As a hospitality business owner, you may not have considered, or may even be daunted by, the world of corporate hospitality. These days, corporate hospitality is big business, and whether you own a hotel, restaurant, bar, café, or theatre, the chances are that you have something you could offer in return for their money and recommendations; are you up to the challenge?
Expanding your hospitality business needn’t be as daunting or as difficult as it may sound, and we’re not suggesting completely rebranding or starting again. Corporate hospitality could be as simple as providing a venue for meetings or staff training, or be as large scale as hosting corporate bashes, conferences or staff parties, organising educational sessions, or becoming a common ground when two businesses need to communicate with one another.
The great thing about corporate hospitality is that you decide what events best suit your facilities, and also the changes you’re willing to make. Do you have large, empty rooms going to waste? Are half of your bedrooms uninhabited during the off-season? Do you have means to employ an events coordinator? If you can answer “yes” to any of these questions, then the chances are you’re ready to expand.
The money making potential of corporate hospitality
If you own or operate a hospitality-based business, the chances are that the headline “Lord Laidlaw sells IIR events firm for $1.4bn” would be enough for you to sit up and take notice; after all, isn’t it every business owner’s dream to be making that sort of money? While this particular headline dates back to 2005, the story is one that is being repeated around the globe for similarly successful corporate hospitality businesses, and you don’t have to search too hard for the reasons behind Lord Laidlaw’s success; founded in 1973, the Institute of International Research (now the International Institute of Research and Education) was, at the time of its sale, one of the world’s biggest training and conferencing companies, and it operated a number of events and instructional days worldwide throughout the year. This type of business, with such a wide net of clients and an impressive reputation, is worth its weight in gold, and you could do far worse than aspiring for your business to achieve its heady heights of success.
Similarly, it is worth looking towards the IIR for inspiration for your own business. Not sure what else you can offer corporate clients? Consider providing performance improvement sessions, hosting motivational business speeches, screening corporate films, hosting training and courses, or inviting clients from around the world to sample your hospitality. The chances are the wider you cast your net, the more clients you’re likely to attract, and it is essential to look closely at the facilities you have, or could develop. Moreover, these sorts of opportunities, as demonstrated by the IIR, have the potential to score a long-term contracted income for the right entrepreneur, with repeat business for every successful event. Could that be you, and are you up to the challenge?
The world of corporate hospitality can be a daunting one, but look to the example of others, particularly those who have achieved wide success, and you may well find your own pot of gold.