Starting a hotel business can be rewarding but this is only the case if you put enough time and effort into it. What this means is that you need to do a lot of preparation before your first guests arrive. In order to get started, you might want to take a closer look at hotel business fundamentals and plan your next move carefully. And to help you, we came up with 5 tips for starting a hotel business you should have in mind.
Research the market
One of the first things you need to do when starting a hotel business is determine the type of hotel you want to open. Is it a B&B? Or is it a big luxury hotel? Once you figure this out, it’s time to take a look at the market and make sure your hotel business will be able to survive.
Think about how many hotels of the same type there are in your vicinity and how well they are doing. It’s also a good idea to take a look at the numbers in the tourism industry for your area and try to estimate how many foreign guests you can expect to have.
Build your team
Running a hotel business isn’t a one-man job. Therefore, what you need to do is surround yourself with people you can trust. You need someone who’s going to handle all the reservations for you, someone who’s going to keep your hotel clean and someone who’s going to be in charge of preparing meals for your guests. And since your employees are one of your most valuable assets, choosing them carefully is recommended. Hold all the interviews yourself and try to identify the right people for your hotel business.
Get the room design right
Of course, room design in your hotel is something that plays an important role in how many guests you’re going to have. What you need to do is put a lot of effort into getting the room design right.
Also, you shouldn’t be afraid of investing more money into your room design. For example, you might want to make sure you have comfy double beds in every room in your hotel. Also, getting a bathtub for every room should do the trick. Of course, keeping all the rooms clean and tidy is an absolute must.
Hire an accountant
If you want your hotel business to stay afloat, you need to know how to handle books and taxes. However, if you’ve never run a business before, this can be tough. That’s why it’s recommended that you think about hiring an accountant who’ll deal with the books and taxes for you. Of course, you should consider turning to a local accountant who knows a thing or two about your industry. With an expert taking care of your books, you should be able to focus on your core operations.
Prepare for emergencies
Another important thing every hotel owners needs to know is how to handle emergencies. In case of a fire or any other type of emergency, you are the advocated leader and knowing what to do in a situation like this is an absolute must. That said, you should know all the escape routes and emergency exits in your hotel. Moreover, you need to make sure all of your team members know how to deal with emergencies as well. The best way to do this is to hold regular drills and update your emergency preparedness plan on a regular basis.
With these 5 tips in your arsenal, getting your hotel business off the ground is going to be way easier. The hospitality industry is a multi-billion industry and there’s plenty of room for you to make your new hotel a real success.