Top tips for first-time landlords

Cocktails

Get creative

“You can’t assume that good food and a strong bar offer will see you through,” says Rachel. “You need to be thinking outside the box.” Taking advantage of Star Pubs & Bars deals, such as the agreement with Kimbo that gives lessees a route into the growing pub coffee market, is one way to make your pub stand out from the crowd. Strong marketing and creative presentation will help attract customers.

Understand your break-even figure

Every business has a break-even figure, but it’s crucial to understand that this rests on other key numbers.  If your wages are over-budget, for example, or if you don’t achieve your GPs, then your break-even goes up. Struggling with the stats? Star Pubs & Bars ‘Five Key Numbers’ e-learning module will explain it in more detail.

Know your target customer

Terry Groves, lessee at the Shepherd’s Rest in Nottingham for 10 months, emphasises the importance of market research. “Don’t go in with preconceived ideas,” he advises. “What you want to do is not necessarily what’s right for the pub.  You have to do plenty of research, find out what your customers want and adapt to that.”