The hospitality industry is a really fun market to tap into. Not only can it be incredibly profitable, but it is also a great way to meet lots of interesting people, make people happy and explore the world. As such, it’s not surprising that so many decide to try working in the hospitality industry.
Despite the benefits, though, opening and running a hotel can be incredibly difficult, especially if you are not doing your research beforehand. The below list will highlight some of the top tips that you should keep in mind when you are launching a new hotel.
Determine the Best Location
The location of a hotel is traditionally one of the most important factors when it comes to running a successful business. If you are in the right location, especially if your competitors are not fulfilling paying customer’s needs, then your hotel has the ability to really thrive. That being said, the same applies if your hotel is in a location with a lot of good competition, as you may struggle to get off the ground. It’s important that you try and strike a balance and have your hotel somewhere that has demand but is not flooded with high-quality competition.
Provide Exceptional Service
This goes without saying, but word of mouth and online reviews will generate new customers and ensure the return of existing ones. You should make sure you have knowledgeable and friendly staff, excellent facilities, and are able to resolve any conflict that arises.
Plan for the environment you’re in too, if you’re located somewhere that gets exceptionally hot or cold, then guests need to be able to make themselves comfortable in their room. This can be done with the implementation of a PTAC unit. One of the best places to find these is on the site for PTAC inc.
Have a Business Plan
A good business plan is an essential step for any new venture, regardless of the sector that it’s in. A hotel business plan is not only needed so that you can fully take the time to plan and think through how you will establish your business, but it will also be necessary for getting any kind of investment or lender on board. No one will be interested in putting money into a business that does not have any clear projection on the direction they want to go in, how they will get there, and the potential ROI.
Plan for Capital
It doesn’t matter if you intend to buy a hotel and refurbish it or start a brand new one from scratch; you will need money to invest. You should set out exactly what you want to do and how you want to do it and then work out, based on the cost of doing so, whether you will need to seek outside help or not. This outside help will come in the form of investors and lenders, who will provide you with the funds you need for a percentage of the business.
What Makes You Worth Booking?
There are thousands of hotels out there all offering the same thing: a place for guests to stay. When it comes to picking a hotel, most are going to be happy with a comfortable and clean room. This makes the competition for hotels extremely tough. Therefore, you need to find a way to make yourself irresistible to book. This could be a fancy entranceway, quirky décor in the bedrooms, the look of the building itself, personalized welcome gifts, free car or bike options, in-room games, or themed experiences. If you can find something unique that makes people want to book with you, you have a much stronger chance of succeeding with your hotel business.
