Top tips for starting a hospitality business
Are you hoping to run a successful start-up in the hospitality sector?
As an ever-changing and competitive market, the road to success is often paved with challenges, requiring a considerable amount of time, patience, and hard work.
Be clear about your goals
From the beginning, you should identify what you want to achieve and what you will be contributing to the sector.
You also need to ask yourself how you plan to stand out against your competitors. Are you bringing something fresh to the table?
Put time into establishing a strong business concept. This should ideally leave room for scalability, allowing you to start your business on solid ground.
Create a business plan
It is crucial that you put time and thought into your business plan.
In this, you will need to outline your financial and operational goals, as well as your budget and initial start-up costs.
Be sure to tailor the plan to your audience and research your market comprehensively. Include important facts and ensure that all financial information is accurate.
Decide on a business structure
Will you be operating as a sole trader, partnership, private limited company, or something else?
Think about the structure of your business, as it will be vital when factoring in taxation matters and personal liability when taking on debt.
Think about funding
Keep in mind how you will fund your hospitality start-up and consider your options.
For example, you might require short-term funding such as a bank loan when you are finding your feet.
Do your research and be sure to seek advice from a professional. At WMT, we can assist with fundraising, as well as provide assurance to investors through statutory or voluntary audits.
Market your business
When it comes to marketing a hospitality business, you need to think about the audience you are targeting.
Having a good social media presence is a great place to start. You can utilise your social channels to build awareness of your brand, but also to engage with any existing customers.
Ultimately, you can’t run a successful hospitality business without a strong team beside you.
Think about which areas of your business require support. When you do begin to put your team together, be sure to provide your employees with adequate training, such as food safety.
Be clear about their roles within the team, and regularly monitor their progress in line with business performance.
We can help you set up and run an ethical tronc scheme that rewards your employees for delivering great customer experience.
We are here for you
At WMT, our accounts, audit, payroll, and tax teams can take the stress out of compliance.
We can assist you with improving processes and preparing your business for fundraising, growth, or sale, as well as provide an outsourced finance function, which ensures you have an accurate view of your financial position.
Not only that, but we offer a fully managed payroll service, recommend IT systems and software that will streamline your business, and can advise you about tax issues and opportunities.
Seeking professional guidance when starting a business is key. To find out more, get in touch with our team today.