If you love meeting people from all over the world and want to transform a property you own into a hotel, here are tips for starting your own hotel business.
- The first thing to do as with any business is write a business plan. Your business plan is the foundation of your business. It should be detailed and cover everything from what your goals are, a financial forecast, how you plan to fund the business, and how you plan to run the business. You may benefit, at this stage, from hiring an accountant to help you with setting up business accounts and recording your finances from day 1 to avoid any problems in the future due to poor recording of transactions. Your business plan is for investors to read, and it will also need evidence to support it so that you can get more of a chance of having a business loan, which is increasingly hard to get. If you are looking for Accountants Swindon I highly recommend getting in touch with Chippendale and Clark accountants Swindon.
- Once you have a business plan, you’ll need to think of branding. What will your hotel’s speciality be? What type of customers are you hoping to cater for? In order to best determine these factors, you will need to do a big amount of market research. You will need to analyse your potential customer base as well as your competitors. Your brand should appeal to potential customers, and you’ll want to know how to make it as attractive as possible to them. Look at your brand as your identity. Do you want your hotel to be high-class offering fine-dining and a spa? Or will it be a homely BnB for those looking for a getaway in the English countryside? It will definitely depend on where the hotel is and the demand in the area, as well as what the area offers.
- The next step to opening your hotel is looking at pricing. This is something you will need to look at when conducting market research and studying your competitors. You’ll need the prices to cover your expenses, be reasonable for your target market, but also make you money of course.
- Once you have the pricing, you will need to design your hotel according to the brand and niche you have chosen. You will also need to start a website that is consistent with a brand, and tells your hotel’s story, giving people an idea about what makes it unique when compared to other hotels in the area, and why they must stay there.
- You’ll need to hire all the employees you need, including a receptionist, housekeepers, a chef and kitchen staff, and other people to provide any other additional services that your hotel offers.
- Lastly, once you open your hotel, make the first opening a big event to get everyone’s attention so that they can all consider staying there, and tell their friends about the hotel too. The more people that know about your hotel the better chance you have of having people to stay there.