Starting a hotel business can be a profitable yet very challenging endeavor. Whether it’s an accommodation designed to cater to business travelers or a cozy bed-and-breakfast inn for tourists, you need to plan everything before jumping into the business.
Write your business plan
A hotel business is a serious undertaking so you may want to work with a consultant when creating your business plan. Your plans should include a rundown of your business offerings, market analysis, and operating procedures. It should also show your long-term goals.
Type of accommodation
Where is it going to be located? Is it going to be an upscale hotel or a budget inn? And apart from rooms-only services, you should also think about whether additional amenities will be available. These amenities may include a café, conference rooms, and swimming pools.
Renovate and furnish
If you’ve acquired an old building, you sure want to remodel the place. Check if the electrical and plumbing are working properly. It would be a good idea to hire an interior designer to assist in your aesthetic choices such as wall colors, carpeting, bedding, etc. You may want to search for wholesale mattresses online to save on your budget.
Apply for permits and other legal requirements
Running a hotel business, or any business for that matter, requires business licenses and tax requirements. You may also have to apply for additional licenses for each of your amenities. Remember to apply for liability insurance as well.
Ultimately, do not forget to promote and advertise. Partner with relevant businesses such as travel and tour agencies to boost your marketing efforts. Investing in a professional website that feature attractive photos and video tours is also a great idea. For the convenience of your potential clients, provide them with a way to book rooms online.