In order to avoid some of the common mistakes that new business owners make when starting a pub, you should have a clear business plan, detailed execution plans and a plan to manage partners and investors.
Continue reading “3 Important Areas to Consider when you Start a Pub”
Pubs and bars can be real cash cows if you know how to plan and manage the business properly. Some people will make money and others will lose, what will you be?
Unfortunately, just like the majority of small businesses, most of the pubs that open will fail within the first few years of business.
However, for the few that get the formula right, a pub business can generate a steady income over many years to come.
So, the answer would be yes, you can make money by starting a pub IF you are the minority that have the knowledge, experience and expertise to run a pub efficiently.
In order to open a money making pub, you should have a very detailed business plan, an experienced team, a suitable location and a lot of luck.
There are many things that can be planned for, and also many issues that you cannot predict. By having a good plan, you can address the common problems from your business system and let the experienced team handle ad-hoc matters that arise in the day to day operations.
Try to focus on your pub’s business plan and financial projections in as much detail as possible as it will be your road map once the business starts. Take your time to plan well and thoroughly.