Limecat
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I have a fair bit of money coming my way via an inheritance and now I am thinking of doing something with it.
I am already aware of the number of pubs closing on a daily basis but despite that myself and 2 mates are considering entering into a business based on a pub/bar that operates like a stock exchange, prices would be displayed on a board and they would rise and fall depending upon what people are buying and anticipated stock levels.
I have previously held a licence (about 7/8 years ago) due to working in a management position for First Quench (Victoria Wine, The Local, Wine Rack etc) so I can tap into a few contacts from there, another mate is an electrical god who runs his own electrical engineering firm, both in terms of wiring and computing so that side of things isn't an issue whilst my other mate is a sodding grafter who already runs his own business albeit with cars (his bird is an interior designer too! Win- win!) 
Now, this is far from case study but I wondered what peoples thoughts are, be it good or bad, on something that operates in this manner.
Will you only drink a certain brand? Will you drink anything at the right price? Would something like that excite you and entrap you to stay there for a night depending on the location? Is there anything out there operating on this basis already? We all like a drink and have done most cities between us but we don't know of anything?
Basically, any thoughts, good or bad, chuck them at me. 
There are a few things we can think of as a problem, ie. time of placing an order and anticipated changes but they are easily overcome so my mate says? 
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mwg
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Registered: 19th Feb 04
Location: South Lakes
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I drink mainly Peroni but seen as though you're going to be nowhere near me there's no point suggesting that you sell it for cheap 
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Jake
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Registered: 24th Jan 05
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if you own a pub it becomes a lifestyle so if you know you can put the hours in then go for it. you also have to think about why pubs are closing, you dont want to be going the same way.
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DannyB
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Registered: 6th Feb 08
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Buying a pub is asking for trouble in todays climate, they are closing left right and centre for a good reason .No chance I'd even risk it.
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mwg
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Registered: 19th Feb 04
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Risky with your mates too. If it turns out you cant work well together or it all goes tits up friendship could be no more!
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Doug
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Registered: 8th Oct 03
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That sort of business plan would be targeted at cheap drinkers like students.
Personally I would want to attract a higher class of crowd and run a posh bar.
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mwg
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Registered: 19th Feb 04
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I'm not sure I fully understand how it works either.
Any chance of explaining it using some examples?
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Twitch
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Registered: 3rd Nov 09
Location: Flitwick, Bedfordshire
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If you hire me full time to work there then i think its a great idea and will back you 100%
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Limecat
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MWG - It wouldn't be cheap if you may only drink one brand. That's the thought, maybe rely on a drink brand snob (not meant in that way) to take the profits so as to support those that get trashed on anything cheap?
We have worked together in various forms for about 5 years together and I have known and worked with both in various forms for about 10 years. I used to top up my apprentice wage with Aerospace by helping re-wire houses with my mate, even going under floors despite being shit scared of spiders!
quote:
Originally posted by jake
if you own a pub it becomes a lifestyle so if you know you can put the hours in then go for it. you also have to think about why pubs are closing, you dont want to be going the same way.
We all put the hours in, my two mates own their own businesses and I did £4k of overtime back in January. No typo.
We are aware that pubs are closing but as this is only an early thought, it seems to be by our observation generic pubs in generic towns. We would be looking at a town centre/city centre thing on a rental basis initially. Limited company, if it goes to shit we only lose our capital etc.
quote:
Originally posted by DannyB
Buying a pub is asking for trouble in todays climate, they are closing left right and centre for a good reason .No chance I'd even risk it.
As above but the thoughts are appreciated.
It is mainly about the principle. Does it interest you knowing you could potentially get your desired drink of choice at maybe 50% cheaper than elsewhere or would you be prepared to pay over the odds for your desired tipple?
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Limecat
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quote:
Originally posted by mwg
I'm not sure I fully understand how it works either.
Any chance of explaining it using some examples?
It would have to be tweaked with time TBH.
In principle, if you get a party of lads in who ONLY drink Stella, the cost of Stella would rise. If no-one is buying say Carling for example then the cost of that would fall, all displayed on a board taking a live count from various POS (point of sale - tills!), updated (again for example) every 20 minutes. Stick that across the board. That's a very simple way of explaining it.
EDIT: Supply and demand in a nutshell.
[Edited on 04-07-2010 by LETGSI16V]
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DannyB
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Registered: 6th Feb 08
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Do something different, buy into a Franchise, McDonalds is a good call Not cheap though
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Limecat
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quote:
Originally posted by DannyB
Do something different, buy into a Franchise, McDonalds is a good call Not cheap though
Not something any of us would consider for a nano second. You are buying into a deminishing custom area by virtue of the number of them being taken up. 15 years ago - yes. Now - No.
The thought process, (my idea and something they both buy into but we are all piss heads hence throwing it out for input) is something a bit novel, bringing a bit of added fun to drinking 'Shit. Stella has just hit £1.70 a pint. Hold this I am getting a round in!'
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DannyB
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Registered: 6th Feb 08
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That was just an example, there's plenty more that are guarenteed to make you money. I think you would be shut within a year of opening a pub, hardly anyone is out drinking now, well not compared to a few years back. Even if you try to introduce new things to it, I doubt it would take off in the long run.
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ssj_kakarot
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Registered: 29th Apr 03
Location: hartlepool
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lol i think it sounds pretty fun tbh pretty sure me and my friends would have a blast in somewere like that.
but i guess you would be attracting students mainly so make sure its a wine bar/night club type of place with a nice clean and contempory style of decorating not a stuffy pub would also need to be in a town centre ideally.
Also make sure the music is half decent and has a wide variety nothing worse than a decent club with shit music.
suppose you really need to think who your target audience is going to be, most of the bars that do well that i know of do so based on a combo of cheap drinks, intresting and fun promotions such as cocktails and games/ theme nights and stupid random stuff to keep the customers entertained like old nintendo consoles ect.
but thats because i frequent student based bars.
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Twitch
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Registered: 3rd Nov 09
Location: Flitwick, Bedfordshire
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The idea you want to do is done at a club/pub in luton and it works pretty well tbh.
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Doug
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Registered: 8th Oct 03
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What about putting a business together to sell this concept to existing pubs?
Your mate can make all the software and your other mate can fit it all into pubs. You can do the marketing.
Be alot safer to sell this concept than it would be to open a pub based on the concept!
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ssj_kakarot
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Registered: 29th Apr 03
Location: hartlepool
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quote:
Originally posted by DannyB
That was just an example, there's plenty more that are guarenteed to make you money. I think you would be shut within a year of opening a pub, hardly anyone is out drinking now, well not compared to a few years back. Even if you try to introduce new things to it, I doubt it would take off in the long run.
wine bars seem to be doing well, the likes of lyods and so forth, towns with universitys do exceptionally well, normals pubs are dying the death though
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DannyB
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Registered: 6th Feb 08
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You open a pub/wine bar type of place to rival big names and it won't pull off, they will always be able to sell things cheaper than you and they already have thousands of regular customers. His idea of making it unique by doing the cheaper drinks thing may work but it's very risky opening a pub on that basis.
[Edited on 04-07-2010 by DannyB]
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Limecat
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quote:
Originally posted by ssj_kakarot
lol i think it sounds pretty fun tbh pretty sure me and my friends would have a blast in somewere like that.
but i guess you would be attracting students mainly so make sure its a wine bar/night club type of place with a nice clean and contempory style of decorating not a stuffy pub would also need to be in a town centre ideally.
Also make sure the music is half decent and has a wide variety nothing worse than a decent club with shit music.
suppose you really need to think who your target audience is going to be, most of the bars that do well that i know of do so based on a combo of cheap drinks, intresting and fun promotions such as cocktails and games/ theme nights and stupid random stuff to keep the customers entertained like old nintendo consoles ect.
but thats because i frequent student based bars.
Cheers for the feedback, as I say, it is only an initial feedback on the principle. Off the top of my head I suspect it would be an 18-30 type place but if we look into it more we would go into market research (another field I used to work in - jack of all trades, master of none! :lol . Depending on where you live you may have heard of 'Pure' which started out in Stockport and then moved to Manchester and I used to know the manager from there. That's my main concern as there was a big drug problem run from the doors.
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Limecat
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quote:
Originally posted by Twitch
The idea you want to do is done at a club/pub in luton and it works pretty well tbh.
What's the place called chief?
quote:
Originally posted by Doug
What about putting a business together to sell this concept to existing pubs?
Your mate can make all the software and your other mate can fit it all into pubs. You can do the marketing.
Be alot safer to sell this concept than it would be to open a pub based on the concept!
TBH, with the skill sets between us, I think we could make anything work. Patents are a PITFA and you cannot approach a place without one and even then there are so many loop holes.
I would rather take the risk and take the rewards than remove the risk and take little.
quote:
Originally posted by DannyB
You open a pub/wine bar type of place to rival big names and it won't pull off, they will always be able to sell things cheaper than you and they already have thousands of regular customers. His idea of making it unique by doing the cheaper drinks thing may work but it's very risky opening a pub on that basis.
[Edited on 04-07-2010 by DannyB]
If Weatherspoons dropped their prices local to us, it would beg the question of 'why are they not that price elsewhere!' few privately run places could price out the principle but as I say, it is just my baby at present. That's thousands of customers to pinch. Everyone loves a bargain and those that don't aren't arsed anyway!
[Edited on 04-07-2010 by LETGSI16V]
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Twitch
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Registered: 3rd Nov 09
Location: Flitwick, Bedfordshire
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cant remember for the life of me. i was slaughtered when i was there but i remember seeing the stock board with the drinks on it and thought it was a wicked idea. its inside the galaxy center if that helps lol
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Jules S
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Registered: 24th Dec 03
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It's a novel idea that.
Agree who wants what on the basis of a LED 'board' which fluctuates prices every 20 mins?
Wouldn't that lead to madness for 5 minutes after the board updates and nothing afterwards (assuming a 20 minute pint intake)
I'd drink the same thing all night anyway, and I'd be fed up if prices went up
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Doug
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Registered: 8th Oct 03
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My uni used to have stock exchange nights.
Was good but ended up drinking stuff like Gin shots because they went down to 25p
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Whittie
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I've got a mate who bought a shithole of a pub 3 years ago, between him and "glb" on here, they've turned it round.
It's taken every possible way to do it though, promotions, marketing, every different type you can imagine.
Your idea is a good one, and would work... I strongly reccommend you only do it as a "night" though, say a monday / midweek or something...
To have it on full time, you would need a shit hot location and need it rammed every day of the night.
Rent will be thousands to have a decent location, unless you and your mates have very deep pockets, i'd say stick to a traditional type pub, and then do it as a novel night, then if it doesn't work you've not lost anything. If you do it as the whole theme for a pub, you're going to lose mega dollar.
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mwg
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Registered: 19th Feb 04
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It sounds like the sort of place that would be good if you just cared about getting absolutely out of your face for as cheap as possible.
I prefer to pay a bit extra at a classier bar myself but could see that being a hit with students.
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