you have a comprehensive view of the financial scenario before you make a commitment.

Step 3: Securing Finance

Once you’ve identified the right pub, you need to secure the appropriate funding.

Options may include commercial mortgages, bank loans, or private investors.

You might also consider asset finance to manage fixed assets like equipment and vehicles.

Understand what’s on offer, scrutinise the terms, and select the funding solution that suits your business needs the best.

There are lots of options to choose from here, and speaking to advisors, such as the team at Smart Funding Solutions, is a great way of picking out the best funding product for you.

Why not check out our guide to the best business loans for pubs for more information?

Step 4: Acquiring the Pub

With financing in place, you can proceed with the acquisition.

Seek advice from a solicitor experienced in the purchase of licensed premises to ensure all legal requirements and processes are properly handled.

Don’t forget to review the licensing arrangements carefully.

Step 5: Hiring the Right Team

Operating a pub is not a one-person job; it demands a good team.

Hire your staff wisely – from bartenders and wait staff to kitchen personnel, you’ll need a crew that fits your pub culture and can provide great service.

Step 6: Preparing the Pub

While your team prepares for opening day, the pub itself should be ready too.

Ensure inventory is stocked, bar and dining areas are clean, kitchens are prepped, and all equipment functions properly.

pub owners planning

Step 7: Opening the Pub

A successful opening will set the tone for your pub’s future.

Plan a ‘soft’ opening first, involving friends, family, and invitees; it can serve as a full-dress rehearsal before the grand launch.

Heed feedback, make changes if necessary, and then open your doors to the wider public, advertising extensively to ensure your pub is the talk of the town.

Step 8: Running the Pub

From here, it’s all about consistently delivering excellent customer service, managing finances wisely, and potentially exploring options to further increase profitability – whether that’s through hosting events, introducing food specials, or simply providing customers with the best pint in town.

Embarking on a journey to own and run a pub can be exciting, rewarding, and, at times, demanding.

Still, with careful planning, solid financial preparation, and a healthy dash of passion, your dream of successfully purchasing, funding, and opening a pub can become a reality.

Pull your pint of success by following our guide, and raise a toast to your endeavours!

Step 9: Marketing Your Pub

In today’s saturated market, your pub needs to stand out.

Develop a robust marketing strategy with a focus on social media, local press, and partnerships with local businesses or events.

Consider hosting themed nights or special promotions to attract customers.

If you need an influx of funds to get your marketing rolling, a short term business loan is a great solution for you.

Step 10: Establishing strong Relations with Suppliers

Strong relationships with reliable suppliers are crucial to your pub’s success.

Good terms can get you quality products at competitive prices, impacting your pub’s profitability.

Choose trusted and reputable suppliers for alcohol, food, and other necessities.

Step 11: Offering Unique Selling Points (USPs)

With an array of pubs to choose from, your pub needs a defining factor or factors to set it apart.

Your Unique Selling Points (USPs) could stem from your menu, the events you host, the unique ambience you create, or even simply top-class customer service.

Step 12: Regularly Review and Revise Your Plans

The pub market and customer demands can change rapidly.

Keep an eye on industry trends, customer feedback, and regularly review your business plan and financial projections.

Be ready to revise and incorporate new strategies when necessary.

A business plan is vital for many things, including securing loans and forecasting future finances.

lady serving pint in pub

Summary of steps:

  1. Find the Perfect Pub: Choose the right location and assess the building and license conditions.
  2. Assess Operating Costs and Profit Potential: Evaluate finances including costs and potential profits.
  3. Secure Finance: Look for the best funding options suited for your pub procurement.
  4. Acquire the Pub: Proceed with purchase, ensuring all legal intricacies are handled.
  5. Hire the Right Team: Bring in staff that fits your pub culture and can provide top-notch service.
  6. Prepare the Pub: Get your pub ready, ensuring all equipment functions and inventory is stocked.
  7. Open the Pub: Plan a soft opening first, followed by an extensive marketing driven launch.
  8. Run the Pub: Deliver excellent customer service and manage finances wisely to increase profitability.
  9. Market Your Pub: Develop a strong marketing strategy to make your pub stand out.
  10. Establish Supplier Relationships: Build strong relationships with reliable suppliers.
  11. Offer Unique Selling Points (USPs): Differentiate your pub with unique offerings that appeal to customers.
  12. Regularly Review and Revise Your Plans: Monitor trends and feedback, and be open to adopt new strategies.

By adhering to these steps, prospective pub owners will be well-prepared to successfully purchase, fund, open and run their pub.

How Smart Funding Solutions can Help

In conclusion, successfully purchasing, funding, and opening a pub takes dedication, proper planning, and a thorough understanding of your target market.

By following the 12 steps outlined in this guide, you’ll be well-equipped to navigate the challenges along the way and bring your vision to life.

Keep in mind that success doesn’t happen overnight; it will require consistent effort, adaptation, and passion.

So, get ready to roll up your sleeves and dive into the exciting world of pub ownership, creating a unique experience that will have customers raising their glasses to toast your hard work and vision.

One thing most new pub owners will need is healthy finances, and if you need a quick burst in this regard, then our team can help.

Apply online today and we can have the funds in your bank within 48 hours. Not only that, but we will work with you to pick out the ideal solution to benefit you and your pub.

Whether it’s an emergency business loan to fix a leaky roof, or asset finance to help you secure a brand new jukebox.

Want to know more? Then get in touch with our team today.

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