Hotel Business Plan Checklist

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Hotel Business Plan  Checklist

An enterprise that produces paid residence on a quick basis is called the Hotel. Amenities may differ from a moderate feature mattress in a tiny room to large suites with bigger, higher-quality beds, a dresser, a fridge and other kitchen facilities, chairs, a flat screen television and suitable bathrooms.

Lower-priced hotels may provide only the most basic visitor services and conveniences whereas Royal hotels may provide supplementary guest facilities such as a swimming pool, business center (with computers, printers and extra office equipment), childcare, tennis or basketball courts, gymnasium, restaurants, day spa etc.

Indian Hotels Industry Report

Hotel bookings, which held at $7.2 billion in 2016, are poised to rise to $10.9 billion by 2020, while the percentage of bookings made online will improve to 28% from 19% currently. 78% of the overall online hotel bookings will be routed through OTAs, yielding up a $2.3 billion opportunity for such businesses.

What Hotel Industry Trends to Expect in 2018?

  • Collaboration                                      
  • Dynamic pricing
  • Reliance on OTAs
  • Tech explosion
  • Influx of international visitors
  • Seamless technology
  • Unique perks
  • Mobile device as door key
  • Guest apps
  • SIP-DECT

How to run a Hotel

  • Determine where you'd like to locate your hotel
  • Decide if you will buy an existing hotel or build a new one
  • Investigate other hotels, guest houses, and B&B's in the area
  • Understand your primary market
  • Determine what extra services you'd like to offer with your hotel
  • Hire an accountant
  • Draw up a business plan
  • Acquire start-up capital
  • Cut costs when necessary
  • Design a website
  • Place ads on travel sites like Expedia, Viator, or Hotels.com
  • Leave brochures at rest stops on interstates
  • Offer deals or specials

It is not that challenging to make an excellent hotel business plan. It is a structured outline of your idea. Including all the information about the hotel leads to an indigestible super novel like bookwork. They key is, identifying what to include, and what not to include in your hotel business plan. Create a clear path map for success. Attract investors rather than bore them to death like most business plans full of redundant information do.