Nothing will make you feel prouder than when those first few guests walk through a hotel’s doors. It means your dream has finally been realised and you can now embark on the exciting adventure. Whether you plan to open a luxury boutique hotel or a cosy bed and breakfast, you must carefully plan the project from start to finish so you can just enjoy the process.
Market Research
If you are opening a bed and breakfast, you must identify what other B&Bs are offering in the area so you can effectively compete with your rivals. Read more about their room’s description, browse their website, look at their marketing campaigns and read their online reviews. Not only will this allow you to identify a rival’s place in the market, but it may help you learn from their mistakes or expand on their successes.
Make a list of the competitors’ strengths and weaknesses, which could help you spot a gap in the market or help you identify where you might stand alongside the competition. Reading reviews will also allow you determine if a company’s strength is becoming their weakness, as they might not be as strong as they appear on their website.
Discover Your Target Audience
As well as determining your place in the industry, you must also aim to discover your target market. By identifying a target audience, you will be able to shape your brand, services and marketing campaigns to the right demographic, providing a more personal experience whilst improving footfall to your hotel. For example, if you expect to attract business travellers, it might be worth providing a wake-up call, room service and installing a desk in a hotel room. If you are unsure where to start, consult an experienced hotel developer, such as Sajan Hansji, who can help create an interior that caters to a specific target market.
Plan the ROI
Your dream might be to operate a hotel, but have you considered how you will receive a return on investment (ROI)? Launching a hotel will take a significant amount of time and money, not to mention hours of hard work, perseverance and passion, so you must identify how the company will earn a profit.
It is therefore essential to identify how much money you need to spend on operational costs, such as utility bills, employee salaries, maintenance fees and more. Your outgoings will more than likely determine a hotel’s pricing structure, which should also provide customers with a value for money service – so you must find the right balance to boost your bottom-line.
Seek the Best Management Skills
A hotel is only as good as its management. Different aspects of the company will require different managers. For example, you will need a general manager to oversee the day-to-day standards of the hotel, whilst a front of house manager will organize the reception area. If you have an onsite restaurant, you will need to hire a restaurant manager, and you will also need a head chef to take control of the kitchen. Don’t forget about the housekeeping supervisor, bar supervisor, sales manager and more.
Organisation is vital to a successful business, so do not cut any corners when hiring an experienced management team, because they can determine how successful your company will be.
