If you’re thinking about starting a new hospitality business, you need to have a solid business plan and do your homework. Only then can you actually consider all the implications involved in order for you to make the most out of your venue.
Here’s a few tips on how to make a proper start…
Is it really for you?
Start by taking a look at yourself, your experience, skills and knowledge. What past experiences or work shows that you know what working in and operating a venue is like?
Try speaking to someone who has operated a pub or restaurant before to get a real picture of what is required. You could be planning to have someone run the venue for you. If this is the case, make sure that you have a list of their skills and experience and get references.
Do your research
Do some homework on the market that surrounds your proposed venue. Visit the area and in particular look at the footfall on the street where it will be. Look at the demographics of the area and focus on venues nearby.
There may be a gap in the market for a student focussed venue or the other end of the spectrum such as a boutique cocktail bar.
Analyse the competition and make a point of visiting to see what they’re offering. You need to be able to stand out from the competitors by offering something different. If other venues focus on drinks, could there be an opportunity for a food-based offer?
Research to find out if there are any major changes planned for the area, such as new housing estates or road improvements. These types of change can make a huge impact on your success.
Are there investment opportunities?
There are always opportunities to be found when taking over a venue. Ask yourself what improvements can be made such as creating rooms that could be hired out for business and celebration use. Does the venue have a function room that could be upgraded to provide a unique offering? Look at the outside – is the lighting good and does the exterior look inviting? First impressions count and you only get one chance.
The devil is in the detail
A good business plan needs to cover all the details, big and small. Service levels, staff recruitment and training, marketing of the venue, financial forecasting, sample menus, product ranges, brand support, risk assessments…. the list is long.
We work very closely with our customers in order to create tailormade strategic business plans. Whether you’re opening a venue, designing a drinks menu or planning an event, we can help.
Your personalised plans begin with us spending time with you to discuss your goals and we can even audit your current practices. Our comprehensive planning service can cover everything that you would need to run a successful business, or just a few improvements, depending on your exact needs.
To find out more about how our services could benefit your start-up or existing business, get in touch today.