Hospitality entrepreneurs gifted 19 hours of free advice a month by family and friends, Worldpay research finds
To highlight the invaluable support of a ‘business bestie’, Worldpay has partnered with Michelin star chef, Tom Kitchin, who founded the Kitchin Group with his wife Michaela
Hospitality small and medium-sized business (SMB) owners are turning to family and friends for an average of 19 hours of free advice a month – the equivalent of over two working days, according to new research from Worldpay. These UK-based entrepreneurs are also turning to technology for support with business owners spending an additional 17 hours a month using AI based tools for business advice.
Besties shape the direction of businesses with support and advice
In a challenging business climate, small and growing businesses can face uncertainty, and the support of trusted ‘business besties’ – be it friends, family, or technology, in helping run and grow their business can be transformative.
Worldpay’s research has revealed that business owners’ personal support systems are emerging as a key driver of guidance, with over half (51%) of hospitality entrepreneurs saying that this backing from loved ones has been instrumental in navigating the challenges. In addition:
- Over two-fifths (47%) of respondents reported that support positively impacted their business strategy and revenue.
- 37% of hospitality SMB owners felt growing their business would have been isolating without support from loved ones.
- 38% would not have started their business without emotional support; 52% rely on family, 39% on partners and 40% rely on friends and seek professional help.
The digital era is redefining where entrepreneurs seek advice
As the demands of running a business become more complex, a growing number of entrepreneurs are turning to technology in search of a ‘Business Bestie’:
- 52% of business owners now rely on technology for business advice, with 34% finding it invaluable for management.
- 30% of hospitality business owners use virtual tools, like AI chats, for emotional support in managing their business.
Tom Kitchin, Scottish chef and business owner, reflects on the findings and his journey of setting up The Kitchin Group alongside his wife: “I opened my first restaurant, alongside my wife Michaela, nearly two decades ago. It has by no means been smooth sailing and as we’ve built our business we have faced many ups and downs. Working alongside someone you trust – family, close friends, or anyone with your best interests at heart – is a key ingredient for success. At the same time, this trust must go beyond personal relationships. Having a dependable technology partner is vital in keeping everything running smoothly behind the scenes.”
Chris Wood, general manager, SMB International at Worldpay, adds, “Worldpay’s research underscores the vital role of ‘business besties’ – trusted friends, family, and increasingly, technology – in driving business success. While personal networks offer invaluable advice and emotional support, harnessing the right business tools and technology is equally essential. This can empower time-strapped SMBs to optimise operations, unlock growth insights, and meet customer expectations effectively.”
To help SMBs navigate these challenges, Worldpay offers Worldpay 360, an all-in-one business management and payments solution for businesses designed to unlock opportunities, elevate customer experiences and empower business growth.
About Worldpay’s partnership with Tom Kitchin
Worldpay has partnered with Michelin star chef and co-founder of the Kitchin Group, Tom Kitchin, to highlight the invaluable support of a ‘business bestie’. Tom, and his wife Michaela, opened The Kitchin in 2006 and have together grown the once-small business to include multiple award-winning restaurants and a cookbook series.
Worldpay’s Business Bestie Bus Tour
For a firsthand demonstration of Worldpay 360 and other solutions, join Worldpay’s Business Bestie Bus Tour taking place across the UK this August – November. Follow Worldpay on LinkedIn and Instagram for more details coming soon.
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