Is it Possible to Build a Sustainable Business in the Hospitality Industry?

hospitality

Credit: Nick Wheeler

There are a number of business opportunities available within the hospitality sector, from restaurants, cafes, hotels, and bars, to event management, organized tours, and leisure pursuits. Despite the volume of opportunities, though, hospitality is often seen as a sector in which short-term success, rather than sustainability, is the norm, and it can take time before you see real profit.

Why can success in this industry be so difficult? Hospitality is a notoriously fierce industry and is judged by some of the harshest critics around; customers will be spending their disposable income on leisure time, rather than necessity, and can be very quick to take their dollars elsewhere. Combine this with the fact that many opportunities within hospitality are seasonally focused and you’re left with a hard road ahead. Success, however, is possible, if you are prepared to strive for it.

Top tips for success

Despite the horror stories and cautionary tales that you may hear, it is perfectly possible to build a strong and long-lasting business in the hospitality sector; you simply need a little determination, a drive to succeed, and a detailed plan of action, as well as pride in what you do.

The first thing you need to decide is where you’d like your business to go, and have a strong concept in mind. Do you have a particular theme, or idea, that you’ve always wanted to develop? Can you think of a way to link this to every aspect of your plan to create something truly unique? What is your target market, and how can you attract them? The early stages of planning your business must involve research, and you should never be afraid to ask questions if you come up against any issues. Make sure you know your audience inside out; returning trade is a big deal in the hospitality industry, so be sure that you have something they’ll be willing to come back for.

Communication is essential, both with your team and customers; you must be able to communicate your vision clearly and effectively, and build relationships with those who will be visiting your establishment. It is also important to remain consistent; if you find a formula that works, ask yourself how you can make it stronger, rather than alternating between complex ideas. The team that you surround yourself with is key; ensure that you have polite, well-turned-out members of staff that are willing to support you in your endeavors.

Take inspiration from success stories, such as business magnate Stephen A Wynn whose achievements will be a great starting point for your future successes. He became known as a casino collector after investing heavily in his three Las Vegas casino resorts. Perhaps the best known is the luxurious Bellagio that features ‘O’ Cirque Du Soleil, amongst many other attractions. You can even be married there if you wish.

Push to succeed

Hospitality is a sector in which it is notoriously difficult to succeed, with some of the fiercest competition and critical customers to be found in any industry. However, with a few good ideas, a dedicated team, and a drive to succeed, as well as the ability to learn from your mistakes and take inspiration from the world around you, creating a sustainable business in the hospitality industry is perfectly possible.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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