Pubs are a staple part of British society and community and have been for a long time, going back hundreds of years. The communal aspect of this career draws many people in. Whether you are experienced or looking for suitable premises for rent, there are many factors to consider when viewing each property. Below, you can see some of the important things to look at when looking for public houses for rent, which can help you make an informed decision and choose the best option for you.
The Company Books
Before you even start to visit any pubs, you will want to look at their accounts and see how much money they are turning over. You will want to request all the accounting records for as far back as possible and then review them to assess the business’s performance. However, if the books show you that money has dropped off from a once successful pub, there can be many factors for this, including bad management. As such, you may still want to visit some of the premises before writing them off, as you may get lucky and find a diamond in the rough.
The Importance Of Location
When looking for pubs to rent, the location is a vital factor in the success of your venture, so you want to ensure you visit each one and the surrounding areas. You will want to see the premises at various times of day and different days of the week, so you can get an idea of what it is like in quieter and busier times. A good amount of passing trade means there is always the possibility of making the pub busier, which is why the location is a crucial factor to consider when looking at ones for rent. If you find one that is an excellent location, you can start looking at it in more detail.
Looking At The Building
Before getting into the rental agreement for a pub that you like, you must first look at the building and the surrounding land carefully. Inspect the window frames and their condition and do the same with the doors. Inspect the toilets to see how they are maintained, as well as the condition of the furniture and carpets in the pub. You want to avoid any potential pubs that require a lot of work and investment to get them up to scratch, as this will eat into any profits you can make if you must pay for it. Alternatively, you can take your list to the landlord and, when proposing a contract, address the issues you want to raise.
Negotiating A Contract
If you have looked at the premises and books of an establishment and want to take things further, you can start negotiating a contract for the pub with the owner. If there is work that needs to be done to the property you have found through your visits, you must bring this up with the landlord and negotiate for these issues to be addressed before taking control of the property. It can take some going back and forth, but you can negotiate a contract you are happy with and get ready to become a pub landlord or landlady.
You must now get ready for some hard work to open the pub under your management and ensure that you do everything possible to make your investment a resounding success. Running a pub is a very sociable career, and it can also be rewarding, but it will require some hard work, determination, and creativity to make your new pub the primary focus of your local community.
