- On 22 August 2018
What do you need to own the hotel?
If you are thinking to start in the hotel business, this article will useful… before talking about the hotel’s business you MUST be aware first that “It's a basic law of business - if you give people what they want, they will give you money. So, whatever we go with - in terms of the hotel's type, the brand, etc. - we want it to be whatever shows up as missing in that town” –by Michael Forrest Jones, Beechmont Hotels Corporation.
Essentially. to start a hotel should have the following;
- Capital: you have or access to adequate capital, and financing won't be a problem.
- Location: in the present, the location of an immovable property is important. Learn and Research, more and more, that what is missing in its location.
- Have limited hotel experience: before you play in the roll, ensure that you have or your consultant has enough knowledge in this business type.
- Please consider it carefully. If it's your first time, and you have no construction or real estate development experience, it will be a business risk. At least find the expert consultant or start with considering the acquisition of the existing one.
- Not expecting to get rich quickly: It is the long-term investment, the payback will be on generally realistic.
- Include the necessary facilities: More than the concept but you have to ensure that you are different or complete what the customer need. In this Business competition, you have to ensure that you are worth enough for the buyer.
- Pay more attention to Sales & Marketing part: The sales and marketing part should start before the complete construction, to be a full confidence that you will immediately on sales when it complete.
This article is elaborate only on the main section but in fact, there are trivial details behind. On the other hand, whatever you do, your situation is going to be unique anyway, not everything in the list here will apply to you in quite the same way. Hopefully you “Get Success” in this business role.
But if you would like an expert consultant, BIRD will always here!
Ref - Forbes.com