Something that many people dream of doing is running their own pub. Running a pub can be a rewarding and enjoyable business, and if you have experience in the hospitality sector and a good idea of how to run a business, it can be a really great business venture.
Doing your research beforehand is important and if you want to give yourself the best chance of success, you really should make sure that you have learned plenty about how it works and what running a pub entails to make it successful.
There are three ways that you can take on a pub. If you have the money, you can buy a pub outright. This gives you complete freedom of where you purchase drinks and other supplies from, as well as how you run the business.
However, if you are new to running a pub, it might be a better option to go for a tenancy. This is where you rent the pub for a period of time from the owner, such as the brewery or landlord, and then you will be tied to where you buy supplies from.
This is a good way to get into the pub business and can help you to learn a lot as you will have the support of the brewery in many cases, and also the pub will be provided with everything that you need.
A leasehold agreement is a kind of middle ground – if you want more freedom and a longer tenancy, but do not want to buy a pub outright, this can be a good way forward. You can get finance for pubs from places like this www.specialistbusinessfinance.co.uk/hospitality-finance/finance-for-pubs if you are in need of some support financially, and you could also sell the business for a profit when you decide to leave.