As an entrepreneur, you’ll naturally always be on the lookout for your next business venture, and from time to time may consider the world of hospitality. Despite requiring a significant initial investment to take over a pub, restaurant or hotel, there’re lots of ways to make money and create a ‘cash cow’ business that will offer long-term profitability for decades to come.

Below, we’ve rounded up just five reasons why you should consider the hospitality industry.

It’s a lucrative market

In the United Kingdom alone, the hospitality industry is thought to be worth more than £100 billion a year – a figure that’s almost tripled in the past decade. As consumers are spending more money on experiences and events and less on physical items, you’ll quickly be able to generate a return on your investment and make tens of thousands of pounds per week.

Finding staff is easy

Unlike in some industries, where you’ll need to spend months recruiting and training staff to be able to perform at their best, the hospitality is unique in that most staff is well-trained and has their own experience. Chef recruitment can also be utilized to find more quality members of the team, and you’ll quickly be able to build a family of passionate and talented waiters, front of house managers, and chefs to put your business on the regional map.

Hospitality is exciting

No two days are the same in the hospitality industry, and every outlet you open will have its own sense of style and personality. The truth is that the hospitality industry is an industry unlike any other – sure, it’s demanding and hard work, but the reward is that you’ll always be on the edge of your seat, and you’ll never get bored from one day to the next.

Big businesses are failing

You may think that seeing big businesses like Prezzo and Pizza Express failing is a sign of the times and a reason why you shouldn’t invest in the hospitality industry, but the opposite is actually true. Consumers are moving away from chain restaurants and hotels and are happy to spend a little more for a unique experience. Small businesses and startups are favored by many in the hospitality industry, as people always want to try something new, which means that brand awareness and loyalty can quickly be developed in a new market.

There are endless offshoots

If you run a hotel, then you can add a breakfast menu and a spa; a pub can offer themed events and rent out their space for functions and business meetings; restaurants can offer deliveries, open on Christmas Day, and charge a markup on premium drinks. There are so many opportunities to add value to your core product and make more money from each customer in the hospitality industry, and a happy customer will always come back again.

If you’re considering the hospitality industry, give it a go. There are so many opportunities for savvy entrepreneurs, and the possibilities are truly endless. Whatever you choose to get up to, we wish you the very best of luck with your new venture. Bon appétit!