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Starting Your Own Hotel Business From Scratch

Starting a hotel is by no means easy or uncomplicated. It takes a hell of a lot of hard work and dedication. There’s a lot to it, so your research will need to be thorough and vast. To start you off, we thought we’d create this simple guide to give you an idea of what you’ll need to do. Each section will always present its own challenges that you’ll need to overcome yourself, so make sure you do your own separate research.

Create a Business Plan

Creating a business plan is the first thing to do. Some businesses boast that they never wrote one at all, but for a hotel, it’s absolutely essential. You can’t succeed by accident with one of these; you must go out of your way to do it on purpose. Your business plan will need to be thorough and detailed. What will your hotel be called? Who is your target market? How will you move forward? You should also come up with an exit strategy, just in case things don’t work out.

Get Financing

Your business plan will be a big help when you make a pitch to get financing. Getting financing can be difficult, especially the amount you’ll need to start a hotel. It’s unlikely you’ll have the money sitting in your back pocket raring to go, but if you do you can skip this part. If you need money, you’ll need to pitch your idea to banks and other lenders to see if they’ll fund your idea.

Find Premises or Get Permission to Build

You have two options for your hotel: find a suitable premises you’d like to open up in, or get permission to build a whole new hotel. The latter will take a lot of planning permission, meetings, and pitching, so you might want to stick with the first one. However, this is up to you. Just bear in mind that it can take years to build a hotel, especially a large luxury one.

Source Stock from Reliable Retailers

Your hotel is going to need certain things to keep it running smoothly. You’ll probably have a restaurant or cafe, so where will you get the food and drink? You’ll have rooms, so you need beds, bed linen similar to that from http://www.richardhaworth.co.uk/, and TVs. There’s a lot of stuff, so you’ll need to make detailed lists and then find reliable suppliers you can build relationships with. Remember to try to get the best deal but don’t skimp on quality.

hotel-industry

PC: Kevin Dooley

Start Looking for Staff

Your hotel is going to need staff. You’re not going to be able to run this place alone, no matter how good of an entrepreneur you are. You’ll need people to answer enquires, people to clean the rooms, people to serve food, and more. Your staff should be trustworthy, so you’ll need to take your time with this process.

Get Appropriate Licenses and Insurance

Depending on where you are, you may need certain licensing agreements to start your hotel. You’ll definitely need insurance wherever you are to protect your customers, staff, building, and your property.

Come Up with a Marketing Strategy

Finally, you need a marketing strategy to get those clients through the door. How will you do it? It’s always best to work with a reputable company so you get results ASAP. However, remember that success will still take time.

Good luck!

About Subodh Tandon

Subodh is a full time marketing consultant and a skilled blogger. His area of interest belongs to marketing and finance related news and love to share all of those topics over the internet. You can catch him directly through this blog.