You have finally retired from your present job. You want to spend the rest of your life running a hotel. You can devote full time to the operation. Also, you have accumulated enough money to start the new venture
While establishing a new hotel, what are the things you need to consider?
Begin by making an estimate of anticipated expenditure you will have to make during next year. The income will be from the deposits made before the guests check in and also the cash paid while they check out. This payment would be in the form of checks, credit card payments or even cheques.
Next, you want to determine the type of hotel you want to run. Which are the kind of clients you plan to cater? Will your guests be families, business people, or do you want a combination of all of them?
Consider the location of the hotel. Is it going to be near a beach? Are there tourist's attractions in the area? Or are you planning it to be in a secluded peaceful location, such as mountains? If you are going to include business people, are you near an airport? Are you close t o business centers? Depending on your location, the guest you will have will vary.
Are you planning the duration of the stay of your guests? Will this be an extended stay or just 24 hours and check out?
Size of the hotel is the next important aspect. Will 50 units be sufficient, or do you want something much larger?
Will you need a staff? How many will you need? Are you going to provide them a place to stay or plan to hire them from a firm?
The next big consideration is what kind of services will you offer? Will you have a built in restaurant or bar or a combination of both? Will you have van service to and from local outlets?
Are you planning to provide facilities such TV, satellite cable and other luxuries? If you want exclusive hotel association ratings, you will need bathroom facilities in each room.
Is your hotel going to have a swimming pool, weight room, lounge, or coffee bar?
A conference room also is a good idea so that you can attract more guests.
Online booking is a very popular idea these days.
What will your pricing policy be? You can price by room or individual. Will children have to pay extra?
Will your guests need to pay a deposit when they book a room?
You may also have to decide about hiring someone to look after the hotel when you take a break. Fix a salary for the Hotel Manager accordingly.
Consider about who are the others in your area as competition. Can you compete with the type and size of your hotel? Can you cater? Will you allow campsites in your area?
The various parameters of starting a hotel will depend on the type of facilities you are offering, the size of the hotel and the pricing structure. Knowing these things before hand will give you a good start on planning that hotel you have always wanted to run when you retire.
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