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A hotel business plan is a formal written document containing the goals of a start-up hotel business along with the operational methods, management strategies, and sales and marketing plan on how it's going to achieve those goals. Usually, a hotel business plan comes together with a business proposal.
A business plan is a highly important document for a start-up business, especially the likes of hotel businesses. It could be a deciding factor whether your hotel business will be given the green light to open its doors to guests from around the world. With that in mind, we have gathered a few tips to help you create an effective business plan for your hotel business.
The first thing that you should do when planning to open a hotel is to decide its kind. It could be a love hotel, a business hotel, a beach resort hotel, a capsule hotel, an apartment hotel, or simply a motel (mini version or cheaper version of a hotel). Just don't think about deciding on a 5-star caliber hotel just yet. In the hotel industry, you have to start small first. Once you've decided on the kind of hotel you're going to open, consider it as a major stepping stone towards your dream of opening a hotel.
Think of a concept that you think will help your hotel to stand out among the others. Try to imagine how will it appear, the hotel floor plan layout, the lobby, the rooms, the restaurants and bars, the function rooms and event venues, and anything physical about it. If you're struggling to visualize a concept for your hotel, you can visit high-end hotels near you and grab some ideas. Alternatively, you can visit hotel websites and view images of their facilities.
If you don't have a target market, then your hotel business is basically obsolete before even opening it. You can identify your market based on the kind of hotel and through a target market analysis. Say, for instance, you chose to open a business hotel for traveling employees and businessmen. Hence, you must do research about what do traveling employees and businessmen need out of a hotel. Most likely they'll need a work desk for them to do work-related activities inside the comforts and privacy of their hotel rooms.
Through competitive analysis, you can efficiently think of methods and strategies to edge them. One of the best ways to analyze them is to do research about several surveys and guests' feedback about the quality of their services and facilities. Another way is to ask about their booking rates, and the prices of their rooms, food, and drinks, and services charges.
A strategic location is important for every business, most especially hotel businesses. There are a lot of factors to consider when choosing a location for your hotel, but the most important factor to consider is will the location of your hotel fits the needs of your future guests. For instance, if your hotel is a business hotel, then you should opt to build it nearby an airport, at least a 10-minute driving distance. Why? It's because guests in business hotels are traveling employees and businessmen. Their trip is entirely for business, not for leisure and visiting tourist attractions around your state/city. Hence, they would want a business hotel that's nearby an airport to reduce travel time.