While starting a pub or bar can be exhilarating, there are numerous factors to consider in order to ensure your establishment is successful. In addition to adequate preparation and financial planning, Pub and Tavern Insurance can protect your investment for years to come. Here are some expert tips and guidelines to planning your entry into the hospitality world.
Create a Business Plan- This model should include projections for the next 3-5 years of your business. According to WikiHow, this roadmap is an essential component of success and should include a detailed description of your concept, target demographic, and a rough draft of your menu and pricing. In addition, this proposal should lay out your strategy to hire and train employees and include your marketing approach. As this business plan will assist in the loan process, it should be realistic and accurate and reflect a well thought out plan.
Prep Finances- A professional financial advisor should be consulted prior to requesting a loan. Gather your money and consider your savings and retirements accounts, any real estate equity, vehicles, and other valuables when applying for financial assistance, according to the article. You’ll also need to determine how much liquor licenses are in your area, estimated taxes, and see how much you can afford. If necessary, seek investors.
Spend Money Wisely- Experts recommend keeping food and beverage costs under 30% of your total income. In addition, consider the costs of paying employees and determine the most budget-friendly way to staff your pub or bar.
Location, Location, Location- Evaluate the local competition when scouting a location for your bar or pub. On the other hand, you don’t want to choose an isolated location that will not provide ample foot traffic. Location should also cater to the surrounding demographic. If your pub is located in a college town or close to a business park, your menu and décor should attract these customers. Consider the building’s floor plan and how it will work for your bar, as well. Ensure it is a safe structure that meets all health and structural codes prior to purchasing.
Naming your Pub- The name should reflect the décor, the demographic, location, and menu. Keep in mind that the name is difficult to change after the bar or pub has opened, so choose wisely!
At RMS Hospitality Group, we strive to provide the best insurance solutions for up and coming pubs and bars like yours. We are experts in the hospitality industry and our comprehensive coverage and underwriting reflects our 20 years of superior business experience. To learn more about our products, contact our experts today at (888) 359-8390.
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