3 Tips for Opening Your Own Hospitality Business
Excited to open your own hospitality business? You should be. It can be very rewarding to see the satisfied faces of your customers when they leave your establishment.
Starting a hospitality business can be tough. Take the time to prepare before opening your doors to the public. Planning ahead can make things more manageable and less chaotic. Here are three important tips for setting up your own restaurant or hotel business:
1. Lay Down the Foundations
First, you must set the foundations of your business. That includes your business plan, capital, business permits, location, and branding. You cannot operate your hotel or restaurant business without them.
Solid Business Plan
A well-thought out solid business plan is a vital step in developing a successful business. It is meant to detail the operational and financial objectives of a business. It also contains extensive plans, budgets, and costs of starting a restaurant, hotel, or any other hospitality business.
Think about what kind of business structure to use as well. This helps separate your personal assets from the business and guides you through legal proceedings, taxation, and government regulations.
Don’t forget to choose an appealing name for your business as well. Your business name is the first touchpoint customers have with your brand.
As with all business ventures, you’re going to need money to fund it. Using your own personal savings can be quite risky. Luckily, there are alternative ways such as taking a loan from a bank, crowdfunding, attracting an angel investor, or even raising money from family or friends.
You must manage your capital wisely. Keep a balance sheet to track your finances and to see your profit. Don’t forget to also set up a bank account for your business.
Register your business and obtain the proper permits from your local government to make your business operational. Additional requirements may be needed, depending on the type of business you have. For tax purposes, register your business with HM Revenue and Customs.
Your location contributes to the success of your business. It should be convenient for your target audience. Here is a checklist you can look at when deciding on a place for your hospitality business:
- Well-built building
- All legal documents are in their proper order
- Appropriate size
- Suits the purpose of your business
- Gives off the vibes you want for your brand
A brand distinguishes your business from your competitors. It also helps people relate to your business on a more personal level. Not only does it guide all your marketing efforts, but it also emphasises the promise you’re making to customers whenever they set foot in your restaurant or hotel.
Your brand includes different elements such as the logo, colours, fonts, and even the tone of voice. One of the simplest ways to build your brand in your restaurant or hotel business is by producing hospitality print products such as branded coasters, towels, placemats. These items both improve the customer’s experience and boost brand recognition.
2. Attract Your Customers
Make sure people know about your business. New businesses, especially, need to make their presence known in the community to attract customers who can be loyal. The more people who come to your business, the better.
When you’re starting a restaurant business or a hotel, it is important to market within your community first. Not only will you conserve marketing resources, but you are also building and maintaining long-lasting relationships with potential customers.
There are plenty of ways to get the word out about your business. Here are some things you can do to market your business effectively:
- Make use of outdoor advertising. Direct customers to your business by putting up banners and signs around the area. If you have a restaurant business, use pavement signs to feature today’s specials to target passers-by.
- Distribute flyers to passers-by. Flyers are great for spreading the word about your business. Include a voucher that can be used by customers to avail a discount or free item when they visit your hospitality business.
- Establish an online presence. Create a website where people can find out more about your business in detail. Join relevant social media channels such as Facebook, Instagram, Twitter, or even YouTube to post announcements and to engage with customers more personally.
3. Great Customer Service
Hospitality businesses need to provide great customer service by meeting the customer’s needs and desires. Giving them a great experience will make them want to support you in the future and recommend you to friends and family.
Hire the Right People
The first step to providing great customer service is by hiring the right people. Train your staff to provide them with the right skills and attitude to handle any kind of situation. Create a training manual to maintain the standard even when new employees are hired.
Talk to your customers
The best way to personalise your business is to actually chat to customers. Every once in a while go in between the tables and thank people personally for visiting your place, your time will definitely be appreciated.
Starting a restaurant business or any type of hospitality business can be quite a challenge. We hope that these three tips will help you satisfy the needs of your customers!