Out of the many businesses that have existed in our world, pubs are likely some of the oldest establishments. Ever since people have been drinking alcohol, men and women have gathered together to share in the merriment and the easy socialization that comes with drinking.
Today, pubs endure and can also be a sound business to start. If you control certain factors, they manage to do well regardless of the economy or other factors that affect other businesses. If you are thinking of starting your own pub, you are probably reading this to ensure you get things right.
If that’s the case, let’s explore three key tips you definitely want to keep in mind.
1. No One Likes a Dead Pub: Host Live Events
People often visit pubs because they offer a reliable escape from the daily grind. Sure, vacations are nice and road trips are great, but they take too much time and energy to do on a daily basis. Spending the evening at a pub is a far simpler option. That said, you want to keep things interesting.
A core component of any successful pub is thriving live events. This can include stand-up comedy shows, open mics, music bands, and other activities. Essentially, you want to keep things interesting in your establishment. You want to create curiosity in the minds of your patrons. “I wonder what’s happening at that pub today.”
Remember, you make your money mostly from your alcohol, and the only way it gets sold is if there are people to buy it. In other words, you are doing whatever you can to get people into your establishment. Once they are in, people almost unconsciously decide that having a couple of drinks is appropriate.
2. Remember to Source Good Alcohol
At their core, pubs are all about the booze anyway. Yes, people visit them to hang out, listen to a band, or socialize, but alcohol is going to be your star player. As such, you don’t want to make the mistake of stocking substandard drinks.
You might notice that there’s a lot of demand for good tequila. If so, don’t try to gain a quick buck and stock options that only benefit you. Instead, take the effort and serve your patrons quality drinks. Everyone knows that you get the best tequila in Mexico, but it’s 2024.
There are product-sourcing agencies in Mexico like ISEB that can help you get your hands on as many crates as you need. Be resourceful and make use of such services. You will gain a loyal group of patrons by doing so.
Likewise, you also want to offer a range of options. It’s a common enough situation where you visit a pub, ask for a drink, and get told they don’t sell it. What do most people do in such situations? They order what’s available and make a mental note to avoid the establishment in the future.
It doesn’t matter if you end up stocking the drink later, you have lost a potential patron, and the damage is done.
3. Don’t Expect Profits at the Start
This is a fact that most businesses don’t like hearing, but it holds true with pubs as well. You are a new pub, and it’s unlikely that you will outsell other establishments in the locality that have been open for years. It’s simply the nature of this business. You need to hold your ground for a certain time as people hesitatingly try your pub.
If they have a good experience, they may visit again, but this process is not instantaneous. It takes time, and until then, you would be shooting yourself in the foot by charging high prices right away. At most, your aim should be to break even and cover your operating costs. Ensure that your capital is focused on establishing your presence in these early stages.
Many businesses rely on this method. It’s a known fact that new businesses often run on a loss in their first year or two. You can try to find external funding from sponsors to tide over your operating losses until you start focusing on profit.
In conclusion, a successful pub is a business that understands the basic psychology of its patrons. At the same time, you also have to prioritize success as a business. Finding the balance between these two objectives is the key, not just for a pub but for any service-related operation.
Hopefully, the tips mentioned in this article have given you some insights on how to set up your pub for success.
Also Read: Celebrating the Nostalgia of The UK Pub Fruit Machines
