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And do yourself a favor and do not create the budget without first reviewing your Business Plan – otherwise you are just entering numbers to make yourself feel good.Remember that all business is local – national trends are merely the foundation of your plan. Robert Rauch, CHA, is a nationally recognized hotelier and President of R. Rauch & Associates, Inc., a leading hospitality management and consulting firm.For more information on business plans and setting up a business, please feel free to contact West Won on 01494 611 456 or email us on [email protected]
Once you know who your average customer is likely to be, it will be easier to cater to their needs to ensure your target customer is happy.
After your mission statement and concept, you should consider who your hotel business target customer is.
As we are now nearing the end of summer of 2017, this means budget and market planning time is here.
While many operators merely look at last year's numbers to budget and forecast, the only meaningful way to budget is to analyze the market thoroughly.
Rauch has over 35 years of hospitality- related management experience in all facets of the industry.
You may have an amazing location, a great concept; but if you’ve never set up a new business, you may be wondering “where do I start? For example, if your target customer is likely to be business clients, they are likely to be using the hotel for one night, and free Wi-Fi is important.You should write what you are looking to achieve with your hotel and how you are going to make it happen. SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. Is there budget to get professional marketing advice?Will your hotel offer budget accommodation for your customers? Creating a SWOT analysis for your business highlights the internal and external factors which will affect the running of your business. Finally, you need to conduct your Cash Flow Forecasts and Return on Investment.Interest rates remain low, business confidence is strong and nothing to derail the economy is imminent.Oil prices have been unusually flat notwithstanding the speed bump caused by Hurricane Harvey.A budding entrepreneur needs to formulate a proper business arrangement that will be beneficial for his Hotel Business.The proper arrangement of a business plan should encompass every characteristic of your hotel business.Using our wealth of experience, we’ve taken note of the most vital things to include when writing your business plan to give your business every chance to succeed. Before opening a new hotel business, it’s important to research the local area. Can you avoid the same mistakes as your competitors?You need to set out your hotel’s mission statement and detail how you will accomplish it. What makes your hotel unique and stands out from local competitors? You will also need to analyse your local competition. What local activities are there for your customers? How can you ensure you stand out for the right reasons? Attachments [page X] There are thousands of choices out there for overnight lodging, including hotels, motels, inns, B&Bs, and even campgrounds.For many people starting their own boutique hotel or bed and breakfast is like a dream.