By Adam Smith of Punch Taverns
Running your own pub can be a very attractive proposition: being your own boss, working in a social environment and being at the hub of your local community.
But there’s more to running a pub than simply chatting with the locals and pulling the odd pint. It’s a big commitment – you will need to live and breathe your business 24 hours a day, seven days a week.
At the same time, running a pub can be great fun, profitable, and very rewarding for you and your family. If you’re well prepared and work hard, the satisfaction and rewards will make your efforts worthwhile.
You’re not on your own if you buy a pub through Punch Taverns – our experienced business relationship managers are there if you need them – but ultimately it’s up to you to run it your way and reap the rewards.
If you want to run your own pub, you can either be a tenant or buy a long lease. Tenants rent the pub for a certain term and must buy certain products, which is known as a ‘tie’.
The range of products you are tied for depends on the tenancy agreement. You will be self-employed and in most other respects have a free hand in how you run the business, subject to the terms and conditions of your contract.
A long lease is a greater commitment, but gives you greater security of tenure, and you can assign the remainder of your lease on the open market.
Before taking the reins, you will need to obtain a personal licence from your local council and the first step towards this is to complete the National Certificate of Personal Licence Holders (NCPLH) qualification.
Spot opportunities
When it comes to finding your dream pub, researching the market is essential. Whatever funds you have to invest, there will be something to suit you – from community pubs ideal for new entrants to the licensed trade, to premier sites for those with trade experience and more capital to invest.
You must have a good business head and develop and continually review a robust business plan – you cannot rely on people skills alone. You will also need to be able to spot opportunities in the market.
Researching your local market is key to staying in tune with your customers. Talk to them, ask them what they want and make sure they are happy.
You must be able to work with people – from customers, staff and neighbours to suppliers and local authorities.
Your staff will also look to you for leadership and direction. You will also be responsible for their training, discipline and personal development.
If you have the right mix of skills, we would welcome you into the pub trade.
The author is head of retailer recruitment at Punch Taverns. Find out more about buying a pub through Punch Taverns on 0844 848 3264 or at www.punchpubs.co.uk.
