Before you start you will need to understand some basic principles:

• You are doing it to make money. It may seem basic but can easily be forgotten.
• Know where you are going and what you want in the end, then plan how you are going to get there.
• Remember it will probably cost you half as much again and take twice as long to achieve.
• Every action has a reaction and that invariably is cost.
• All cost must generate income.
• All income must be profitable.

The rules of engagement:

If you take football as an example, what is the objective?

22 people split into two teams of 11. Each team must try to kick a ball into the other teams goal (net at the end of the field). The team that scores the most goals wins. To achieve this the teams must abide by certain rules. (No punching, touching the ball with your hands etc).

If you take away the goals (Nets) the game ceases to have an objective.

This is much the same as starting up a business. You must know your goals.

The following checklist will help you on your way.

• Identify the right business and premises.
• Ensure that the premises is in the right location for the market you are targeting and offers the best opportunity to grow your capital.
• Carry out the relevant market research, ensure that there is a market for the product you are selling. What works in one area may not work in another.
• Negotiate a deal with the outgoing proprietor.
• Write a business plan and produce financial projections.
• Approach as many funding agents as possible outlining your requirements.
• Finalise all your pre-purchase arrangements and deals. Suppliers, insurance and staffing.
• Move in – make sure the takeover date is one that suits you and your business interests not the vendor’s.

Once you start your new venture remember to spend only that money that you have budgeted for and should your revenue drop below the budgeted figure you must drop your expenditures sufficiently to compensate for the loss in revenue and also the fixed cost element that you have no control over.

Time off – what’s that?? When you walk through the door of your new business you will need to work 24/7, 52/12. Establishing a business will take all your time. Getting it right requires drive, enthusiasm and commitment.

Remember that lack of experience at running your own business, and within the industry, are the main contributors to failed enterprises. It may seem expensive to engage the services of professional help on the onset, but it is considerably cheaper than suffering the consequences of a failed venture. Banks are more likely to support your venture if you identify and compensate for your weaknesses.

HLJ Associates will lead you through each step and ensure you are able to navigate each hurdle as it presents itself. Whether it be a pub, hotel or restaurant we can help you with the following:-

Professional help when starting up in a pub, hotel or restaurant creates a welcome safety net and can answers all those questions that arise. In an industry considered to be ‘high risk’ by the funding agents, banks will look more favourably and are more likely to fund a project if the venture is supported with professional help and well presented documentation.

Just because you have experience within the industry doesn’t guarantee success. The stepping stone between managing a business and running your our business is a long stride and the chasm you are crossing is pitted with danger. The likelihood of getting wet feet when making this crossing is high. HLJ Associates draw these stones together and ensure a safe passage across.