It wasn’t too long ago that only the extremely rich could afford to engage in any kind of leisure pursuit. Eating at restaurants or going away would have been out of the question for anyone who wasn’t a property owner. But now just about anyone to go out to eat, take a holiday or spend time pursuing a hobby. There are price ranges to suit all sorts of budgets, from fast food restaurants and hostels to Michelin-starred restaurants and five-star hotels. Businesses in hospitality and tourism can do very well in different economic climates, but they can also be temperamental. You need to know how to give customers what they want, you find your niche, and you do it well. If you’re thinking of opening a hospitality business, consider one of these.
Restaurants
Restaurants and hotels can be difficult businesses to start up because you need the initial capital for a building. You might rent a property instead of buying one, but the cost of starting up is still significant. Restaurants are a notoriously risky business and many close within the first year. But the great thing about them is the range of service you can provide. You might choose to open a fast food establishment, where there’s only a counter to serve, and people buy their food and go. Or you could open a full service restaurant, with tables and tablecloths, servers and fancy menus. To get started, you’ll need an excellent location and a brilliant concept.
Accommodation
Like restaurants, accommodation comes in all shapes and sizes. From hostels and guesthouses to luxury boutique hotels, there’s a broad range of business models you could choose from. One of the biggest hurdles, apart from identifying a space in the market, is acquiring a property. But once you have somewhere to run your company from, you can find a unique way to offer travellers a popular service.
Guided Tours
An easy company to start up on your own is one offering guided tours. You could start off with just you, taking groups of people around your city to see the sights. As long as you make sure you have any necessary permissions from the local authorities, running this type of business shouldn’t be very difficult or expensive. You need to have a good knowledge about the history and current events of your city, and of course advertise your tours to attract customers. Many people offer sightseeing tours, however, so you need to find your niche. Perhaps you can offer ghost tours, or maybe you’ll specialise in taking groups of people who have just landed at the airport.
Travel Agency
You might think of travel agencies as big corporations, but there are many independent companies too. One way to get into the business is to buy into a franchise, but you can start up on your own too. With the right contacts, a phone and an internet connection, you could run your business from home. You can also work as an independent agent, attached to a larger company but working on your own.
