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It is a huge decision to start your own business and without a doubt it is rewarding when you succeed. However, operating your own business in the hospitality industry can be high risk.
There are a number of things you can do when thinking about starting your own business to increase the chances of it being successful. These include, but are not limited to:
• having a business plan
• researching the locality you want to set up in. Walk around the area at breakfast, lunch and dinner time. Have a look at other businesses in the area
• making sure that you have some hands on experience of working in a similar type of business
• talking to people already in the industry about both your plans and their experiences
• doing one of the short course available that specifically address opening your own small hospitality business
• getting some financial advice from a small business adviser
• talking to your bank manager about small business loans and the steps involved in securing one
• researching suppliers of industry goods and services. Find out their costs and what they offer.
If you don’t have formal qualifications (which aren’t essential to running a successful hospitality business), consider completing safe food handling and responsible service of alcohol courses.