Lessons from Buying a Bar

After taking the decision in February 2017, together with a friend, to buy a loss making Irish Sports Bar in Prague we have finally turned it around, increasing sales by over 50%, making profit for the first time this month and also achieving the target of top 100 Restaurants (from 5,000 in Tripadvisor) in Prague and the No 1 Irish Restaurant in town..!!

So what did I learn from entering a business that I knew anything about.

1. When buying a business don't trust anything anybody tells you. Check everything yourself. Accept that however much you check things there will still be surprises. Just deal with them and move on.
2. Be prepared to make mistakes, this is the only way you will learn.
3. Stay close to the business. It is your money.
4. Be patient, believe in the plan you have made and the results will come. If they don't, learn and change the plan. 
5. Surround yourself with good people, that you can trust and if you have to lose some people on the way. So be it.
6. It will take up more time than you ever expected.
7. Get your friends to support you. They will be your most supportive customers and your biggest critics.
8. Use what you have learnt in the big corporate world. It is really not that different.
9. Make sure you are also having fun...!!

So if you are ever in Prague come and visit the No 1 Irish Sports bar in town and the best Gastro pub in Prague.