Investment is key to success in business

Some would say, having been in the industry for only five years, that I'm a mere novice, a flash in the pan, and that others with 20-plus years are the backbone of this great industry. I'm sorry, but I disagree.

So many entrepreneurs entering the trade are making a success of their business and the common denominator is not whether they are tied or free of tie, but investment.

I read about, and meet, people who have taken pubs, invested and made them an unequivocal success. Investment ranges from several thousands to hundreds of thousands of pounds, but they've seen the chance to reposition a failing business and recognised it is key to attracting their target market and the evolution of the business.

They've not come into the industry with any rose-coloured specs — just a vision, a solid business plan and drive to succeed. Lifestyle is not usually on their wish list and anyone who's got lifestyle high on their list should run a mile.

Too many people have been seduced into this industry thinking it's an easy way to make a living and it's free drink, free food and lodgings to boot. Even investment doesn't guarantee success, as it comes in different guises. Invest in your business and then fail to invest in service standards at your peril.

Today's customers are demanding, they have so much choice as to where to spend their pound, it is vital to stick out from the crowd. Everyone must remember that every business comes with a risk attached.

Get it right and there are great rewards, but get it wrong and you'll lose your home.

With careful planning and a well thought-out business plan you can limit your chance of failure — and remember investment in one way or another never stops.

Look at Woolworths. There may have been many smaller reasons for its downfall, but the failure to evolve and invest was the catalyst.

Investment for the future is key to survival. In the past month TLC has invested in 13 projects such as waterless urinals at the Cutter pub in Ely, Cambridgeshire, to reduce water usage by 30%, a film licence at the White Horse, in Ramsden Heath, Essex, and gardeners to get pub gardens ready for half-term. And one poor investment — a new car.

Mad, but keeps me wanting to get up and spend another week in the crazy life of a Guv'nor.