User:Cterral08/Hospitality Consulting

“90% of new restaurants fail in their first year,”, was an interesting statement made by Chef Rocco of a reality show called ‘The Restaurant.’ The number is very intimidating, yes, but hardly factual. “After the first year 27% of restaurant startups failed; after three years, 50% of those restaurants were no longer in business; and after five years 60% had gone south. At the end of 10 years, 70% of the restaurants that had opened for business a decade before had failed,”. Although these numbers are still alarming, they are not as appalling as those stated by Rocco. The top six reasons why restaurants fail include no unique selling point, too large of a menu, all talent but no brains, poor pricing strategy, no marketing skill, and bad negotiation skills,. This is where a Hospitality Consultant comes in to play. Consultants in the hospitality industry generally earn a degree in Hospitality Management where “contracting, negotiating, diagnosing, data collecting, discovery, reporting, and project management” are studied. This background of education allows consultants to understand the needs and expectations of markets in the hospitality industry. The responsibilities of a consultant include advising “in key areas such as food/beverage/banquet operations, retail outlet management, reservation call centers, centralized accounting operations, franchise revenue management, loyalty programs, data center operations, brand standards, project accounting, capital expenditures, architecture and construction, corporate treasury and centralized purchasing” . Job outlook for a consultant in hospitality remains strong. As the hospitality industry becomes more and more competitive and the economy changes, business owners increasingly need the expertise of consultants. Hours of work average about 35 hours a week. These hours must sometimes consist of weekend hours as consultants are required to meet deadlines and this means working in stressful environments. The average salary for consultants starts around $48,000 and can be up to $121,000 Hospitality consulting is a career that allows those interested in the hospitality industry to have an active role without the worry of losing investments.