A Hotel business provides lodging for travelers and other paying guests, with often service of meals. A hotel business can be independent operated or it can be part of a chain operation. So, depending on the type of operation the cost of the business various and both has their own advantage and disadvantage to it. Determine the type of hotel for Hotels had had more than 35 rooms provide a 83.6% of the industry revenue. The guest room rentals accounts for 62.7% of the industry, 12.5% accounts for the service like food and beverages and conference and meeting rooms accounts for 4.2% of the industry. The location of the hotel determines the opportunity of the success of the business. Next is the strategy to sustain in the business by providing service offering perfect for your most desired customer. Now, planning your business require a business plan.
Preparing a business plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business are evaluated and appropriate decisions are made. There are various financial metrics involved in the hotel market which are to be executed and operated, focus on the quality by concentrating on the employee satisfaction and customer service. Being flexible is required in order to understand the expectation of a hotel by a customer and create a meaning product that the competitor doesn’t offer.
Investing on the strategic marketing plan will ensure long term success of the hotel. Hotel industry is accounts for 9.8% of the GDP in India. As per report by the Ministry of tourism, foreign as rivals in India increased by 11.8% in the year 2016 and the foreign exchange earnings from tourism increased by 13.1% to RS 129 billion in the year 2016. There is need for more hotels in India due to the demand – supply gap. The needs are for budget size hotel and mid- market hotels for the travelers. Apart from all government of India is taking necessary steps to eradicate the gap by taking necessary initiatives and scheme, which will benefit both the customer and service providers.
Business Plan ChecklistPlease enter your details below to receive sample Business Plan Checklist
All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a Hotel business plan are given below:
Owner / General Manager, Assistant Manager, Financial director, Accountant, Cashier, Front office Manager, Assistant front desk, Agent, valet Parking, HR manager, HR Assistant,
Kitchen Manager, Executive chef, Chef lead, food runner, Waiter, Sales manager, Assistant Manager, Logistics Manager, Purchase Manager, Maintenance Manager, Security Manager, Driver.
Operations Management, Team building, Advanced Knowledge of Hotel Operations, Human Resources Management, Financial Management, Sales Management ,Events Management,
Marketing, Revenue Management, Customer Relationship Management.
Hotel room supplies (Magnifying Mirrors, Hair/Hand Dryers, Guest Safe Boxes, Ironing Stations, Baby Cots, Guest Scales, Valet & Laundry), lobby and maid equipment, Table top supplies (Porcelain, Cutlery, Glassware, Hollowware) and Banqueting Equipment (Folding Tables and Chairs, Stages, Partitions, Dance Floors, Buffet Equipment).
Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:
American Hotel & Lodging Association 1250 Eye Street, N.W., Suite 1100
Washington, D.C. 20005
Malaysian Association of Hotels(MAH)C5-3, Wisma MAH, Jalan Ampang Utama 1/1, One Ampang Avenue Ampang, Selangor Darul Ehsan, Malaysia 68000
Hotel Association of IndiaB 212-214
Som Dutt Chamber-I
Bhikaji Cama Place
New Delhi-110 066, India
Hotel Association of Canada130 Albert Street, Suite 1206
Ottawa, ON K1P 5G4
Business Plan Services