Life as an adventure involves a lot of
activities of which movement is part of it, people move from places to places
for various reason like business, leisure etc. of which shelter becomes a necessity
because the situation call for one to leave the comfort of his home. Hotels
have been a major provider of this needs in varieties of ways.
There are different types of
hotels ranging from the 1 star to 5 star and even those without rating. However, our focus in this article is on the benefit it gives if one invests in it. In
comparison with how much we make in home accommodation, it pays more to invest
in hotel.
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| Bankok Hotel Suite |
What does it takes to invest in hotel business
You have to determine ahead the
nature of hotel business that you want before investing on it, this is because Starting
a hotel business can be very challenging but the benefit outweighs the
disadvantage, this depends on the type of the prospective hotel as there is need
for intensive research and planning before embarking on this investment as it
can be very competitive and will require hotel specification
Hotel Specification
At this stage, you decide on the
type of hotel you want to invest in , if it is short term or long term, short
term means guest house where rent is based on hourly period and something lodging
while in long term we mean those that function mainly for travelers from
different state, countries etc. there are some who deal specifically for
apartment, for instance you are on tour or transfer that will take you months
and you don’t wish to rent house, some hotel offers their guest accommodation inform
of apartment for as long as they wish to stay
Business Plan
To invest in hotel business you
need a business planner, someone to guide with the basic knowledge or ideals of
the business, it will be wise you consult a professional before or during the
plan for a comprehensive market analysis, procedures of operation and with that
you can reach on how much of capital
intensive. He will also give you advice on how to apply for license
Permits and License
Like most lucrative business you
need to obtain a license from the appropriate authority before you can start a
hotel business inclusive of tax, this is very essential because without proper
licenses and documentation starting a hotel could spell trouble for you, you
need to align the operations of the hotel with the government permits and
policies, this will ensure that you are working in line with the regulation of
the government.
Experience
To invest in this business, you
need to have a basic knowledge about it, is not advisable to invest in a business
you have little knowledge and experience, information is available and today
you can do a research on how to operate
a hotel or you can do a local in-depth research around with that you be in a
better position to choose if the type that can provide a room to room service or otherwise,
may be inclusive like conference hall, restaurant, fitness / beauty salon, swimming
pool, or whatever you wish to invest in, so with that in mind we shed light on its
viable Location.
Location of the Hotel
This is an important aspect as it
is where the business begins, you have to decide the location if it would be in
a center of a commercial nerve or outskirts of the town, your preferred type of
hotel depend on the turn over or profit that you’ll make. An example is an Eko hotel
for instance is location at the heart of commerce which give easy access to
investor coming into the country and even for other dignities, so is a preferred
place for people from all works of life, you may decide to buy or rent a
building it means that you need to renovate or remodel it to your text be sure
that all facilities are well structure, like the electrical, plumbing system
the interior and exterior are all in good shape.
Hotel staff
For a business like this, employing
the right staff is very essential, this implies that the hotel as to enter the
labour pool and search for the best team which will enable the hotel to render
the best possible services that they can, they need to have a reliable human
resources department whose responsibilities is to ensure that they get the best
staff for the job, and also they should ensure that the labor resources
maximally utilizes their skill.
If you consider these tips before
you start your hotel, you can be rest assured that your business will be quite
successful and also profitable, and you shall be smiling to the bank always!!!
Attend The EPIC BLOGGING Seminar (Jan 29th - 30th, 2016)
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