The hotel industry is one of the fastest growing in the world right now. It has seen around five percent increase in the last five years alone. So perhaps now is the right time to get involved. There is a lot of money to be made out of a successful hotel business but it is not easy to get off the ground. You will be competing with large hotel chains that can offer lower prices than you, so you’ll have to beat them on quality. It may be difficult, but it is not impossible, and there are a few things that you need to consider before starting your hotel business.
One of the key factors that determine the success of a hotel is location. If you are located in the center of a busy city, you might struggle to get custom. There will already be countless numbers of established hotels that people are more likely to choose over yours. On the other hand, if you are situated in the middle of nowhere, it is unlikely that you will get people saying because it is not very convenient for them. Try to find an area that is near lots of points of interest, but is not already saturated with other hotels.
The next step is to fund your hotel. Depending on whether you are buying an existing hotel, renovating another building, or building one from scratch, you are going to need a lot of money. You should have a solid proposal before pitching to investors and make sure that you have something that makes you stand out. So many people are setting up hotels and it is likely that investors are pitched them all of the time. If you don’t offer anything unique, you won’t get the funding. Also, make sure that you have crunched the numbers and you can give them some idea of when you hope to return their investment to them.
A lot of hotels these days bring in customers off the back of a successful restaurant. It also means that, if you are accessible, you can bring in customers who are not staying at the hotel. People that are travelling for business, in particular, will often choose hotels that can offer good quality food on-site. Do not treat the restaurant as an extension of the hotel, treat it as a restaurant in its own right and give it the attention that you would give it if it were a separate business. Come up with an inventive menu and fit out your kitchen with the best equipment from places like Chef Works, to give your restaurant a professional feel.
The thing that will win you the most repeat business is good service. If the hotel cleanliness standards are high and your staff is attentive, people will want to stay again. If staff are rude or it takes a long while to get things that they have asked you for, they will be put off. You need to remember that there is a huge amount of competition out there and so the tiniest thing could be a reason for that customer to go elsewhere next time. If they are a person that stays in the area regularly, you will have lost yourself a lot of money.