The findings of the latest instalment of foodservice equipment company Silver Chef's Hospitality Industry Success Index (HISI) report just released that aims to identify some of the factors that combine to make a succesful business in the competitive hospitality industry.Some of the key findings of the 2011 report just released are:
The key ingredient for success is adequate funding to provide working capital.
High profit margin items are key to a healthy till. The most successful asset in the market place were deep fryers, closely followed by grills and coffee machines.
Branding can be critical to success. If you're not a big player like a franchise or hotel you'll need to be prepared to build your brand.
Trading history doesn't always matter. Those will less than two years experience are often more successful than those with a few years under their belt. The least successful bands were those in the two to three years experience bracket who showed less success than their less experienced counterparts. However those with four to five years experience were very successful.
Maturity can matter. Gen Xer's and Baby Boomers still dominate the success stakes.
A strong economy can affect the till. New South Wales and Western Australian reign as this year's highest success states.
Passion matters in hospitality. Without the passion to work in your business, your chances of surviving are slim.
Female run hospitality businesses are more successful. While the majority of operators are male, female run businesses have a 90.9 per cent success rate, compared to 88.1 per cent of the males.
The most significant challenges when setting up a new business are operational experience, cash flow and staffing.
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