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Experts Share: What To Consider When Running A Hospitality Startup
- 76% of hospitality employees in the UK are not concerned about AI and other technologies taking over their jobs, according to a survey by YouGov for SafetyCulture.
- However, some 28% of Gen Z and millennial workers were less confident than their older colleagues.
- Technology is seen as a solution to staff shortages that are set to get worse, with 63% of respondents expecting problems in recruitment.
- CGA’s Hospitality Business Tracker recorded a 1.7% increase in sales in September. Restaurants performed better than bars, with sales up by 3.2%, while bad weather contributed to a 3.8% drop in bar sales.
- Deloitte’s Confidence Index found that optimism in the UK hotel sector remained high despite a slight dip from 2018, with hoteliers expecting moderate growth in Revenue Per Available Room this year.
- Experts have shared tips for those starting hospitality start-ups. Suggestions include focusing on public relations and the development of the company brand, building trust and a reputation for the meeting client requirements, running thorough business plans, marketing using social media and establishing an understanding of HR and accounting.
- While many successful owners are hands-on with their business, it is important to understand the amount of time you will need to invest in your restaurant, though it is also important to create a strong management team to allow the opportunity for time off.
- According to Forbes Burton, insolvency has been a growing risk in the hospitality sector in recent years.
- In addition, a VAT anomaly sees hospitality businesses paying out more than 20% of their sales in tax, without being able to claim back VAT from their purchases.
- Despite the above issues, there is still room for innovative start-ups that can buck the trend.
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