Hotel business - Where to begin from

Hotels are the hot business in this computerized world. Although there are many hotels in the city, we still do not get seat when we enter into. So anyone who wants to start small eat-out can consider starting a hotel at small level and then develop big. I have listed some of the things which you need to consider when you start a hotel. QUALITY and SATISFACTION are the two mantras which you should keep hearing when you are in this hotel business.

There are 3 ways you can start a business,

Buy existing business - In this option you have to more careful. Analyze why its being sold, check for its reputation in the surroundings and bargain for best price.

Franchise - In this option, there are both ups and downs. You have to pay a big amount to get the setup ready as mentioned by the parent company. Every year you have to renew the franchise license. Advantage is the brand will be known to customers and you can gain their confidence easily.

Start from SCRATCH - This option is real real hard, which needs proper planning. The requirements will be

a) Location and Opportunity Choose the correct location for your hotel. Choose a place where there is hotel, who are not fulfilling all customer needs. If there are great hotels in the neighborhood, it will be hard for you to attract customers even if you charge less price. Research the location for about a month, learn customer requirement, look for items which are not available in near by places.

b) Strategy Ask the question "why my hotel?" within yourself, which will give you an strategy. There are different customers you have to attract, families with kids, couples, businesspeople, tourists? A good combination of amenities, atmosphere, location, and services will attract your customers. You might have to forgo certain customer target markets in order to make your service offering perfect for your most desired customers.

c) Planning Sit down and write down answer the questions listed below

1. What is your product or service?
2. State your company's goals and objectives.
3. Marketing Plan
4. How will your company differ from your competitors?
5. Who your customers are?
6. Who is your market?
7. How long will this market need your product?
8. What are the characteristics of your average customer?
9. Who is your competition?
10. What competitive advantage do you have over your competitors?
11. What is the best way you plan to sell your product or service?
12. How will you sell your product or service?
13. How will you promote and market your product or service?
14. Who are the employees of your business?
15. What are their credentials?
16. How does the business make money?
17. How do you price your product or service?
18. what inventory, raw materials and supplies the business uses.
19. List your supplies and supplier.
20. How easy or difficult is it to obtain supplies?
21. Are their prices steady and dependable?
22. State all of your business licenses.
23. How will you finance your business?
24. How will you manage your finances and what needs to be financed.
25. Where will your finances come from?

4) Fundraising Assuming you do not have this money, you will need to seek bank loans. 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 a sense of how you want your guests to be treated.

Post your requirements in comments and I will give my suggestion from my experience.

All the best for your business.