Kevin Georgel, managing director of Admiral Taverns, one of the largest pub companies in the country, explains the main things to think about when taking on your own pub
Advice: If you are entering a property deal, whether it's an outright freehold purchase or a lease or a tenancy, take advice from a property expert. Have any legal agreement reviewed by a lawyer. Go and talk to the best operators in your area.
Team: Be aware of your strengths and weaknesses and hire people who are different from you. You can't do everything, so make sure you've got the right people in the right roles. For example, if you're in the kitchen, who is going to run front of house?
Staff training: You may know what you are doing but do your staff? Recruit, train and incentivise a great team - and avoid practising on your customers.
Cash: Don't underestimate your working capital requirements, especially in the first year. Highly profitable businesses can go bust because of cash-flow issues. Whatever cash you think you need, double it.
Purchasing: Get your purchasing sorted from day one. You only get one chance to make a first impression - be happy with whatever you're serving on the plate or in the glass.
Suppliers: Identify key suppliers and sell them your vision. It's surprising how much support and goodwill - not to mention favourable prices - suppliers will offer if they buy in to what you're trying to achieve.
Be the customer: It's easy to get bogged down in the day-to-day functions - running a business is stressful and demanding. So always try to retain an independent perspective and see your business through the eyes of the customer.
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