Table Of Contents:
This is a very exciting and very profitable business in the long run. But remember, your hotel business should be managed professionally. One of the sure things about owning a hotel business is the value of hotel property that always increases and its value is much higher if compared with the initial capital you spend. The main purpose of the hotel business is to make your hotel with a high occupancy rate.
The key to the success of the hotel business is in the hands of the owners and managers of hotels where the two sides must work together to achieve common goals. A resourceful and experienced HR is the initial capital to make your hotel business a success.
Business hotel is a business that aims to make guests happy and impressed with your hotel, both in terms of enrichment, the atmosphere outside and within the hotel including the price offered. To achieve the above goals of course you should make the facility as much as possible comfortable, safe and affordable. Sometimes people think that using hotel facilities is something expensive, maybe that's true but if compared with the satisfaction in the can, the price is no longer a major problem.
Location is also the key to your success in managing the hotel business. The exact location will affect the price factor that will be paid by your hotel guests. Why do locations play an important role in the hospitality industry? because the location is unique. Even though your hotel is on the same street as your competitors, this is where the role of your hotel consultant to make your hotel's selling to look unique and impressive.
Starting the business of the hotel we can describe in a few simple steps below:
Basic Ideas / Initial Concepts. Unique ideas and concepts are the initial capital for you to achieve success in running your hotel business. Many successful hotel owners only with the capital of ideas and unique concepts, call it one of them Hilton International
Adequate capital This is the most important part that can not be missed, without sufficient capital your hotel is difficult to grow unless you get the miracle of God Almighty. You must calculate the amount of costs needed to build and operate a hotel. If your capital is not too big you still can build a hotel with a simple concept or budget hotel.
To build a hotel you do not need to have up to 100% capital but if you have more than enough capital this will be even better. Many resources to assist you in achieving your hotel business goals. You simply start with a capital of 30-50% and the rest you can get from third party funds. For financing institutions and the mechanism of payback from third parties we will discuss from other articles.
The right location As we have described above, location is the determining factor of your hotel business, because your location will determine the selling price of your hotel, so it will indirectly affect the Return on equity (ROE) and Return On Investment (ROI) you.
Feasibility Study It is very clear that as a business owner of course you have to know what risks and opportunities that will probably happen to your business. By creating a feasibility study you will get a clear picture of your business plan. We can help you to make your hotel business plan. please contact us here
Hotel Consultant If you have enough experience in the field of property and hospitality of course you will not need hotel consultant. But if you are just an expert in the field of hotels alone is also not enough, as well as with property, is still not enough. So what? you must have a hotel consultant. Usually they have experienced team and connections in both fields. The hotel consultant will prepare everything you need for your hotel business.
If you need a professional to manage the hotel business, make a feasibility study, or just as a consultant you can contact us here.