Starting a hotel/lodging business can potentially be quite exciting, however, setting up a business in the hospitality industry can also be challenging.
Whether you’re planning to rent out RVs, open a bed and breakfast, or a luxury hotel, you’ll need to be prepared to do a lot of work before you welcome your very first guest.
Take a look at the tips below that will show you how to plan and research your new business venture so that you’re in with a better chance of making a success out of it:
Conduct Some Market Research
Think about what type of business you want to open, and see if there are any similar businesses in the local area. How can you make your business stand out from those nearby? What is the local tourism industry like? Can you realistically beat the competition?
Make a note of what other hotels and B&B’s are doing to bring customers in. Visit as many hotels or B&B’s as you can, and tell them you’re thinking of opening up your own establishment, and you’d appreciate a few helpful tips.
Take a look at the reviews previous customers have left about the hotel you’re visiting, and make a note of any negative ones so you can offer what that establishment lacks.
Hire An Accountant
When it comes to managing your finances, you should seriously consider getting an accountant on board. If you do not wish to hire an accountant, you will need to learn how to account for all of your costs and ensure you’re paying the right amount of tax.
If you need to hire an accountant, make sure you hire one that has experience in working with hotels as they will be able to get on top of all the paperwork, whilst also helping to secure your hotel’s financial future.
Work Out Who Your Demographic Is
Who would you like to market your services to? Are you hoping to open a bed and breakfast that caters for senior citizens, or would you like to cater to young families?
Thinking about what type of customer you want to welcome to your establishment can help you market to the right people.
If you wish to market your business to a specific demographic, you will need to make sure your hotel/B&B is located in an area that appeals to those you wish to attract.
For example, if you want to attract senior citizens, you need to be located in an area that many senior citizens visit. If you wish to attract young families, you need to be located in an area that young families visit.
Opening a hospitality business in an area that welcomes a specific demographic can be worth its weight in gold.
Think About How You Will Manage Your Business
To run a successful B&B or hotel, you need the right amount of staff, working in and managing specific areas.
For example, your cleaners should only work in and manage the bedrooms and corridors. Your reception staff will be responsible for taking bookings, your team of cooks will manage the kitchen and meal times.
Limiting your team to working in and managing specific areas of your hotel/B&B will make running one a lot more manageable.
Conduct some market research, work out who your demographic is, hire an accountant, and think about how you will manage your business. Give your new business the chance it needs to succeed, by using the above tips to help you plan and manage your new venture.