Things I think you should consider when looking at starting a hospitality business.
There are few industries that offer the buzz and humbling feeling of having made someone’s day or special occasion. The adrenaline from a pumping service in a fast-paced kitchen and the excitement you get from seeing a venue filled with happy guests. It is rewarding, stressful, hard work, and exhilarating all rolled into one. No two days are the same, and the industry is continuously evolving. Making it to the top of the ladder takes dedication, skill, sacrifice, and perseverance. It is a fickle beast that you either love or hate, and if you don’t love it, move on because it will eat you alive.
I have had the pleasure of working with some top venues and amazing industry professionals from across the globe. I have also worked with many enthusiastic and determined business owners who severely underestimated the extent of what it takes to create a successful hospitality business. After years of managing, growing and developing various hospitality business’ I have seen the same old issues appearing no matter which part of the world they may be.
I also discovered that what stood out clear as day to me and the simple solutions to rectify these issues that are not so obvious to most. This was in part due to naivety, and partly ignorance, but in most due to managers and owners with little to no industry experience before deciding to start their own hospitality business. They have a great idea, see others do it, and think “how hard could it be?”
Underestimating the complexity and level of experience and knowledge it takes to start-up and run a profitable Hospitality Business is a common mistake that a lot of new business owners make, one that ultimately leads to another failed venue to add to the statistics pile. If you are looking or considering taking the leap into starting your first hospitality business, be it a restaurant, café, bar, or other, be sure to invest the time to complete in-depth due diligence before proceeding.
•Speak to other business owners with similar operations.
•Talk to the managers at your local venues.
•Have a strategy session with a Hospitality Consultant to gain real-world insight into what life running this business might look like.
•Understand the financial returns to the industry with an average 5-15% profit, depending on venue style. It needs to be a passion business and not only financial driven, or you will lose.
If after this you are still excited about joining this vibrant industry, it is time to get back in contact with your Hospitality Consultant to help guide you through the process of launching your new venture. The fun is only just beginning but so are the many challenges ahead. Do yourself a favour and invest in the advice and guidance from someone that is qualified through experience to help you see a successful launch and ongoing business with as little stress as possible.
Remember - one of the most important parts of running and operating a successful hospitality business is having fun. Smile, enjoy and make an impact. Have great service!