Starting your own hotel is many people’s dream. Most are drawn by the charm of hospitality and see it as a chance to start a new beginning. Starting a hotel, just like any new business, is more difficult than it might seem at first sight.
If you have never worked in the international hotel industry you will be faced with many things you might not have considered or imagined. The hotel business is highly competitive and achieving good financial results is not as easy as it seems.
In my experience in dealing with entrepreneurs and investors I have found that there is no shortage of creative ideas for innovative hotel concepts. The challenge however, lies more in the strategic and organizational areas of the business.
It will be extremely important you prepare yourself well, do a lot of research and develop a detailed business plan to ensure success. Unfortunately I still see too many start-up hotels fail due to little planning. In my previous articles.
In our next few blog articles we will be covering various important aspects and steps of how to start your own hotel business. We will focus on:
We hope these tips will help fellow entrepreneurs start a successful new hotel business! Please contact us if you need some help with writing a solid hotel business plan.
Would you like to know more about hotel revenue management? Xotels is a hotel management company that assists independent hotels to outperform their competition and become market leaders.
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