5 Tips for Startups to Grow in the Hospitality Industry
Hospitality industry has transformed immensely in the past 5 years. Competition has skyrocketed, so have the opportunities
Considering today's tiring life, people are keener on escaping the reality once in a while to enjoy the freshness associated with travel. Indian tourism and hospitality industry has been bustling with opportunities. The nation's rich cultural heritage and natural diversity not only attract thousands of foreign tourists to the country but also exert a pull on the budding entrepreneurs to explore the field.
From the employment perspective too, the industry has been generating a remarkable number of job opportunities. In 2017, a total of 41.6 million people were recorded getting employed in the travel & tourism sector and the number is expected to rise by 2 per cent annum to 52.3 million jobs by 2028. To tap the market's potential; multiple international hotel chains are marking their presence in the country.
However, the homegrown players like OYO and Vista Rooms are setting the standards high for both emerging players and foreign competitors with their rate of success and popularity among the customers. While starting out, there are hundreds of things that can go wrong. From staff negligence to misinterpreted technical glitches, little slipups can cost the business a prospective customer.
The hospitality industry has transformed immensely over the past 5 years. Competition has sky-rocketed, so have the opportunities. If you are someone with a keen interest to invest in the segment, here are 5 things you must keep in mind:
Spending Capacity
Understanding your audience holds the utmost importance in a business like hospitality along with their economic background. Targeting the right customers might take a defined amount of time but makes up for the foundation stone of a business. Keeping the customers and one's own spending capacity in mind before marketing a business is crucial for any startup.
