If you’re dreaming of a change in career, or of going self-employed, then the hospitality industry might hold a natural appeal. There’s something inherently rewarding in providing customers with an enjoyable experience – even if you end up working pretty hard in order to achieve it.
What type of hospitality business are there?
The hospitality sector is incredibly diverse. With so many different kinds of business devoted to providing people with a good time, you might not yet have decided which one is worthwhile. Bars and restaurants are in demand just about everywhere, and they can reap considerable rewards if you manage to get the location right. You’ll need to build up a loyal customer base through word of mouth, and work to consistently high standards if you want to safeguard your reputation.
Other hospitality businesses may take advantage of your existing premises. If you want to convert your home into a bed & breakfast, you might do so quite easily, depending on the layout. But location will still matter – tourists will be willing to pay for easy access to the places they’d like to visit. The same applies to hoteliers of all kinds, though it’s unlikely that first-time businesspeople will take this step right from the word go.
Catering and events businesses don’t have to worry so much about their premises, as the nature of the work means that they’ll travel to wherever the demand is. Getting a foot in the door is the difficult first step here, but once taken you might find that the bookings snowball – provided that the service you provide is of a high standard.
How do I get Started?
The first step is to ensure that you have a viable business plan. If you’re opening a restaurant, you’ll have decided upon a theme for the menu and the premises. This should take advantage not only of your particular skillset, but of the demand in the locality. If there aren’t any Thai restaurants in town, and you have a background in Thai cookery, then it’s likely to be viable – but more formal and thorough analysis will help to shape your approach during the first few months and beyond.
What about Overheads?
Of course, getting started will require some capital. It may be that you need some extra liquidity to keep the machinery of business properly lubricated; in this case, it’s worth looking into cash-flow financing options ahead of time. This will cover both the one-off costs of starting up and the running costs of keeping the business open. Depending on the makeup of the business, you might find that the balance between these is slightly different. In your business plan, you should have identified exactly how much you’ll need.
