Westward Management Services Ltd, as a renowned pub holding company, made the following advice to help individuals to have a good plan in building their own pub.
To achieve success in any business, it is imperative to create a business plan first. It should include your plans for the next three to five years and must contain the summary of the route you’re aiming to take to grow revenues. Make sure that it is realistic and detailed while bearing in mind that a successful pub begins with a strong business plan. Never open a pub unless you can afford at least 6 months of expenses. Identifying the demographics of the neighborhood and the audience you’re trying to attract is also vital.
Get ready your finances. A financial advisor could also be a great help. There are a few things you need to determine and consider with this regard, such as:
-How much money you have (e.g. savings and retirement accounts)
-Any equity you might have in real estate
-Investments ycontinue reading