2023 2024 Student Forum > Management Forum > Main Forum

 
  #2  
4th March 2016, 04:32 PM
Super Moderator
 
Join Date: May 2012
Re: How to open a Hotel Business

Opening a hotel requires careful choice of a location and strategy, a business plan, access to considerable financial resources, and a customer service mindset. The first step to starting a hotel is to develop hotel business plan.

1) Location and Opportunity

The location for hotel is highly linked with the opportunity that feel there is for hotel.

In the right location, where competitors are not fulfilling all customer needs, a hotel can thrive.

However, in a beautiful neighborhood that happens to have heavy competition from existing hotels, success may not be so forthcoming.

2) Strategy

The next step is to know how customers answer the question "why my hotel?"

How to tailor services to the customers want to attract, whether they are families with kids, couples on romantic vacations, businesspeople, or international tourists?

Consider the combination of facilities, atmosphere, location, and services that are right for customers.

Always keep in mind that strategy means making tradeoffs - it is almost impossible to be everything to everyone and succeed.

One might have to give up certain customer target markets in order to make service offering perfect for most desired customers.

3) Planning

A simple, clear, but influential hotel business plan is necessary not only to think through how to take on the opportunity, but for convince any investor or lender that have the ability to do so.

No savvy investor is attracted by a lack of planning. There is no excuse to not create a plan with the wealth of information available on writing business plans and even business plan templates tailored to the hotel business sector.

4) Fundraising

Whether you buy an existing hotel, build one from scratch, or renovate a building into a hotel, one need lots of money to invest.

Assuming one does not have the money, one need to seek bank loans and/or angel investment in hotel. As one is working with considerable assets, dependable and experienced legal and accounting help is a must as create deals with investors.

5) Hospitality Mindset

One must have an ingrained sense of how want guests to be treated so that one can implant the mindset in top management and they can, in turn, teach to the staff.

Staying at a hotel can be stressful and uncomfortable, and guests demand the highest attention to the needs or need to have no problem complaining loudly and publicly.

If employees sense one have higher motives than customer satisfaction, customer service may fall by the wayside and hotel business may fail or never take off in the first place.

Top Hotels in India

Taj Lake Palace Udaipur
The Leela Palace Udaipur
The Taj Mahal Palace Mumbai
The Oberoi Amarvilas Agra
Taj Falaknuma Palace Hyderabad
The Oberoi Grand Kolkata
Umaid Bhawan Palace Jodhpur
The Leela Palace New Delhi
The Oberoi Gurgaon
The Oberoi Mumbai
The Oberoi Udaivilas, Udaipur
The Oberoi Vanyavilas, Ranthambore
Taj Rambagh Palace Jaipur
The Oberoi Rajvilas Jaipur
Trident Gurgaon
The Paul Bangalore
Moevenpick Hotel & Spa Bangalore
Wildflower Hall Shimla
Amanbagh Resort Rajasthan
The Tamara Coorg
Orange Country Resort Kabini
The Lalit Resort & spa Bekal
The Oberoi Cecil Shimla
Vivanta by Taj Madikeri Karnataka
Tree of Life resort and Spa Jaipur


Quick Reply
Your Username: Click here to log in

Message:
Options

Thread Tools Search this Thread



All times are GMT +5. The time now is 11:17 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO 3.6.0 PL2

1 2 3 4