Getting Business Finance for a Pub

As with most new business ventures one of the main key considerations is how to raise the business finance you will need to get your business off the ground. Your business finance will cover the purchase of any equipment you may and your day to day expenses as well as staff wages.

If you are planning on opening a new pub it is important to get some experience of how a bar/pub is run, this could be as simple as just getting a job in your local pub just so you can get familiar with how everything is run.

Before you think about approaching all the aspects of business finance that are open to you, you need to write a business plan. This business plan is a detailed, written structure of everything there is to no about your business.

When developing a business plan you should be as realistic as possible, think about factors such as why will people come to your pub and not get their drinks and or lunch else where? How many sales do you anticipate getting in order to keep up with your profit goals? The pub/bar industry is a tough one to break into; you are up against a lot of competition so you have to stand out as offering that little bit more.

The planned activities of any organisation, where effort is being converted into results; a business plan is a formal statement, a set of business goals. It is a written document that describes a business, its objectives/strategies, the market it is in and financial forecasts. It has many functions such as securing external funding and measuring success.

Without your business plan you stand little chance of getting business finance. There are many different routes you can go down in order to get business finance:

• Banks
• Family/friends
• Credit cards
• Savings
• Loans

As well as all of the above you can also get business finance from Business angels and venture capitalists. Here at Angel Start-ups we have a dedicated team who can put you in touch with the best Business Angels and Venture Capitalists around.

A business Angel is an entrepreneur or executive who has many years of experience within several highly successful businesses. They will invest in your business and do everything they can to make your business a success in return for a share in your business. A business angel can offer you not only the business finance you need to get your business to grow into a success; they will also give you their expertise as well as the best industry contacts that they have. Business angels take a high risk in investing in a new business, which is why they do everything they can to make your business a success.

A venture capitalist also invests money into businesses as well as purchasing shares in growing businesses. Also known as risk capital as there is an element of risk relating to future creation of profit and a constant cash flow. Normally venture capitalists look to invest in larger businesses and will be more in the background of the business, where as a business angel will want to be more involved in the running of the businesses and play a more active role.