Tag Archives: creating a business

hospitality business

5 tips to create a successful hospitality business

Hospitality will always be an industry with a lot of competition. Why? Because it’s an industry that turns a necessity into a luxury. Sure, we could always cook our dinners and never travel anywhere – but that wouldn’t be much fun at all! So hospitality has created a world where you can experience cuisines from foreign cultures, stay in caravan parks to lavish hotel suites and everything in between – and although 2020 has thrown some speedbumps in the mix, hospitality will always exist in some way, shape or form. So, it’s no surprise that it’s a popular choice for savvy businesspeople when creating a new business.

But what are some things to consider when entering the hospitality sector? How can your business become a success and stand out from the crowd? Here are 5 tips on making your hospitality business the best it can be, and a successful business in its own right.

  1. Customer experience

Plan your customer’s journey from start to finish. From booking to leaving and everything within that timeframe. How can you make it easy? How can you make it special? Find ways to make your customer say “wow”. Whether that’s an SMS reminder 24 hours before their booking, or a complimentary house wine while they wait for their table – make the customer feel special and they will always return.

  • Find your niche

In a sea of restaurants or hotels, how will yours be different? Is it a design feature? A price point? Particular inclusions? A live music happy hour each night? A specific dish you do exceptionally well? Find what makes you stand out and then make sure everyone knows about it. Soon, it’ll be what you’re known for – so make sure it’s something you’re happy keeping long term!

  • Digital presence

It’s not enough anymore to have a good brick and mortar business. You need to be online and you need to be really good at it. Website, Facebook, Instagram – you name it, you need it. Instagram is a particularly important social media platform when it comes to hospitality, as most people nowadays look on Instagram to gauge the feel of the business before deciding to book their stay/meal. The old saying “never judge a book by its cover” doesn’t apply anymore. These days, almost everyone judges a business based on their cover photo!

  • Care about people and the environment

The world is shifting into a more sustainable place, with younger generations focusing on how they can reduce their environmental footprint in any way they can. Find ways to do your bit for the environment and let your customers know how their business helps contribute to your efforts. Likewise, if you can give back to those in need, why not use your business as a positive platform to do so!? Positive publicity through good deeds is priceless, although it shouldn’t be the sole reason for doing good. Good karma comes to those who care about others.

  • Be a local leader

Take a step forward in your local community and be present. Sponsor local sporting events, attend local gatherings and become a local business that people know and care about. Being an active part of your neighbourhood and community is a valuable marketing tool and encourages loyalty when it comes to your customers.

Thinking about buying a hospitality business? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected] to chat through your options. We have a wealth of hospitality experience under our belt and would love to discuss the businesses we currently have available. 

business planning growing a side hustle into a fulltime business

How to turn your side hustle into a fulltime business!

For many, 2020 has been a year of experimentation, hobbies, passion projects and side hustles. Working from home has meant a shift in business activities, a new normal and one giant brainstorm session on how to make money during a pandemic! But whether your side hustle was born out of necessity or simply ambition alone, it takes work to get an idea off the ground and into the sky. So, where do you start? Let’s take a look.

1. Business planning – It’s no secret that the most successful businesspeople are the most organised. Create an in-depth business plan at the very beginning (and don’t rush it!). Document your products, services, predicted revenue, outgoings, state of the market and competitors. Do a SWOT analysis (identifying the strengths, weaknesses, opportunities and threats to your business) and think about every outcome to every scenario. Sure, this takes time and requires motivation, but planning for the best AND worst-case scenario will ensure you are equipped and ready to tackle challenges and grow your business. 

2. Put in the time – At this point, you are growing your side hustle while working, most likely, fulltime. You’re working all day and most nights – and that isn’t going to change anytime soon. You need to grow your side hustle to an acceptable level before transitioning over to it fulltime in order to minimise risk, so keep at it! 

3. Set up the framework – Create a structured, organised business from the very beginning. Map processes, set up business bank accounts and create a framework that you can continuously build on as you grow. A messy beginning will no doubt grow into a bigger mess, so take the time to set yourself up efficiently. If in doubt, give us a call and chat to an Accountant as well which is important to create the correct legal structure for the business. With the help of professionals in the industry, you can simplify your business operations in the long run.

4. Install the correct IT and software systems – This will allow you to automate the business functions as much as possible. This will also assist you in time management and create the capacity to expand the business before you have to employ staff.

5. Scale your business – Have you ever heard of the phrase “live within your means”? The same applies to a small business. Sure, money will need to be spent to set things up. However, think about necessity vs. choice and whether you need to be spending in certain areas. As you grow, you can pour more money into advertising, staffing, and product lines – but as you start out, start with manageable quantities and bite-sized chunks to ensure you are capable of handling the workload while it’s just you behind the wheel. 

6. Transition to fulltime – When your side hustle has grown to a level where the transition is no longer deemed high risk, and you can sustain the outgoings of the business without your current employment, then think about transitioning over to your side hustle full time. The growth you’ve achieved so far will no doubt increase at a faster rate with you dedicating more time and energy to the business, so it’s onwards and upwards from here!

Every business is different and should therefore be treated as unique ventures. Like any business journey, we recommend consulting with a business professional to discuss your business in detail before making large decisions. Contact Core Business Brokers on (02) 9413 2977, or email Roy on [email protected] to get the conversation started. Roy and our friendly team of business brokers are always happy to discuss your business, where it’s heading and all the potential that awaits. 

CREATING A BUSINESS DESTINED FOR SUCCESS

What came first? The chicken? Or the egg? It’s a little that way when it comes to business too. Do you start with a business idea? Or do you look at the market and see what would work well? For many businesses, it’s the first option. It may be a dream to own a restaurant or a dance studio, so that is the venture they embark on. For many people, this works just fine, as their passion and drive make them successful business owners and other factors such as skill, positioning, competition and luck may contribute in a positive manner.

However, what if you flipped the coin and approached it from the alternate angle? What if you wanted your own business, and instead of going with your heart, went with your head?

This is where certain business owners begin to shine. They begin by assessing the market. They scope the area they would like to place their business and they ask themselves, “what do the people in this area need? What are they lacking?”. Here are some key questions to ask yourself when in the initial planning stages of creating a business that may attribute to future success:

  1. Who lives in the area? How old are they? Are they mostly single people or families? What is the average income?
    This will help to determine product line, pricing options and services that you offer. As you may offer families a bulk discount on your product or service as opposed to affluent single professionals.
  2. What businesses already exist in the area? If you are looking at an industry, how flooded is this industry already? Or are there gaps in the market that you could tap into? 
    You’d like to open a café but there are already 2 on every corner, however, after 2 pm, the neighbourhood falls silent and a little tapas bar could prove very popular!
  3. What do people need in this area?
    Similar to point #2, where you’ve assessed what businesses already exist, have a good think about what opportunities don’t yet exist, that would make residents lives easier. 
    Maybe the local grocery store is a 20-minute drive away and during peak hour is a nightmare to find a parking spot. So, why not open a small supermarket and deli on a residential corner? It may be a little bit more expensive than the larger chains, but it is convenient. People will make sacrifices for convenience.
  4. Is this the right area for my business? If you have your sights set on a particular industry or business style, then find an area for your business that has all of the above points that already suit your business model. 
    For example, you may want to create a luxury hair salon but you are looking at a low-income area that is predominately families. But 15 minutes up the road in a neighbouring suburb you find an area filled with single professionals. Moving your business here could make all the difference. 

If you’d like to discuss your options and see what businesses we have available, contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected]. Buying a business is a journey best undertaken with careful and considerate planning. Lucky for you, it’s what we do best!