Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

SMALL HOTEL STARTUP BUSINESS

VIEWS: 28 PAGES: 2

									?For hundreds of years, the hotel industry has been doing really well and there is a
reason for this too. No matter where you go, you will find that the hospitality industry
is required. This is the industry where you can earn big money. If you establish and
carry out the operation of your small hotel startup then you can earn lots of money
without any doubt.

Once you start your own hotel then you may have the opportunity of a great and
successful future. Managing a successful hotel is needs proper planning. You will
need a good business plan to make your dreams come true.

? A plan enables you to know about everything you need to do in order to hit your
profit objectives including: targeting specific customers, product pricing, all your
costs, sales forecasts and marketing.

Be ready for all expenditures

If you want people to invest in your small hotel startup then they would want to look
at the plan of your hotel prior to giving you the money to start the business. They will
scrutinize your plan carefully before giving you their money.

? Every bank looks for a business plan before they even entertain the idea of
lending finance.
? If you are confident of your plans and financial projections and your bank
manager will be inspired by your business knowledge.

The expenditure for establishing a new small hotel startup can be huge and you should
always be ready for these expenditures. Not many hotels are able to survive without
external investment and this is the reason why you need to make a plan that will show
the potential investors that your hotel will flourish.

? If you're looking for financial assistance you could avail grants and advice from a
variety of bodies. Be sure of what you want, equity capital or debt finance.

? You will need to keep track of financial matters in the business or hire a
professional to do it for you.

State any probable drawback or trouble

It is very important that you state the likely problems or drawbacks that your business
may come across.

You will discover that there are several drawbacks that a small hotel startup can face,
such as the intensity of competition in the neighborhood, problems relating to legal
liability, capability of the hotel to draw and retain competent employees.
? Do not think that your business will grow exponentially in the first 12 months and
you will achieve immediate success.
? Your business plan must be realistic enough to show profitability that proves your
actual revenues and profits.

Purchasing a hotel that is up for sale

You could purchase an existing hotel if the owner is willing to sell it. You could
refurnish it , or simply carry on with how it is.

? Before buying an old property, investigate reasons for the sell off.
? Make a good estimate of the amount of money you have to spend in order to
make the hotel up to your standards and offer your price accordingly.
? The property you choose should have growth prospects. A dead property is a
useless investment.

You will see the ads for their sales either in the Internet or local newspapers. The
proprietor usually sells the hotel because he is in need of money for personal needs.
You can start earning money immediately by buying the hotel if that property can
yield profit. So you should not let go of a good opportunity if you see one.




Hi, I'm Akhil Shahani, a serial entrepreneur who wants to help you succeed. If you
like to work smart, check out http://www.SmartEntrepreneur.net . It's full of articles
and resources to help you start and grow your business successfully. Please visit us &
download our special "Freebie of The Month" at
http://www.smartentrepreneur.net/freebie-of-the-month.html

								
To top