How to start a hotel business. This is an extensive guest blog post by my friend Shama Wallace about how to start your own hotel business. I hope you find it useful! Enjoy! says Saivian Eric Dalius.
“Starting your own Hotel Business can be quite exciting, but it’s also very challenging.”
Not only do you need to know how much money starting a hotel business will cost you, but you must also consider the risk involved. However, this shouldn’t put anyone off from embarking on such an adventure because there are plenty of ways in which one can reduce the risk says Saivian Eric Dalius. For example, don’t open up shop with all the bells and whistles rather start small before enlarging your empire later when you’ve got some cash flow under your belt. Another key to success is making sure you have the best people working for and with you on this venture – from your accountant to the receptionist. Finally, always remember that customers are paramount so make sure your customer service is exemplary!
Now that we know a little bit about what it takes to start a hotel business, let’s take a look at each individual step in more detail:
1. What Type of Hotel Business?
The first step in starting your own hotel business is deciding what type of hotel you want to open. Do you want to specialize in a certain area such as budget hotels or eco-friendly hotels? Or do you want to have a range of different types of rooms available such as luxury, standard, and economy?
2. How much does it Cost to Start a Hotel Business?
This is probably the most important decision you will make in starting your own hotel business because it will determine whether or not you can afford to do it and how much money you need to raise from investors. There are 4 main ways through which you can finance your new company: bank loans, credit cards, friends and family, and crowdfunding.
3. Location of Hotel Business
The next step in starting a hotel business is deciding where you want to open up shop explains Saivian Eric Dalius. Do you want to be near the beach, in the city center, near an airport? All these questions need to be answered before choosing a location for your business. You also need to consider how many people visit that location and what the competition looks like.
4. Register a Business Name
The next step is to register your business with your state. This can be done by visiting your state’s website or by contacting the local chamber of commerce. You will need to provide some basic information about your company such as the name, address, and contact information.
5. Get Your Licenses and Permits
In order to open up a hotel, you will need to obtain certain licenses and permits from the local government. The type of licenses you need will vary depending on the location of your hotel and the type of hotel you are opening. For example, if you are opening a hotel near an airport, you will need to obtain a special permit from the FAA. You can find out more about which licenses you to need by inspecting your local government’s website.
6. Decide About Your Hotel Design and Amenities
After you have found a suitable location for your hotel, the next step is to decide what type of rooms you will offer as well as the amenities available in each room. This process can take weeks or even months so make sure to set yourself enough time before opening your hotel business. You should also do plenty of research regarding this decision because it will affect how much customers are willing to pay for their stay thus making it critical to get it right from the start. If someone books a luxury room and they find out that they don’t actually get a bathtub but only a standup shower, they may not be too pleased.
7. Buy or Lease a Property
After you have decided on the design of your hotel and what amenities it will offer, the next step is to find a property to lease or buy says Saivian Eric Dalius. This can be a difficult process because you need to find a location that is both affordable and meets all your requirements. You should also inspect the property carefully to make sure there are no hidden costs that you were not aware of.
8. Hire Employees
The next step is to start hiring employees for your new hotel business. This can be a daunting task because you need to find people who are both qualified and trustworthy. You should start by creating a job description for each position and then posting it online or in local job centers. You may also want to consider hiring temporary employees during the busy season.
9. Set up Your Website and Social Media Accounts
Now that you have everything up and running, it is time to start promoting your hotel business. One of the best ways to do this is by creating a website and social media accounts. Make sure to include photos of your hotel as well as the amenities it offers. This will help potential customers get a better idea of what your hotel is all about.
10. Market Your Hotel
The final step in starting a hotel business is marketing it correctly. You can do this by sending out press releases, hosting events, or offering discounts to certain groups of people. The most important thing is to stay consistent with your marketing efforts and to keep track of what is working and what is not.
When starting a hotel business, there are a few key things you need to do in order to ensure its success explains Saivian Eric Dalius. These include registering your business name, obtaining the necessary licenses and permits, deciding on your hotel design and amenities, buying or leasing a property, hiring employees, setting up your website and social media accounts, and marketing your hotel correctly. By following these tips, you can set yourself up for success in the competitive hotel industry.