Improve Your Pub Profits with these Handy Tips
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Thinking of Running a Pub?
Think of all the great times people have in bars. They meet for girls’ night out, bachelor parties, reunions, birthdays, or just because it’s Thursday. They come to celebrate, relax, or have fun. It’s a fact: People like bars. So it’s not a leap for people to think “Hey, I enjoy hanging out in bars, so I may as well get paid to do what I enjoy — hanging out in bars.”
Viewed from the bar stool (on the public side of the bar), it’s easy to miss all the hard work that goes on to make hanging out in bars fun for everyone else. When you have to manage every detail — such as hiring the music, choosing the lighting, designing the menu, and picking up trash in the parking lot — the bar business quickly becomes more work than fun, so don’t be fooled.
Taking Over an Existing Bar:
Some Things to Watch For
Taking over an existing bar is the quickest way to get up and running. The previous owner can leave customers, stock, and staff in place and hand you the keys. You have a built-in clientele and staff that know the bar, maybe better than you do. You may pay more for an existing bar because assuming you buy a successful bar, it’s already making money. You won’t wait as long to make a profit, depending, of course, on how much of it you’ve had to finance.
Taxes: Make sure that all taxes incurred by the previous owner have been paid. If there’s anything outstanding, make sure you agree on a plan for taking care of those costs and put it in writing…..