A business that allows you to make people feel at home, serve everyday needs, and interact with various customers across a plethora of touch points is definitely a business worth building.
The hospitality industry includes a wide expanse of service-related businesses, from food and accommodations, travel and tourism, and so much more. What ties them all together is the simple fact that all of them cater to a very basic human need: comfort.
Which is why companies the world over are adopting more user-friendly ways of delivering comfort. Brands like Continental Girbau make coin-operated washers to cater to a more mobile and nomadic lifestyle; various tech developers build apps to create a faster and more efficient way of booking flights and hotel rooms.
So why would you want to be part of such an industry? For starters, it allows you to show compassion for others and earn a living at the same time.
It’s A Powerful Industry In Terms Of Profit
The thing with hospitality businesses is that you can succeed practically anywhere. As long as there are customers, there will be a need for hospitality.
Data from last year showed a 3% increase in average revenue per booking. Furthermore, experts foresee travel contributing around 11 trillion dollars to global GDP by 2025.
The hospitality industry is lucrative as it is difficult, but it surely pays off not only in terms of outright revenue, but also its concomitant bonuses, compensation packages, flexible retirement plans, health coverage, insurances, and other benefits.
The hospitality business remains the world’s largest and fastest growing industry and now’s the right time to start your business if you’ve long been planning to.
There’s Great Opportunity For Growth
The thing with hospitality business is that they require basic communication skills, especially in terms of interacting with people and responding to person-centered needs.
This means, your personality and principles will most often converge with your professional conduct. Empathy, compassion, and decency, leads to proficiency in organizing, working among teams, and communicating – soft skills that will always come in handy wherever you might work.
Most importantly, within the hospitality business, you are the most important resource. Often, employee turnover is quick, but this also means that you are given the opportunity to hone your skills in more places, around the world. Meet other clients, know how to cater to other cultures, and expand your worldview.
It’s A Globally Competitive Field
Speaking of global opportunities, owning a business in hospitality means that you open a gateway to the entire world. Your pool of talent can come from anywhere and everywhere, and today, application for work permits, internships, and jobs within the industry is easier than ever.
To add, being in a globally competitive industry means that competition is always neck-and-neck. Businesses are always trying to one-up each other – restaurants try to offer better menus, hotels give out better deals, and hospitality services use better technologies to further their service. That’s why websites like put out lines of commercial appliances, from flatwork ironers to washer-extractors, which boast of higher capacities and durability.
The industry always challenges its participants to innovate, and this should motivate you too.
It’s Been An Established Industry For Ages
The great thing is, it’s been around for as long as people have traveled. We might not have known it as the enormous industry as it is today, but history knows that we’ve accommodated people who wanted to eat out, go out, and go around the world since time immemorial.
Fixing warm beds in inns, or serving local delicacies to the neighborhood – we’ve always taken care of others. Now, corporations have gone over and beyond simple expectations, and if history has established anything, it’s that the need for comfort will always be present, and you will always have people to serve and make comfortable.
It’s A Portal To Diverse Set Of People And Cultures
Given that the hospitality business is a global arena, it’s a big bonus that you get to make from the other side of the globe smiling and satisfied.
It fosters internationalism and a multi-cultural environment, and it works for both sides of the desk – not only do you get to cater to customers from various nations, but you also get to build a team that comes from a diverse set of culture.
The hospitality business is a great way to learn cultural sensitivity and racial history, and therefore, respect.
Customers are the backbone of the hospitality business. Whatever your motivation may be for considering to grow in this industry, you should always come back to the virtue of always wanting to help and serve the people around you.