Categories: Advice

Starting a Business in the Hospitality Industry

Today’s H is for the hospitality industry! The Hospitality Industry is a broad industry that covers the spectrum of hotels/motels, event planning, theme parks, various vacation methods, and, sometimes, dips into the tourism industry.

One of the best things about the hospitality industry is that it employs so many people. With every opening of another amusement park, hotel, or cruise line, hundreds of people are gaining jobs. It truly does take a village. It’s proven to be one of the best industries for our economy. That being said, a business in this industry can, at times, be difficult to maintain if you don’t take the necessary steps to success. So be prepared to give your hospitality business your all!

How do I get started?

Because hospitality businesses can be tricky down the road to maintain, it’s important to start small. Maybe instead of jumping into a full-blown 10 story hotel, you try out a smaller scale bed and breakfast first. Whichever part of the hospitality industry you’re interested in, it’s ok to start with a little and build as you go and as the money comes in.

Though it’s ok to start small, you do need to come up with a BIG concept to get started. All hotels, motels, theme parks, cruise lines, etc need to be based around an eye-catching, appealing idea that will draw in customers simply by hearing the name and theme. Don’t rush the thinking process and really come up with something that you are passionate about and would attend yourself, but something that appeals to the masses as well.

After that, building a hospitality business is pretty similar to building any other business: create a solid business plan to appeal to investors, check out the necessary licensing and permit information that applies to the state you’ll be located in, and file to protect your business and personal assets!

How healthy is the industry?

According to “The Top 6 Benefits of Working in the Hospitality Industry,” though the industry was hit by the recession, it recovered stronger than ever, ensuring a sense of stability in the job. As the article states, “Being able to survive that type of trial shows just how robust hospitality is as an industry.”

Want to get started with your own hospitality business? Give us a call at 1 877 692 6772, or visit our website www.mycorporation.com.

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.