You’ve found a wonderful business idea, and now you are ready to start.
Starting a successful hotel requires so many essentials. It goes beyond having a big fancy building with rooms, registering it, and charging people to check-in. It is a haven for travellers. For example, the first thing you would need is a good name for your hotel. You want something that is simple and catchy. You need a good hotel name idea that is easy to remember and meaningful.
Starting a hotel might look all good and fun but trust me, it can be quite challenging. You must think deeply and make the best decisions.
Here are some tips that’ll help in your hotel start-up.
- Have A Plan and Do Some Research
How is your hotel going to stand out from already existing competitors? What are your vision and mission statements? Costs? These are questions you must be able to answer before taking any step further in opening your establishment.
A clear plan is important for the success of any business. Research and learn all you can about the hospitality industry.
Visit as many hotels as you can, start friendly conversations on how you’re thinking of opening your establishment, and you’ll be surprised at how many useful tips you’ll get.
Take a look at customer’s reviews of hotels and take note of what they appreciate and the negatives.
Get yourself a marketing plan!
- Determine Your Target Market
Before you start your hotel, you need to know your target market – the type of audience you want to market to. Luxurious travellers? Business owners? Young couples? Families?
- Your Location Matters
This is very important. Your location should be based on your target audience. Whether or not your hotel is going to be budget-friendly or more luxurious would also help determine your location.
Take your time to think about it properly.
- Secure Funding
With a good plan and stratagem, securing the necessary funds to start your hotel shouldn’t be too difficult.
You can go for a business loan, get investors, or any other legal means available.
- Build Or Buy
You must have decided whether you want to build your hotel from scratch or buy and renovate a building. Building a hotel allows you to build to your taste and with the best materials. While buying an already existing structure would save a lot of money – though you might still have to do some renovating.
- Address Legal Matters
After completing your hotel, you need to legalize it. Obtain all hotel permits and licenses necessary. Be sure to do some research or get hotel consultants to help, as different permits and licenses are required based on the government.
Don’t forget your hotel insurance too.
- Finishing Touches
You have to make sure everything is right. Put some finishing touches like demand for Wi-Fi, purchase the necessary system that’ll help in the management of your hotel, build an online presence to increase your visibility to potential customers, and any other thing you need to do.
- Hire and Train Staff
You are just one person; you can’t do it all by yourself. You need to hire proper staff and train them.
- Open Your Hotel
Yay! You’re ready for business. Congratulations.