The pub holds a special place in the hearts of many people in the UK and is more than somewhere to eat and drink; it is a place to socialise. It is often a cornerstone of the local community, culture, and camaraderie. For some, the dream of running a pub themselves is a dream, but there are opportunities available if you want a pub tenancy. However, stepping into pub tenancy requires careful consideration and planning. With numerous options available, finding the best pub tenancy for you can feel like navigating a maze. Here are some key factors to consider that can help you find your perfect pub tenancy.
The Location
You can never overstate the importance of location for pubs, and you want an establishment in an easily accessible location when looking for pub tenancies. Consider the area’s demographic—are they likely to be regular pub-goers? Is there foot traffic, or are you relying solely on passing trade? Additionally, assess the competition—are there already several nearby pubs? While a bustling city centre might seem attractive, a quieter suburban location could offer a loyal customer base and less competition.
Pub Type
Pubs come in various styles and sizes, from cosy country inns to bustling city gastropubs. Consider the type of pub you envision running. Are you passionate about real ale and traditional pub fare, or do you see yourself at the helm of a trendy bar with craft cocktails and live music? You may want a more family-orientated pub with a large garden and play area for the kids, or you may wish to attract sports enthusiasts to your establishment. Understanding your niche and the type of pub you want to run will help narrow your search for the perfect pub tenancy.
Financial Considerations
Running a pub involves a significant financial investment, so it is crucial to thoroughly assess the financial aspects before committing to a tenancy. Consider start-up costs, ongoing expenses, and potential revenue streams. Evaluate the terms of the tenancy agreement carefully, including rent, tied products, and any additional fees. You should also look at the last few years’ financial records for any pub you are considering taking over the tenancy to give you a better understanding of the business. A comprehensive financial assessment will help ensure you are entering into a financially viable and sustainable tenancy.
Support From The Brewery Or Pub Company
Many pub tenancies are linked to breweries or pub companies, which can offer benefits such as marketing support, training programmes, and bulk purchasing discounts. However, it is crucial to assess the level of support provided and whether it aligns with your needs and expectations. Research the reputation of the brewery or pub company, speak to current tenants, and carefully review the terms of the agreement to ensure it is a good fit for you and your circumstances.
Your Skillset & Experience
Running a pub requires a diverse skillset, from customer service and marketing to inventory management and financial acumen. Reflect on your strengths and weaknesses—are you a people person with a flair for hospitality, or do you excel at business operations and logistics? Choose a pub tenancy that aligns with your skills and experience, but also be prepared to develop and refine your abilities continually.
Community & Networking Opportunities
Pubs are at the heart of many communities, so consider the opportunities for community engagement and networking in your chosen location. Building strong relationships with locals, organising events, and participating in community initiatives can help drive footfall and foster a loyal customer base. Networking with other pub owners and industry professionals can provide invaluable support and insights.
Work-Life Balance
Becoming a publican can be demanding, with long hours and unpredictable schedules. Consider how the demands of pub ownership will impact your work-life balance, relationships, and personal life. Are you prepared to work evenings, weekends, and holidays? Will you have support from family or staff members to help manage the workload? Prioritise your well-being and ensure you are prepared for the lifestyle and demands of running a pub.
Long-Term Vision
When considering a pub tenancy, think beyond the immediate future and envision your long-term goals. Do you see yourself running the pub for years to come, or is it a stepping stone to other ventures? Consider how the pub fits your career and lifestyle aspirations and ensure the tenancy agreement aligns with your long-term vision.
Finding the best pub tenancy for you requires careful consideration of the various factors listed above, and you may also need to consider relocation to a different area. By thoroughly researching and evaluating your options, you can confidently navigate the pub tenancy maze and find your perfect fit. Do your homework and carefully investigate any brewery or management company before signing a tenancy, and do not rush your decision. Many excellent pubs are crying out for quality tenants so you can find the perfect fit with diligence and patience. Cheers to the exciting journey ahead!
