You are retired now. You want to spend the rest of your life running a hotel. You can devote full time to the operation. Also, you have accumulated enough money to start the new venture
What are the things to consider when starting a hotel?
Begin by making an estimate of anticipated expenditure you will have to make during next year. The income will be from the deposits made before the guests check in and also the cash paid while they check out. This includes cash, checks, and credit card payments.
Another aspect to consider is the sort of hotel which you are planning to operate. Which are the kind of clients you plan to cater? Will your guests be families, business people, or do you want a combination of all of them?
After this, you need to finalize where you want the hotel to be. Are you on or near a beach? Are there tourist's attractions in the area? Or are you planning it to be in a secluded peaceful location, such as mountains? If you aim is the business people, then it would be better to be close to an airport. Is the location, you are planning, next to a business center? Depending on your location, the guest you will have will vary.
How long will you allow your guests to stay? You will have to decide whether you would allow extended stay or insist on checkout period of 24 hrs.
Size of the hotel is the next important aspect. Will 50 units be sufficient, or do you want something much larger?
Will you need a staff? How many will you need? Are you going to provide them a place to stay or plan to hire them from a firm?
The next big consideration is what kind of services will you offer? The hotel may have a restaurant, bar or a restaurant cum bar. Will you have van service to and from local outlets?
Are you planning to provide facilities such TV, satellite cable and other luxuries? Adding bathroom facilities in each room is a requirement to enable you to get accredited by hotel association.
Is your hotel going to have a swimming pool, weight room, lounge, or coffee bar?
A conference room also is a good idea so that you can attract more guests.
Online booking is a very popular idea these days.
You will have to fix room rate according to the prevailing trends. The charges can be for the individual or for the room. Decide whether children need to be paid extra.
Are you planning to obtain a deposit when the booking is done?
You may also have to decide about hiring someone to look after the hotel when you take a break. If so what will the hotel manager salary be?
What is your competition in the area? Can you compete with the type and size of your hotel? Are you planning outside catering services too? Will you allow campsites in your area?
When you ask the question, what are the things to consider when starting a hotel, you will want to make sure you know beforehand what pricing structure you will have, how large an operation you will have, and what services you will provide. Preparing for above details will help you to smoothly set up the new hotel, which you were planning to enjoy running after your retirement.
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