When investing in real-estate, many people think about renovating the property for resale or renting it out to others. However, there is another good reason for investing in property, and that is to begin a hospitality business. Whether it’s a small Bed and Breakfast or the first in a chain of hotels, this is something worth considering. If this is something you are interested in? Here is a quick guide to get you started.
1. Create a business plan
Every business needs a plan, and this should be the foundation of your research. So, consider the type of accommodation you want to provide, who your target market will be, how much you have to spend, and what tax and legal regulations you need to adhere to. From there, you can approach your bank and investors, and proceed to put your plans into action.
2. Consider the location
Location is key in this business, so if you want to attract customers, ensure you are located in a place of significant interest. For example, holiday destinations are an ideal choice if you are seeking to attract holiday makers, or business locations if you want to attract those who make regular business trips.
3. Work with an architect
When you have found your location, you will need to find the right property to accommodate the number of guests you hope to host. Hiring an architect is a must, ensuring the property is up to scratch, and giving you advice on the best building firms to help you renovate the accommodation to the safe and high standard your customers will expect.
4. Check out the competition
Chances are, you won’t be the only hotel or bed and breakfast in your chosen location, so you do need to check out your rivals. You could be sneaky and book yourself in for a short stay, making notes on how the rooms are laid out, how costly the booking fees are, and taking account of any extra services that are on offer. Alternatively, you could use analytics, view their websites, or look at customer reviews to formulate a strategy to beat them.
5. Consider other services
To help you get set up, we recommend the services of this great hospitality logistics company. They will help you install furniture, fixtures, etc. according to your instructions. We also recommend you use an employment service to help you find the best employees. Using a recruitment firm will save you a lot of trouble, as they will carry out the requisite background checks and take up the appropriate references. Of course, you should still make sure you’re part of the interview process.
6. Get your business ready for opening day
There is a lot to do after following the other steps on this list; employee training, buying the appropriate equipment, and ensuring everything is neat and tidy for your forthcoming customers. Once everything has been done and dusted (literally and metaphorically), you are almost ready to go. Have a dry-run with your staff, invite friends and family in as guinea pigs, and sort out your marketing to attract custom.
This is only a brief guide, of course, so ensure you continue your research elsewhere. Still, beginning your own hospitality business is not as difficult as you may expect, especially if you follow the steps we have provided.