You are retired now. You want to spend the rest of your life running a hotel. Since retired, you have no time constraints. You have the necessary funds to begin this operation.
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. You will be receiving cash before the sale in the form of deposits, and money when guests check in or out. This payment would be in the form of checks, credit card payments or even cheques.
Another aspect to consider is the sort of hotel which you are planning to operate. What kind of guests will you entertain? 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 aim is the business people, then it would be better to be close to an airport. Is the location, you are planning, next to a business center? Depending on your location, the guest you will have will vary.
How long will you allow your guests to stay? You will have to decide whether you would allow extended stay or insist on checkout period of 24 hrs.
How big of an operation do you want to run? Will 50 units be sufficient, or do you want something much larger?
What will be your staff requirement? Consider the number of employees you will 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? The hotel may have a restaurant, bar or a restaurant cum bar. Will you have van service to and from local outlets?
Will your rooms be equipped with TVs, cable, satellite, or other room feeds? If you want exclusive hotel association ratings, you will need bathroom facilities in each room.
Other additional attractions you may consider to include will be a coffee bar, swimming pool and lounge.
A conference room also is a good idea so that you can attract more guests.
Will you have online booking service?
You will have to fix room rate according to the prevailing trends. The charges can be for the individual or for the room. Decide whether children need to be paid extra.
Will your guests need to pay a deposit when they book a room?
Will you hire someone to manage the hotel so you can take some vacation? Fix a salary for the Hotel Manager accordingly.
What is your competition in the area? Are there any others in the same category of size of type of your hotel? Are you planning outside catering services too? 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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