The hotel business is an extremely lucrative sector, with more and more people each year opting to make their start. But what is the key to success in the hotel business? This is a broad question, and one that has an answer that is multi faceted.
Success in the hotel industry is not linear: with success meaning different things to different people. There are, however, some characteristics of a successful hotel that are morealess universal. Although achieving success in the hotel business is different for each person, there is still guidance you can follow which will put you in the best position to achieve your goals. If you are making your start in the hotel business, you will almost definitely have some goals outlined in a business plan or proposal. By following the advice provided below, you will have all the tools to actualise the goals in your business plan.
Create a Thorough Business Plan
Opening a hotel, like starting in a business in an industry, is going to require you to make a thorough business plan. Although running a successful hotel can be extremely lucrative, you are unlikely to make a huge return on investment in the first few years. Opening a hotel is a huge undertaking, and it is going to require an astonishing amount of planning, time, energy, money and resources.
Before you even think about purchasing or building your hotel, you will want to create a thorough business plan that encapsulates your aims, goals and objectives. You may then want to do some extensive cost analysis. This should include how much money you have, how much you need, what you need to borrow and where money is going to be spent. We recommend you consult corporate financial consultants, London, to help you do this accurately.
You will also need to include competitor analysis, industry analysis, customer analysis as well as a strategic plan. Although there is a wealth of information online, you may want to enlist the help of a professional to prepare this document. Your business plan needs to be up to standard as this will be your bible. It will keep you on track and will help you to achieve your goals as well as identify where improvements/ adjustments need to be made. If you can, reaching out to someone with experience in the hotel industry is encouraged. They may be able to offer assistance with your business plan, and will undoubtedly have valuable insights.
Carefully Consider Location
When you have created a business plan that encapsulates your goals and analysis, you will need to carefully select your location. Location is vital in the hotel business. A poorly located hotel that is inaccessible, for example, is likely to attract a lot of visitors and generate business. Although there is no such thing as the perfect location, your hotel should, ideally, be accessible and close to an area which sees a high influx of tourists or traffic. Remember that location is hugely important, and a great deal of research is required on your location before you commit to purchasing or building your hotel.
Create an Innovative Experience
When you break it down, in the hotel business you are selling a product. The product is the experience of staying in your property. Like any business, an inferior product is likely to lead to company success, recurring business or a return on investment. Rather than providing a room, you need to provide an overall experience that caters to your guest’s needs and expectations. Ideally, you will strive to exceed these needs and expectations.
At the foundation level however, your hotel has to look professional and feel superior. Every inch of your hotel should ooze character, and you should take a conscientious approach to your delivery. Features like rooflights in hallways, guest areas and lobbeys can give the hotel an air of superiority. The rooflights available from Lonsdale Metal are some of the best on the market, being a bespoke product that bathes any room in natural light. Although features such as rooflights will help you to stand out, you also must ensure the basics are done well. A spotless hotel in which the guests have everything they could need is an absolute must.
Engage with Online Audiences
We are living in a digital age, where society is heavily reliant on technology and social media. It is not enough anymore to not engage with social media. In fact, businesses that do not engage within social media platforms nowadays actually hinder success.
If you are looking to make a success of your hotel, you ideally need to create a social media presence that engages with guests past, present and future. Reviews are also an important part of generating new business. Assets like Google my Business are important, and should be engaged with and used regularly. Good reviews are great, but, in some ways, negative reviews are even more valuable. Handling negative reviews professionally will do wonders for people’s perception of your character. Not only this, but they can help you to identify where you need to improve.
The internet is a powerful tool, and its possibilities are endless. In a digital age, every business should use the tools available to them. This includes accessing, using and engaging with digital platforms. Whether it is Twitter, Facebook, Instagram or Google, it is important to have an online presence.
