Setting up a hotel transcends beyond having a building with rooms in it and charging people to check into them. It is a place for guests to feel, safe and comfortable enough to relax. For your hotel to be successful, a lot of planning and researching must take place, below are the steps that must be taken to set up your hotel;
Steps Taken When Setting Up a Hotel
Create a Business Plan: This is one of the first steps to carry out before setting up your hotel, having a well-detailed plan is essential to the success of your business. To create a stellar business plan you must carry out the following
- Conduct a Market Research: This is the first phase in setting up your hotel, conducting market research lets you verify whether it is commercially feasible to open the business up within your proposed location. It would determine marketing strategies for your hotel launch and marketing success.
- Identify your Target Market: It is essential that you know the market that your hotel intends to cater to and attract. This would greatly influence your marketing plans.
- Determine your Hotel Location: Before picking a location for your hotel carry out research, find a place that would be most profitable for your business, and analyze whether you can offer something in that locale that no one else can offer. Also, ensure that the street was chosen carters to your target market e.g close to the airport.
Choose your Hotel Identity: There are various types of hotels, so ensure you choose the right one. Whatever style you decide on will have an effect on your business decisions because each hotel type has various characteristics that are unique to them. Making a transition from one type to another isn’t very easy, so ensure you carry out enough research on it.
Competitor Research: Get a sense of what other hospitality businesses are offering and what makes them successful as well as what doesn’t work. Patronize them and simply observe and take notes. Find ones that are similar to the type of hotel you want to set up.
Manage your Hotel Finances: You have to always remember that a hotel is a financial investment that is intended to generate revenue for you. Hire a professional hospitality accountant to manage your finances. Acquire start-up capital for your hotel, you can do this by either getting a loan from a bank or from private investors. Also, remember to cut costs when necessary, analyze your costs regularly and decide which ones are necessary and which ones you can do without.
Recruit Professional Staffs: You would need to recruit and train the staffs who would be managing your business daily activities. Hire employees that would reflect positively on your hotel, they should possess traits and skills that are important to the success of your hotel.
Create a Marketing Plan for Your Hotel: Before you can fully set up your hotel you would need to develop a marketing plan to promote your business. Some marketing ideas to explore include; social media marketing, content marketing, video marketing, a traditional form of advertising, and partnering up with online travel agencies. Marketing is the key to generating revenue for your hotel so ensure a lot of planning is put into it.
Hire the right Consultant for your Hotel Business
The hospitality industry is a highly demanding one that’s why you must aim to stand out, a lot of planning must so into successfully setting up your hotel and you would still experience challenges along the way, it is for this reason that hiring a hotel management company would be highly beneficial to you. Curzons and Jones is a hotel management company that sets up and manages your hotel for you, we still provide you with the following benefits
- Providing you with solutions to various problems associated with setting up a hotel
- Profit maximization
- Recruitment and training of staff
- Promoting guest loyalty
- Defining the company goals and objectives
- Improving the image and reputation of the hotel
- Good management of operations
- Proper market analysis and feasibility study.
Check out some of the cases we have handled https://www.curzonandjones.com/case-studies