Two of the key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If run properly, the hospitality business can pay great dividends. There are some considerations before getting involved. The following contributed post is entitled, Things To Consider Before Entering The Hospitality Business.
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The hospitality business can be a tricky one. If you’re planning on starting some kind of hospitality business, like a restaurant or a cafe, then you need to make sure you’re cut out for the job. Not only do you need great food and drink that keeps people coming back for more, you need highly trained staff, a great theme, a unique selling point, and the perseverance to see it through no matter what. Some months might be quiet, and then other months you may feel overrun with customers. You need to be prepared for just about anything in this kind of business, from people attempting to run out without paying, to others making complaints. No two days are the same!
Let’s take a look at a few things you should consider before you enter the hospitality business:
1. Do You Have The Right Stomach For It?
As no two days are the same in the hospitality industry, you need to make sure you have the right stomach, or the right personality for the job. How will you deal with a customer that’s seriously upset because they found a hair in their food? What about one that doesn’t want to pay because of a ‘rude’ member of staff? Being able to think on your feet and deal with any situation is a must! Some customers may be within their rights to complain, while others might just try to get a freebie.
2. Do You Have The Right Skills For It?
It isn’t enough to have the right stomach. You need the skills! Do you have people skills? Customer service skills? The skills to run a business? Consider doing a few courses and workshops at the very least before you start.
3. Are You Prepared To Take Your Time Hiring The Right Team?
You’ll need the right team on your side, and you need to be prepared to take your time when hiring them. Interviews should be thorough, and you need to make sure they have the right personality. Training your team is still important, but if you take your time at this stage you’re half way there.
Are You Willing to Research the Best Suppliers?
A great hospitality team is vital, but it won’t create a successful business if you don’t also pair it with the best suppliers. In fact, you could quickly end up with a notoriously bad menu this way, never mind the quality of your chefs. In terms of food production right now, it’s especially vital to work with suppliers who prioritize sustainable production, otherwise, you could find yourself facing reputational backlash. Research is the best way to overcome this risk, and is especially important when it comes to meat distributors like Superior Farms, who prioritize sustainable practices like renewable energy, as well as farming practices that boost the nutritional value of their products, and your recipes in turn.
5. Do You Have Competition In The Area?
Extensive research on the competition is a must, and the only way to differentiate yourself in the area.
6. What Will You Do If Things Get Quiet?
Things will get quiet from time to time. You’ll need money in reserve to keep afloat – and it’s probably a good idea to hold off on hiring too many permanent staff members in the beginning.
7. How Will You Get Feedback And Improve?
Make sure you listen to your audience and aim to improve. Doing this constantly will ensure you build a business people truly love!