Why Hospitality is an Ideal Industry for Entrepreneurs
Do you dream of working for yourself? If so, opening a new hotel or resort might be in your future. Hospitality is an ideal industry for entrepreneurs for many reasons, not least that it’s a thriving sector that offers many franchise opportunities.
1. Hospitality is an exciting industry
Deloitte predicts that the hotel sector will grow by 5 to 6 percent in 2018 and reach $170 billion in gross bookings. Strong consumer spending contributes to the industry’s rise, as does increasing demand for business travel accommodations. Another good sign for the industry is that compared with a decade ago, consumers are spending less on certain physical products like appliances and more on experiences like memorable vacations. These trends mean that entrepreneurs can be successful and capture their share of the growing hospitality market.
2. You can work in hospitality without a degree
Although there are hospitality degree options for those who want them, having a degree or formal credentials is not a requirement for entering the hospitality field. This makes hospitality perfect for entrepreneurs, who may have diverse experiences or a degree in a different subject. As long as you have an aptitude for business, you can get started in hospitality relatively quickly. You don’t have to put your busy career on hold to go back to school first.
3. There are numerous franchise opportunities
You also don’t have to build a brand from scratch to get started as a hospitality entrepreneur. Franchise opportunities abound that can allow you to benefit from an established business model and use a brand name that’s instantly recognizable to guests. A franchisor provides instructions and guidance on how to run a property, so you aren’t stuck trying to figure out all the details yourself. And franchising in hospitality can be well worth the effort. An analysis by Sageworks finds that the hotel and motel sector has one of the highest profit margins of franchise-friendly industries.
4. There’s always room to grow
When you run your own hospitality business, you can always improve, attract more guests, and make more money. There’s always more you can do to increase the quality of service at your property. And you can add new amenities, branch out into a different niche, or expand to an additional location. The virtually infinite possibilities for growing your business mean that you can personalize it and realize your unique vision. You don’t have to worry about reaching a point where added effort wouldn’t make a difference.
5. Hospitality is all about working with people
A potential downside of self-employment is that without a manager and peers to spend time with every day, entrepreneurs can feel isolated. That’s not a problem in the hospitality sector, where interacting with people is central to the business. As a hospitality entrepreneur, you can welcome guests from all over the world, work closely with employees, and form new connections in your local business community. This provides the perfect balance for people who want to be their own bosses without giving up the social side of work.