For people who are moving to Australia one of the big questions can be how they will support themselves. Buying a business can be a good way to 'buy' yourself a job as well as help to support your immigration application by showing that you are contributing to the local economy. A business such as a pub can be a great entry point as it allows you to use broad hospitality skills that you may already have.
Here are some tips to help you find the best pub or restaurant.
Look at local requirements for being a pub owner
In most states, there are additional requirements for owners of pubs and restaurants that serve alcohol, such as a bar managers card or a 'responsible service of alcohol' (RSA) qualification. These can often be completed online before you start looking at buying an establishment and can allow you to hit the ground running once you arrive in town.
Look at current financials
If you are looking at using this business as a source of income and need it to support your family, you need to make sure that the business will support this from the start. Look carefully at not just the profit and loss statement, but also at the cash flow statement to gauge how much money the business generates week to week as well as the profit statement as this can reflect tax treatments which can take some time to land in the account. If you are not comfortable with the local accounting system, it can be useful to get some input from a local tax agent.
Evaluate the community or neighbourhood
If you are looking to add some international flair to your establishment, such as setting up an ethnic restaurant in the pub, it's a good idea to evaluate the local community to see if it seems receptive. Keep an open mind as it can often be more profitable and easier to start a new venture in a smaller community with less competition than in a saturated metro market with many competitors. It can also be easier socially, as owning a local business cements you as part of the local community and can help with social networks.
If you are looking to buy a pub as an immigrant make sure to chat to a pub broker, who can help you to find the best pub for sale in a great local community.