You have finally retired from your present job. You have now considered that running a hotel would be a good idea. You can devote full time to the operation. You have the necessary funds to begin this operation.
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. You will be receiving cash before the sale in the form of deposits, and money when guests check in or 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?
Consider the location of the hotel. Is it going to be near a beach? Which are the tourist attractions in the proximity? Are you in a secluded area, perhaps in the 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? The type of guests which you will get will change depending on the location.
Are you planning the duration of the stay of your guests? Will this be an extended stay or just 24 hours and check out?
Size of the hotel is the next important aspect. Will 50 units be sufficient, or do you want something much larger?
What will be your staff requirement? How many will you need? Can you accommodate them onsite or will you have to hire them out from a service?
What are the facilities you are planning to offer your guests? Will you have a built in restaurant or bar or a combination of both? Will you have van service to and from local outlets?
Are you planning to provide facilities such TV, satellite cable and other luxuries? If you want exclusive hotel association ratings, you will need bathroom facilities in each room.
Other additional attractions you may consider to include will be a coffee bar, swimming pool and lounge.
A conference room also is a good idea so that you can attract more guests.
Online booking is a very popular idea these days.
What will your pricing policy be? The charges can be for the individual or for the room. Will children have to pay extra?
Will your guests need to pay a deposit when they book a room?
Will you hire someone to manage the hotel so you can take some vacation? If so what will the hotel manager salary be?
Consider about who are the others in your area as competition. Can you compete with the type and size of your hotel? Can you cater? Allowing campsites can also be thought of if your hotel is in the woods.
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. Knowing these things before hand will give you a good start on planning that hotel you have always wanted to run when you retire.
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