Future POS

Wednesday, February 5, 2014

How to Start a Hotel: 5 Keys to Success

source: http://sh.st/POf4

Download Our Hotel Business Plan Template, http://sh.st/POfa

1) Location and Opportunity 
The location for your hotel is highly linked with the opportunity that you feel there is for your hotel.

2) Strategy
Consider the combination of amenities, atmosphere, location, and services that will be right for your customers. Always keep in mind that strategy means making tradeoffs - it is almost impossible to be everything to everyone and succeed.

3) Planning 
A simple, clear, but persuasive hotel business plan will be necessary not only for you to think through how you will take on the opportunity, but for you to convince any investor or lender that you have the ability to do so.

4) Fundraising 
Assuming you do not have this money, you will need to seek bank loans and/or angel investment in your hotel. As you will be working with considerable assets, dependable and experienced legal and accounting help is a must as you create deals with investors.

5) Hospitality Mindset 
Finally, you must have an ingrained sense of how you want your guests to be treated so that you can instill this mindset in your top management and they can, in turn, teach this to the staff.