Do you dream of running a hotel, but would like more information on the steps to take? You are on the right page! From market study to business plan, let me assist you making your dreams a reality.
1. Regulatory aspects
Make sure all legal aspects and requirements are met accordingly.
2. Market research
The first step in launching or developing your hotel is to carry out a market study, in order to check whether your project is commercially viable and to define the optimum commercial strategy to be implemented.
3. Choice of concept
Once you have done your market research, it is time to consider the type of hotel we want to open. The choice of concept should be guided in part by our desires, but also by the results of our market research. Above all, it is important to offer accommodation that meets the expectations of our future customers and is sufficiently different from that of our competitors.
4. Operational plan
In this part we'll need to figure out the Human and material requirements to make our project function efficiently.
5. Financial plan
The financial plan is a quantified report that presents the projected figures for the business activities to be carried out and the financial resources that we must have to achieve this. We should develop the financial plan after we've analyzed the market and set clear objectives (as the financial plan translates the elements collected during the market reseach into numbers)
6. Marketing plan
In order to make our project profitable, we will need an effective marketing plan, which will enable us to make your hotel known, target our clientele whilst building customer loyalty.
7. Business plan
Now it's time to create our business plan. The business plan is a detailed document that has two main purposes:
It enables us to check the viability of our project, at least on paper that is.
And it may serve you as a reference if you intend on seeking financing.
At first an in-depth and unbiased audit is required, as it helps me to analyse your business whilst identifying strengths, weakness or missed opportunities. Been able to give us a "bird's-eye" view, helps us to prioritise our tasks at hand, the aim here is to reach as close as possible to the 100% success score, with all “players” sharing our goals.
A roadmap will be established, clearly depicting: the what, the why the who and last but least the how, we are to reach our objectives.
Your roadmap will guide us to take the strategic steps we are to take as to stimulate your business. Ideally the roadmap has three phases: development, operational input, applications and finally reviews. At this point of time the roadmap will clearly reflect our challenges and opportunities, according to the type of actions to be taken, revenue optimalisation, cost control, expenses, marketing and opportunities, etc.
The roadmap is a perfect measurement and can be seen as a “selfie” of your present or future business for that matter. Questions of, where does my business stand? what’s the road ahead for my business? speak for themselves and may very well be crucial now or helpful in the near future.
Once we agree as partners on the contend of our roadmap, procedures will have to be developed, covering the totality of our roadmap. At this stage, and with our roadmap in hand, all "players" involved, me, you as the owner with or without your business partners and employees are to be identified and assigned to specific tasks into accomplishing these standard operating procedures.
According to our roadmap, custom-made and measurable SOP’s (Standard Operation Procedures) are to be developed, with our “players” clearly identified if that might be the case.
Do take note that it is of utmost importance to be able to measure success. Precise measurements empower you to improve your business, consequently you are able to improve overall results, or target a particular area of your business. They can also help you align your systems and “players” with your business goals.
At this stage each individual is perfectly informed and clearly understands their precise role into accomplishing each and every step of the standard operating procedures assigned to them.