If you are looking to buy a pub business, it is important that you recognize that dwindling profits may have led to the pub's downfall and sale in the first place. After all, no one sells a successful business just like that. With that knowledge in mind, you should start planning how to turn around the business after you acquire it. In this article, discover how you can do exactly that using 5 proven techniques.
Carry out a complete fit out
A fit out allows you to give your pub a fresh new look. It's a powerful way to bring back a vibrant ambience into the pub after what may have been many long years of a dull drinking atmosphere. With the new look, you will give the locals a reason to want to visit the pub and see what new additions you have put in place. You will also pull in fresh customers, both old and young. A fit out also helps to signal that the pub has a new management and is headed for better days.
Create a membership with benefits
Another great way to increase revenue with a new pub is to create an optional membership system. For a certain fee every month, members get to enjoy discounts such as a free drink for every ten bought, they get a free taxi ride after a drinking spree, they enjoy discounted rates once in a while, and they can also get preference when it comes to getting seats during the busy working days.
Abolish drinking on credit
Although selling on credit can help prop a business up, it can also bring it to its knees. Nowhere is this more evident than in the pub business where regulars will want to drink for free if given the chance. If you can, scrap credit facilities and let every customer pay before getting a drink. This will allow your business to enjoy a healthy cash flow and avoid debts. With the incoming cash, you'll be able to buy daily inventory and pay employees on time.
Organize events that will pull in crowds
Another great way to turn around a pub business is to organize regular events. These could be dating events, music events, fashion events, buck parties, ladies/hen night parties, etc. You can also organize themed parties. Such events will help break the monotony of the pub scene. They will also bring about some good publicity for your establishment, which will in turn pull new clients to sample your services.
Don't drink there
Although making appearances at the pub is good as a business owner, avoid drinking from your own joint. If you do drink at your own establishment, you may find that you are taking advantage of your position and drinking way too much or that you're buying free rounds for buddies—vices that will deny your business much-needed revenue.
Of course, not every pub for sale is on a downward spiral. You may get yourself an establishment that doesn't need most of the above and is raking in good profits already.Share