The hospitality industry is very attractive to those who are looking for career progression and plenty of opportunities. However, you need to be aware that it is also quite difficult to succeed and you do need to be prepared to work hard. There are so many factors that can affect how well the industry does so you need to know your market and be prepared to adapt as necessary.
What elements does a successful hospitality business have?
There are a number of different elements to a hospitality business. For example, if you are running a hotel you need to consider offering more than a bed for the night to your guests. Visitors should expect to have a breakfast provided if they want one and if the establishment is large enough it is often worth opening a restaurant at other times. Remember that if you are running a hotel you need to consider income streams that do not just involve guests staying overnight. In a hotel with a function room you may need to consider different types of celebrations in order to bring in revenue such as weddings, which may require specific licenses.
From there you have to make sure that your hospitality business also includes other elements. What is your customer service like? Do your customers keep coming back to you? Good customer service will ensure that your guests remember you and will want to come back. Having a strong team of polite and professional workers will go a long way towards helping you to build up a successful business. Remember that without your customers your business would not exist so you have to offer them what they need.
What types of business are there in hospitality?
We have already mentioned hotels but there are other types of businesses that you can focus on if you want to break into the industry. Events venues are another option and there are plenty of career opportunities here. You should also consider entertainment venues such as theaters, cinemas and casinos as other options that are available to you. Each of these is very different but has the same focus – providing a service for customers and bringing plenty of those customers through the door.
Steve Wynn is well-known as a businessman that has truly made his mark in the hospitality industry. Specializing in casinos and hotels, he is one of the top names in Las Vegas and is linked to some of the most well known places on the Strip including the Bellagio.
He now has business interests in Macau, another well-known destination for quality hotels and casinos. A quick look at a profile of Steve Wynn will reveal that he is responsible for revitalizing the fortunes of Las Vegas and one way in which he achieved this was to ensure that customers got exactly what they wanted.
One of the main things that successful business people in hospitality say is that research is essential. Without carrying out the right research it is so easy to set yourself up for failure. For example, it is estimated that around 80% of restaurants that open in New York will close within five years. There are many reasons for this including poor service, poor food and stiff competition. Planning can help to prevent this and should be done as much as possible before you begin.
It might seem to be very easy to open a hospitality business – simply buy a B&B, advertise and get customers. However, if you do not work hard to make those customers happy you might never get to see them again and in the age of the internet it will not be long before they are telling others why.