If you have a dream of launching a hotel startup, there are a few vital questions you need to ask yourself first. Regardless of whether you have the funds ready or not, you can’t just go into this decision lightly. You need to make sure you’ve got everything right in order to enjoy success. Consider these 6 things before launching for the best results:
1. Do You Have a Great Location?
Your location is one of the most important aspects of your hotel. Regardless of how well designed your hotel is, if your location isn’t great, you can’t expect people to spend too much to stay with you. Ideally, you’ll set up in a great location where current hotels aren’t doing all that well. If you startup in an area with lots of competition, you may have to wait a while to become successful. Even if you start a hotel located right by big attractions, you can’t expect guests to pay much if the location isn’t desirable.
2. Who Will You Target?
You won’t be able t o please everyone, so the key is to decide who you will target and then aim all of your services at them. You could target young couples, or families for instance. Consider where you’re starting out and what is in the area to decide who will be most likely to walk through your door. You can’t please everyone, so pick a niche market and stick with it.
3. Have You Got a Detailed Business Plan?
A detailed business plan will help you to move forward as you expand. It’ll also stand you in good stead with any lenders you are approaching for funding. You need to include every detail you can think of in this plan, from the benefits of polyester bedding to where you expect to be in 5 years time. You will never get funds if you don’t have one of these plans written up ready!
4. Where Will You Raise Funds?
There are different ways to raise funds, and it all depends on what position you’re in at the moment. You may need to see an individual investor, or a bank to see how much they can loan you.
5. Do You Have the Right Mindset?
If you don’t have the right mindset to run this hotel, you won’t go very far at all. Being money motivated will not be enough to keep you going in the long run. You need to be hospitality minded, and be willing to go the extra mile for your guests at all times. Keeping them happy is the key!
6. How Will You Differentiate Yourself From Your Competitors?
You’ll need to research your competitors and figure out how you will differentiate yourself from them. People need a reason to come to you and not them. Make a note of what other businesses are/aren’t doing well and take inspiration from that.
Bear these 6 things in mind when launching your hotel startup and you should enjoy success fairly quickly. Good luck!