If you have an eye for business and know how to handle problems that might arise from customers, then owning a hotel might be something to think about. This is an industry that needs people who care about the locations and the people who stay in them. You might find that owning a hotel is hard to get started with, but once you figure out all of the business aspects of it, then everything else will fall into place. Someone like Stephen Wynn has led by example that it’s possible to earn wealth by owning your own business.
Unless you have the money to build a hotel from the ground up, the best thing to do is find one that’s for sale. You can often negotiate the price of the hotel if there are not a lot of customers or if the hotel needs work done that will cost you a good bit of money. Look at a few different hotels before deciding which one to purchase. Some owners will have more than one hotel, and if you have the money, then getting two might be beneficial. If you don’t have the money, you will need to secure financing from a bank or finance company. A business plan can help in securing the money that you need for the hotel. Make sure you have all of the plans thought out so that you can give the company an idea of how long it will take to pay the money back.
After you have the money, you can start getting the permits and licenses that you will need. Although the previous owner will have this information in his name, you will need to get your own documents so that you can operate legally in the state. The process shouldn’t take that long as all you usually need to do is contact the tax office to get the proper paperwork signed and completed. Before you are ready to open the hotel in your name, you need to make sure all of the rooms are as clean as possible. This might mean that you need to make repairs, paint the walls or get new furnishings. If guests see that you care about the hotel and their stay, then you will find that word of mouth will increase your business.
After the hotel has been brought up to the professional standards that you desire, it’s time to open. Offer a few special deals for the first few weeks so that guests can see the new site. You can extend these deals through the year, but only have one or two at a time because you still need to make money to operate. You need to have enough staff to clean the rooms and maintain all of the appliances and pool if there is one on site. Listen to the comments of the guests so that you can improve the hotel as much as possible. As you make money, consider adding amenities to the hotel like a small gym or library. These extras will make guests feel more at home, and they will want to come back to stay at your hotel.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
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