JKR

Gerard Basset

6 tips about launching a business (and one about choosing wine)

Every month a group of us get together at an event called Platform to hear first-hand from some of the business world’s leading innovators and learn a few secrets of their success.

On Tuesday, we heard from the co-founder of the Hotel du Vin boutique hotel chain, Gerard Basset. As well as being a brilliant hotelier, Gerard is also a world-class wine expert and holds the enviable title of ‘The World’s Best Sommelier’.

Here are Gerard’s top 6 tips for successfully launching your own business:

1.    Find the gap, then fill it

The absence of good quality, mid-market hotels in the mid-1990s was probably something that countless people had noticed and commented upon. Spotting the opportunity is arguably the easy bit. Reacting to it is what separates the entrepreneurs from the rest.

2.    Invest in what matters most

A ludicrously, comfortable bed and a luxurious bathroom with a steaming hot, power shower. Both became defining features of a night at the Hotel du Vin.

3.    Understand your pricing structure

Don’t overpromise and recognise what is good value. Everybody likes to feel they are getting a good deal.

4.    Freedom for self-expression

To instill individual passion, Gerard gave carte blanche to his sommeliers to create their wine list and the chefs half of the menu to make their own.

5.    Don’t let the future obstruct the present

All too often Gerard sees business plans that talk about what will happen in year 5. He reminded us that the best way to win in the future is to win in the now.

6.    Don’t forget Lady luck

Everybody needs a bit of good fortune. In 1994, the high profile trial of Rose West was announced at Winchester Crown Court, a short walk away from the first Hotel du Vin. Within two weeks of opening, the hotel was fully booked for its first three months.

One last bit of advice from Gerard. If you’re ever given the chance to take your pick from all of the wines in the world, go for a bottle of Romanée-Conti. It comes personally recommended by the World’s Best Sommelier.

There’s a high demand for membership but if you’d like to attend the next Platform, please e-mail Amy at amymaw@jkr.co.uk and she’ll do her damnedest to get you on the list.