Hospitality industry news, articles, publications, trends, tips, ideas, strategies and best practices … Starting your own Hotel How to
Do you need a sample hotel business plan template or feasibility study? Do you want to do business in the tourism and hospitality business? Then I advice you read on!
If you are planning on starting your own hotel business, then you should know that though hotel business is a profitable venture with a lot of opportunity for expansion, it involves a lot of technicalities and is not so easy to start.
The procedure for starting a hotel business is quite technical and involves a lot of planning and strategizing. So in this article, I will be highlighting everything you need to know about starting a hotel business.
Why You Should Start a Hotel Business Today If you have an opportunity to visit Owerri a city in Imo state during the weekend Fridays, Saturdays and Sundaysyou will be shocked to discover that despite the huge number of hotels dotting the city, there is no accommodation space in any of the hotels.
And surprisingly enough, Owerri is not even among the top ten cities in Nigeria Lagos, Kano, Port Harcourt, Ibadan, Ogun, Enugu, Abuja should be in the lead ; with respect to population and level of industrialization.
What this goes to show is that hotel and hospitality business is a profitable business anytime any day, as long as you are sited in a good location.
Now regardless of your country of residence, you can start a hotel; whether on a large or small scale. So if you reside in Nigeria, United states, Canada, Ghana, etc; you will find this article useful. Decide on the type of hotel facility you want to open First, you have to decide on the type of hotel you want to open.
Hotels are categorized according to a number of factors. Some of these factors include: The size of the hotel Where the hotel is located Type of services offered and the number of rooms available. Some popular types of hotel include: Bed and Breakfast hotels: Bed and breakfast hotels usually have about rooms.
These hotels are cheaper and offer limited services. Bed and breakfast hotels are usually run by the owners of the facility who also serves breakfast to the guests.
Budget hotels offer cheap accommodation to guests with limited services. Resort hotels usually have recreational facilities like a golf course, a beach or an island where guests can enjoy these facilities while they visit. Airport hotels provide accommodation for travelling passengers to pass the night.
They are usually located close to the airport. Suite hotels are increasingly becoming popular in the hotel industry. Suite hotels provide guestrooms that also have an attached living room and sometimes, a kitchenette where guests can cook their meals.
Business hotels are usually built with the business traveler in mind. They offer complimentary newspapers, internet access, business centers and fax machine services to guests.
Create an innovative concept The hospitality industry is very competitive with various hotels springing up yearly. It is not enough to just start a hotel. You should create exceptional services to pamper your clients. You can offer them complimentary breakfast, swimming pool, Jacuzzi, gymnasium, massage services, valet parking, and internet services.
You can even offer them options of changing their rooms after one night to enjoy the different rooms you have. Your hotel building should also be constructed with warmth and serenity in mind. Conduct a Feasibility Study A hotel business is not something you can just rush into without being armed with the right amount of information.
It is important to conduct a feasibility study of the area where you want to site your hotel. A feasibility study would help you to determine if it is a worthwhile business and how profitable the business would be.
It would also help you find the most suitable location for your hotel. You may conduct the feasibility study by visiting the location, hotels around, handing out questionnaires and asking questions.
If you cannot conduct the feasibility study yourself, you can employ an expert or consultant to do it for you. Determine your Ownership Structure Hotel business requires a huge capital outlay hence you may need to bring in one or two investors.
It is important that you decide on the ownership structure of your business before you start. Do you want to be the sole proprietor of your business?We put together a guideline / template of how to write a hotel business plan. Simply follow our example OK, so you have decided to realize your dream and open your own hotel.
Financial Plan Provide the start-up costs of the hotel (capital investment), the ingoing business costs, operational expenses and revenue projections for the next /5(). Aug 28, · Tips.
It’s possible to get started in the hotel business by buying into a well-known vetconnexx.com can be less expensive than starting from scratch, but will still require yearly franchise fees. I am sathish just working on front office in the boutique hotel.
I want to start the hotel booking in online, can u send me a way to achieve my goal on building this. kindly guide me with the business plan, I have been thinking about how to start a hotel booking business but I don’t know how to start it.
Can you please help me.
Thank. Apr 12, · The location is an essential factor to consider while discussing how to start a restaurant business, as it can determine the success of your restaurant.
We put together a guideline / template of how to write a hotel business plan. Simply follow our example OK, so you have decided to realize your dream and open your own hotel. Financial Plan Provide the start-up costs of the hotel (capital investment), the ingoing business costs, operational expenses and revenue projections for the next /5(). If you are planning on starting your own hotel business, then you should know that though hotel business is a profitable venture with a lot of opportunity for expansion, it involves a lot of technicalities and is . Write your business plan with the #1 online business planning tool. Start Your Plan. Free Hotel and Motel Sample Business Plans. Writing your business plan doesn't have to be a chore. Just check out these sample business plans for hotels and motels to get some ideas and inspiration.
While choosing your restaurant’s location, it is a good idea to identify your competitor in that area and gauge their progress and understand their business /5(20). Starting your own Hotel | How to For many people starting their own boutique hotel or bed and breakfast is like a dream.
Most are drawn by the charm of hospitality and see it /5(). How to Start a Hotel: 5 Keys to Success Starting a hotel requires careful choice of a location and strategy, a business plan, access to considerable financial resources, and a customer service mindset.