Once you have decided that you want to buy a pub, there are still a number of factors that you need to consider before you open the business. If you have never had experience running or owning a pub before, it can be a stressful and often overwhelming experience when you are trying to learn the ropes.
There is always a number of great locations and existing pubs for sale that could suit your specific needs; you just need some guidance on how to choose the best one for your specific needs. Here is some advice that will help you navigate through this process.
Create a comprehensive plan
Before you begin looking for suitable locations for your pub, you need to outline what your exact needs are. Write down important factors such as who your target market is, what types of pubs they like, what features they would like to see, etc.
By having all of this information down on paper, you will be able to paint a clearer picture of what type of location you need. You should consult with someone who is already in the pub industry and runs a successful business. You should ask them questions about what you should keep in mind when looking for a suitable location and learning from the mistakes that they made, so you don't make the same ones.
If you cannot find someone suitable, you can always join an organisation or society whereby you can expand your network.
Deal with a professional property company
You will be able to save a lot of time, energy and money by dealing with a professional property company or agent. Once you have formulated your comprehensive plan, you can present a copy of it to the agent, and they will be able to search for locations that fit your exact needs.
This drastically lowers the amount of time you have to spend filtering out different properties and making visits to them. You will be provided with a shortlist of properties that you should look at.
Get your financing in order
There is no point in purchasing or leasing a property when you will not be able to finance the repayments or rent. Make sure that you talk with your bank manager in order to see what sort of loan agreement you are eligible for and how much you can take for what interest rate. If you are looking for a mortgage on the pub, you will have to submit a wide range of documents that prove your ability to meet the repayments.
Keep this information in mind as you search for the perfect pub for sale, and you'll be able to get your new business up and running more easily.