How to start a Pub
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The pub industry is something that most of us know about. As many as 15 million people in the U.K. are pub goers. These astronomical figures might as well suggest what a big business this can be and it is a well accepted fact that most of the people depend on these pubs for beer and even employment. Of late there are some interesting changes taking place in the industry.
Customers’ demands are on the rise and so are the ambitions of the pubs which results in reaping large amount of profits. Starting your own pub requires you to decide what kind of pub you want to open. There are a large variety of pubs ranging from the traditional country side pub or a hip night time pub for the youngsters.
Once you have decided upon the type of pub you want to own, it will be advisable to chalk out a business plan and before investing you should make sure that you talk to a specialist lawyer. The finances are not going to come cheap either. Tenancy costs can range from £22,000 to £50000.The rent of the pub depends upon the type of pub you want to have and also other factors such as the size of your pub and whether you are exercising an option to serve food etc. It is generally estimated at around 12% of the turnover.
Selling alchohol requires you to be a license holder for the purpose. Local magistrates can help you with this. Besides you should fulfill the criteria of being at least 18 years of age and that you are free of any criminal records. You should also prove that you are a socially responsible citizen. New comers might have to undergo training to master beer and cellar skills, insights on food hygiene, financial management and various other factors required to operate the business successfully.
People love to venture into this business because of a cool lifestyle and also because it can be very lucrative with a promise of earning you big bucks. A change in the licensing act 2003 entails that it is no longer a requirement to shut down the pub at 11.Interesting ideas can be implemented and the marketability of the pub can be increased to a great extent. The size of the pub generally is the deciding factor of how much money you are going to make. But generally a profit of about 20-25% is assured. Although you might need a large amount of mortgage if you are selling up the strength of the real estate market can strengthen your investments. Overall the pub is a highly lucrative business one can venture in earns you good returns for your investment.