Entrepreneurship is a beautiful, fickle beast. While it can lead to unmatched fulfilment, it also comes with seemingly countless challenges. And when you’ve suffered financial setbacks in the past, the thought of starting a business from scratch can be quite intimidating.

However, most of the world’s leading entrepreneurs have failed time and time again. Conrad Hilton’s first venture was a bank that ended in bankruptcy within the first year. Wolfgang Puck struggled to find a job as a young man, proceeded to get fired after he finally landed a job, and then spent years going from restaurant to restaurant before his career took flight.

Here’s the point: Financial hardship happens to most people at one point or another. And rather than destroy your hopes of being a successful business owner, it can put you at an advantage if you approach it the right way. If you have dreams of opening a business in the hospitality and leisure sector, don’t let your financial setbacks stop you. WHAM Consultancy is here with some practical tips for how you can harness your failures to establish a thriving, resilient business.

Stop to reflect.

Failure can be a good thing in the business world because it’s the best way to learn. Even if this is your first attempt at starting a business, you can take what you’ve learned from your personal financial setbacks and apply it to your business.

To do this, however, requires you to confront your mistakes and reflect on them. Before diving any further into your business formation, take a little time to analyse your mistakes and think about things you could have done differently. Spend time with a mentor who can help you to navigate current challenges and prepare for those that will come in the future. Failure is normal for entrepreneurs. Embrace them. 

Spend time on your finances.

You don’t want to launch a business on unstable ground. If your financial setbacks have left you in major debt, then work on tackling that debt as soon as you can. If you have bad credit, figure out how to raise your score.

Sharpen your business plan.

Make sure you have a stellar business plan. Few things are more crucial to the process of starting a business. Your plan should contain any information and details relevant to your company—anything that will show investors and other stakeholders that your company is worth their time and money. Think mission statement, core values, target market, marketing strategy, financial projections, etc. Then, go pitch your refined plan to score funding!

Start establishing your brand.

Too many entrepreneurs wait until “the perfect time” to deploy their marketing strategy. But here’s the thing, the sooner people start hearing about your company, the more time you have to build a following before you launch. So, get to work on creating unique branding that you can promote through your website, social media, mobile apps, and other channels.

You can easily find qualified freelancers for marketing your brand. For instance, if you want to develop a mobile app that will help set your company apart from the competition, just look to online job platforms. There, you can compare costs, delivery times, client reviews, and more to determine the best web mobile designer for the job.

Study the regulations.  

One final note: Research the regulations that will be involved in your business. And there are seemingly countless regulations for the hospitality and leisure sector. Take the time to study and learn them inside-out. Knowing the rules, laws, and expectations pertaining to health and safety will save you a lot of trouble.

So, you’ve had some setbacks with money. That doesn’t mean you can’t launch the hospitality and leisure business of your dreams. Learn from your mistakes, shape up your finances, and put together a killer business plan. Start promoting your brand as soon as possible, and learn all of the regulations you will need to comply with. While there’s more to starting a successful business, these fundamental tips will help you form a strong foundation.



Do you need top-notch consultancy for your hospitality and leisure business? Visit whamconsultancy.com today to learn about our services!