But if you are already working in a managed pub, bar or hotel, you don’t need to leave the hospitality sector to find an exciting new career challenge.
Running a tenanted pub offers a fantastic, low-risk route to establishing your own business. The sector is back in vogue and full of great opportunities for people who want to help shape the UK pub industry for tomorrow. Here at Admiral, we are very focused on trying to attract new talent into our estate but, in my role as head of people, I’m often surprised by some of the misconceptions that still exist around a career as a pub licensee. So, ahead of the ‘new year, new career’ resolutions for 2018, here are some of the common questions we get asked by those who are thinking about taking on a new challenge.
How risky is it? The tenanted pub model is a surprisingly low-risk route to starting your own business. Depending on the pub itself, the initial outlay is often not that high, but it’s the type of agreement you take on that is key. At Admiral, we have developed our Business Support Agreement to ‘hand-hold’ first-time licensees. If they have passion for the industry, we can teach them the financial skills they need.
What’s the earning potential? The financial rewards can be very attractive, but vary according to the size of the pub, the location and the risk profile you are prepared to consider. However, it is also important to look at the overall package. A tenancy comes with its own accommodation, so the absence of rental costs and commuting costs can’t be ignored. But perhaps most importantly, the autonomy and the sense of achievement that comes from shaping your own business is something that is hard to put a price on.
How will I compete with big branded chains? It can be daunting to imagine how a small independent pub can compete with bigger players in the area. However, we see countless examples of authentic pubs that are constantly innovating their customer offer. Consumers are increasingly looking for more individual, differentiated experiences and this is where tenanted pubs can create sustainable competitive advantage.
Will I be able to get investment backing to develop my business in the longer term? I think it’s fair to say that the sector is more proactive on investment than it’s ever been. We at Admiral are certainly investing more than we ever have done in our estate, from transformational projects to small ‘sparkle’ spends where it really counts.
So, if your new year’s career resolution for 2018 is to take on an exciting new challenge, why not see what a tenanted pub company can offer you?
The key is picking the right partner. Do your due diligence and talk to their existing tenants. They will always be your best sounding board.
- Looking for a job or new challenge? Why not visit our jobs site.