#4 Things to Know Before You Start Up in the Hospitality Domain
Hospitality sector has been one of the most preferred domains of traditional business owners. While the basics of “atiti devo bhava”(guests are equivalent to God) remains intact, the sector today has seen the birth of new ideas and innovation in the form of technology management, data storage, marketing strategies and food innovation.
In an interview with Entrepreneur, Arvind Kaila – Co-founder and Promoter of Fusion Hospitality Pvt Ltd and Founding Partner at Voila F9 Gourmet – spoke about the nuances of building a brand in the hospitality domain in India.
The manpower and supply strategy
It is a critical criteria for every space and especially for the hospitality domain. One needs to figure out very early in their business as to how much he needs to hire as manpower and calculate the supply numbers carefully.
Capacity to invest
The size and type of project one is working on determines the capital that should be injected into the idea. Investors in this sector are watchful about the capital spent as the first shot of money required in this domain is much more than any other sector
Hospitality sector completely relies on the competency and caliber of the people working in it. Especially in the food and restaurant sector, wherein one is not working with a system wherein you can just infuse technology and start producing and selling.
However, the QSR sector is an exception to the rule. Basically, the hospitality sector is the availability and putting together a team with the right team with skill set. If you don’t get that right, then you will not be in a god position.
Innovation is a must!
Gone are those days when people simply went to a restaurant to have butter chicken, naan and dal makhni! Consumers are always on the lookout for novelty and creativity in your menu card. Even in traditional cuisines, people want to look for modifications to suit the modern day diet and health regime.
In the startup space, people basically want to step into a space that has not been previously explored.
Kaila was one of the key note speakers at the Franchise India Conference in Hyderabad last week.