Given the number of hotels in India, and everywhere else in the world, one can say that they are a pretty good investment to get into. The hospitality industry is growing by leaps and bounds, and it might be a good time to invest some money into it. However, before you begin, there are certain things that you must know, for which you can always count on a trusted hotel facility planning consultant such as HPG Consulting, that can help you wrap your head around concepts like commercial kitchen design and planning, and laundry design and planning. Continuing on the subject, in this article, we outline some of the basics to consider when planning to to start a hotel. Read on.
1. Do the Groundwork
Information collection is vital to the success of any venture, and starting a hotel is no different. You have to be sure of the class of hotel you intend to build and find out if your idea or concept will survive the market. You have to research your competition: their strengths, weakness, client type, services, etc. Copy their strengths and avoid their mistakes. This will put you ahead of them when your hotel is up and running.
2. Decide the Customers You Want To Serve
Knowing who your clients are going to be will help streamline the services you would offer. The things you might want to look into include the demographics of potential customers, such as their age, social status, financial capabilities, lifestyle, and more. Having this information gives you an idea of how to tailor your offering to suit their needs. You may also want to consider setting up free WiFi service regardless of the class of clients you intend to attract.
3. Project the Return On Investment
No business can survive without making profits. If you intend to start a hotel business, you need to consider the return on the money invested. You need to work out how much startup capital is needed, how much running capital would be needed to keep the business running, and how much your services would cost. Knowing these would allow you to calculate how long it would take to break even and start taking in profit.
Related Blog: Factors to Consider When Designing a Hotel
4. Create a Management Plan
No matter how beautiful a hotel is, without proper management, it can be a customer’s nightmare. Proper management is required for a hotel to run efficiently and profitably. You need to plan on how to get the best hands to manage each aspect of the hotel. You should create an efficient staff structure (organogram), one that would encourage a free flow of information from top to bottom and back up again.
Building a hotel, no matter how small, is no small feat. It requires months of preparation and planning in order to get it right. And it is not a job for a single person; you need a lot of expertise if you intend to establish a profitable hotel. You can get that expert assistance at HPG Consulting. The hospitality consulting services at HPG Consulting can take the load off your shoulders. To learn more, simply call +91-9311-202-627 or +91-11-43505228/29. You can also contact us by filling out our contact form and we will take it from there.