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             08 July, 2020
 

    
Category:  Articles » Business » Strategic-Planning

 

Relaxing As You Create A Great Hotel Business Plan

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         Views: 2165
2006-09-11 20:23:34     
Article by Shaunta Pleasant

There are many excellent businesses which can provide a very good living for smart business owners and entrepreneurs, but given the right location a hotel business can be one of the best.
Before swinging the doors of the hotel open, however, it is important to sit down and work out a solid and professional hotel business plan.
Using Your Hotel Business To Provide A Guideline For Success
Having such a hotel business plan in place can provide an important guideline for the success of the business, as well as providing much needed information to potential lenders, investors and business partners.
In fact, the hotel business plan is one of the first documents many of these would be investors will want to see.
Savvy investors will want to carefully review the information contained in the hotel business plan and use it to make an informed decision about the prospects of the business.
Elements To Include In Your Business Plan
There are a number of elements any well written hotel business plan must contain, including the name of the business, the location of the new business, how many employees the business plans to hire and the timeline for building, stocking and opening the business.
Detailing What Is Going On In Your Local Market
In addition there are a number of elements that will be unique to the hotel business plan, including information on local attractions that draw visitors to a particular area.
In order for a hotel business to succeed, it is important that the area in which it operates be growing and thriving, and that there be sufficient business and leisure travel to justify the addition of more hotel rooms.
Thus it is important that the hotel business plan contain information on the number of existing hotels in the area, including as much information on vacancy rates as possible.
It is important as well for the hotel business plan to include information on what will make the new property different, and how it will successfully compete in a crowded marketplace.
Listing Your Plan To Attract And Keep Good Employees
It is also important for the hotel business plan to include information on how the owners of the business plan to attract and retain qualified hotel staff.
The turnover rates for maids, housekeepers and front desk personnel at hotels is notoriously high, and potential investors will want to see that the business owner has considered this problem and thoroughly addressed it.
It is important for the hotel business plan to include at least a few paragraphs relating to the attraction and retention of qualified hotel staff members.

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