The Irish Pub Concept was created by Guinness (now Diageo) as the benchmark for developing quality Irish Pubs outside of Ireland. Yes, they did it to help sell Guinness beer, but never thought that twenty years later, some 6,500 pubs would have been opened as a direct result of their idea.
Creating an ‘authentic’ Irish Pub outside of Ireland is challenging, but the Irish Pub Concept comes as close as you can without actually getting on a plane to Dublin.
Through the twenty-five years of the Irish Pub Concept, the same criteria for success recur time after time. Please go to “What are the Critical Success Factors?” to find out more.
Pubs have a very different ratio of food sales to beverage sales than most restaurants. Pubs maintain high food sales while also developing very healthy beverage sales at times when most restaurants are quiet….afternoons, cocktail hour and late night, for instance. Because beverage cost of sales and beverage labor cost are lower than for food, this makes pubs far more likely to be more profitable.
Your first steps will be as follows:
- Consult with an Irish Pub Concept expert who will point you in the right direction
- Research real estate in your area and start to identify suitable locations for the pub
- Research the local restaurant scene and understand how they are doing
- Create a comprehensive business plan and financial estimate that is adaptable for different locations
- Identify the cost of renovation and assess how much money you will need to get it done
- Identify the site you want and start negotiating with the landlord
Finding restaurant or pub financing is a challenge in 2018 because, rightly or wrongly, it is considered high risk. The main types of financing are as follows:
- Bank, Credit Union, SBA (small business loan)
- Personal Equity (your own money)
- Investors (Family, friends, business partners, high net worth individuals)
In advance of your pitch, prepare and understand a well-researched Business Plan & Financial Estimate showing how you can make a good return on their investment. A good business plan should show that you have thoroughly researched your project’s likelihood of success and can talk confidently and knowledgeably about your ideas. Business Plans tailored specifically for your vision are available at a cost through our partner.
Ideally, you are looking for an existing restaurant premises which can be renovated. That way, you have existing infrastructure such as HVAC, kitchen ventilation hoods, washrooms etc. and will save some money as compared to fitting out a building from scratch.
Please check with your local beer distributor to see what marketing support might be available for your pub.
If you have restaurant or bar experience, that is certainly an advantage. If you have small business experience, that is certainly an advantage. If you do not have restaurant experience but do have small business experience than you will need to hire management who can help you through the learning curve. The qualities you will need most are a strong work ethic, a very quality-focused approach and endless patience.
- What is The Irish Pub Concept?
- What are the Criteria for a Successful Irish Pub?
- Why is a Pub Generally More Profitable Than a Restaurant?
- What are the First Steps Toward Developing My Pub
- Where Will I Find Financing for my Pub?
- How Do I Approach Investors?
- What Kind of Location Am I Looking For?
- What Support Can Your Beer Distributor Offer?
- Do I Need Restaurant Experience to Open a Pub?