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Opening a new hotel can be an exciting yet daunting endeavour. It requires careful planning to ensure that it is above board and successful from the get-go. If you’ve never started a business before you may not know where to start. We’ve put together this article to share the basics of starting a hotel to help you on your way.
Before making any concrete commitments, you must have a well thought out business plan in place. This can help you establish whether you are on the right track or if there are any areas you need to rectify. Here are some important things to think of:
The average price of a hotel room per night in Australia is around $170 although this can vary significantly depending on what time of year it is, the location and the quality of the hotel. Anyone can stay at your hotel obviously but your business will need to have a clear vision of the type of travellers you are trying to attract. For example, if your hotel is located in an area where many millennials come through you may want to consider including options that will appeal to that age demographic such as Instagram worthy photo opportunities within the hotel grounds.
Choosing a name for your hotel requires careful thought and there are several factors you will need to consider. Before deciding on a name you will need to check and see:
Additionally, your business name should have a point of difference and relay the image that your hotel represents.
To get people through the door, you must be realistic with your pricing. Usually, hotels are in high demand in the holiday periods and you should adjust your pricing to reflect that. When business is slow try including additional extras that will set you apart from other stays in your area.
One of the biggest considerations is if you can accommodate the initial outlay involved with opening a new hotel. Generally speaking, starting a hotel is a significant cost. It’s not just the building itself that will need to be considered but also the furnishings, equipment and necessary licences and permits.
There are many costs associated with running a hotel. Some of these include:
Plus many more. You will need to sit down and work out the realistic monthly expenses and make sure that this can be covered, even if the business is slow.
You must monitor your businesses outgoing and ongoing expenses as well as sources of profit to get an understanding of the hotel’s success. You will need to register your business for taxes. Having detailed accounts makes it easier to prepare for tax time too.
You will need to have a bank account that is separate from your personal one. This will protect your assets if your business was to ever get sued and it makes accounting more efficient and professional.
Every hotel has to apply for necessary permits and licences to run lawfully. You can find detailed information on this topic on the business.gov.au website.
Your hotel must be covered by insurance not only to protect the company’s assets but also to ensure that the hotel is safe and lawful. There are various types of business insurance some of these include public liability insurance which will cover your property and personal injury sustained by a guest or visitor when at your hotel. Product liability insurance which covers illness or damage caused by drink or food. It’s best to talk to your insurance provider to discuss your options and to find the best cover for your hotel.
Most people book their accommodation online and this is where they will most likely find your business and reviews about it. Advertising is key to ensure that your hotel is seen and by including special offers in your advertising campaigns you can help to boost bookings. Having a strong social media presence and an appealing website will attract new customers. Before opening the doors to your new hotel, its important to pre-market your business. This will build anticipation and excitement leading up to your grand opening.
Customer satisfaction or dissatisfaction can either make or break a hotel. Word of mouth is a strong tool that can bring in or deter customers. Make sure that your customer service is consistently high.
If you’re looking for amenities for your new hotel, you’ve come to the right place. LePack has a huge selection of hotel supplies suited to every hotel and budget. You can simply browse our selection online or contact our friendly team for further information.
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