Whether it is a coffee-shop or a fine dining restaurant, an eco-lodge or a 4-star hotel, there are several questions to ask and different steps to take before starting your project and opening your business. Then you might need the support of b.Consulting Hospitality Experts to conduct a feasibility study to help you position your business among the competition and become successful.
Our experts provide practical, profit-oriented advisory services to meet the local trends and follow the international hospitality standards at every step of your project.
The questions you should definitely ask yourself before starting:
Is my project financially sustainable ?
The first step is to develop your business plan that should describe how you are going to achieve your goals:
360 scope analysis on products and services
Market analysis - S.W.O.T (Strengths - Weaknesses - Opportunities - Threats)
Financial planning and Revenue on Investment (ROI).
Budget: staff, development, manufacturing, marketing…
For most commercial businesses, the costs to get started can be considerable, in particular the land acquisition, the equipment, the furniture, the licenses and permits.
Besides the opening costs, you should consider the ongoing expenses such as the facility maintenance, salaries and taxes, advertising costs, insurance, office supplies, high-speed internet. It is essential to also establish FF&E and OS&E budget.
Do I target the right market ?
Analyzing the market and the competition is crucial because you don’t want to lose your investments. Once you know who your target customer is and who your competitors are, you will know which amenities to include and where the business's location should be. b.Consulting team of experts provide to clients an extensive knowledge and experience of the Cambodian market.
How am I going to do better than my competitors ?
To last in the Hospitality sector and do as well or even better than the competitors, it’s important to define the identity of your establishment with a proper branding (logo, signage), to write a unique storytelling about our project, to identify your target customers and to define the range of selling prices.
Another very important part of making your own mark is to build a solid and professional team. Therefore constant training, grooming and good manners teaching shall be one of your main focus the first year of running the business. A strong team helps to run operations faster, respond to customer inquiries efficiently and help to build brand awareness quicker. When the operations run smoothly, you can concentrate on keeping innovative ideas and have more time to work on developing your strategy.
How many staff will I have to hire ?
“The right person at the right position” is your new motto!
Based on the scale of your restaurant or hotel, you may think about the staff you shall hire. Make sure to hire enough staff for each job, and anticipate shift planning and back-ups in case of illnesses and vacations.
You may look for candidates with sufficient experience who can multi-task and are efficient. The current lack of experienced manpower in the hospitality sector may lead you to spend time and efforts on training programs. This is worth the investment considering the actual turnover, to keep your team strong together.
Time to define a detailed concept and adjust it to the market
Concept development is the key stone of your project. You shall ask the expertise of the b.Consulting team who will collect data of your industry and targeted markets.
They will prioritize your operational needs and challenges, determine your concept S.W.OT (and build with you your strategic planning.
In order to guarantee the success of your project, b. Consulting offers you assistance and advice in the project development process: Opening, Branding, Structuring.
No need to invest in a great concept if you don’t share it with your customers!
To be successful, you shall plan wisely your communication strategy by building your brand and find the most relevant channels to communicate directly with your guests.
Entrepreneurship is a long and inspiring journey. Cambodia is definitely a country where flexibility and relatively easy investment process are an advantage for those willing to start their own business.
However, the country is in constant evolution, administration regulations are changing quite often and you might want to watch regular updates.
Urban landscape and infrastructures are also evolving quickly which renders the choice of location a sensitive key stone.
At last, the young population aspiring for novelty can be as much of an asset as a disadvantage if you are not prepared to keep up with local trends. b.Consulting team is here to show you the good opportunities as well as the weaknesses of your project in Cambodia.
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