Owning a hotel is a dream for many people, who like to organize and engage in multiple different activities. From having unique themes to beautiful decor, a hotel business gives you an ample amount of chances to showcase your creativity.
But the pandemic might have naturally left many of you doubting the viability of hotels.
With a vast variety of reasons a hotel serves, the hotel business is very less likely to become irrelevant.
Most leading hotel businesses, today, rely on software to manage their operations. Kiosk Mode for automated check-ins, on-the-spot reservations, and feedback, hotel management software for customer management, and revenue control are just some of the many solutions that streamline hotel management.
And all you need to have a thriving hotel business is a hotel business plan that’ll help you get the maximum out of the profitable times and stay prepared for unexpected circumstances.
The hotel industry stood at a whopping market value of 0.95 trillion dollars in 2021 and is recovering at a rapid rate after the COVID-19 pandemic.
The hotel industry is ruled by several major players, hence it is a good practice to go through their case studies and business strategies. There’s a high chance that you might find something very useful for yourself.
Work vacations and leisure trips are the major factors that contribute to the growth of the hotel industry.
Things to Consider Before Writing a Hotel Business Plan
Select a good location
An accessible and well-located hotel is much more likely to work than one that is situated otherwise. Also, the neighborhood you set up your hotel in matters a lot too. Hence, it is important to choose the right size of land and locality to set up your hotel.
Find good suppliers
From laundry, and housekeeping to the right ingredients for the restaurant, there are several supplies a hotel needs. And to satisfy your customers, it is essential to get the best of everything. After all, the reputation and image of your hotel matter a lot when it comes to running a hotel business.
Know your financial requirements
A hotel has several financial requirements from location to installation of appliances, furniture, decor, and salaries of employees. This also makes for a complex financial structure. Hence, it is good to figure out and keep an account of all your financial needs before getting started.
Find your USP
In the mass of industry giants and small businesses that exist in the business, it is important to have something that helps you stand apart from everyone else. From theme-based decor to additional services and ventures, your USP can be anything. But make sure that you find one before you get up and running.
Chalking Out your Business Plan
If you are planning to start a new hotel business, the first thing you will need is a business plan. Use our sample hotel business plan created using upmetrics business plan software to start writing your business plan in no time.
Before you start writing a business plan for your new hotel business, spend as much time as you can reading through some samples of hotel and lodging-related business plans.
Reading some sample business plans will give you a good idea of what you’re aiming for, and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample Hotel Business Plan for you to get a good idea about what a perfect hotel business plan should look like and what details you will need to include in your stunning business plan.
Hotel Business Plan Outline
This is the standard hotel business plan outline which will cover all important sections that you should include in your business plan.
- Executive Summary
- Business Overview
- John Doe
- Mission Statement
- Location and Facility
- Business Overview
- John Doe
- Steve Cowan
- Key Advisors to the Company
- Corporate Development Plan
- Phase I
- Phase II
- Market Analysis
- Economic Environment
- Geographical/Competitive Environment
- Legal/Political Environment
- Technology Environment
- Competitive Environment
- High Line ($139-$750 per night, depending upon season)
- Motel ($59-$119 per night, depending upon season)
- Bed & Breakfast (B&B)
- Market Research
- Summary of Opportunities and Threats in the Environment
- Competitive Analysis
- Competitive Advantage
- Industry Keys to Success
- SWOT Analysis
- Strategy & Implementation
- Marketing Strategies
- Target Markets – Consumer
- Positioning and Product Strategy
- Distribution Strategy
- Pricing Strategy
- Service and Support Philosophy
- Marketing Plan
- New Business Segment
- Publicity and Public Relations
- Guest Reward Programs
- Marketing and Promotion Budget
- Evaluation & Control Strategies
- Financial Plan
- Project Funding Summary
- Phase 1 Funding Amounts Sought
- Financial Plan Assumptions
- Income Statement Projections
- Balance Sheet
- Cash Flow Projections
After getting started with Upmetrics, you can copy this sample hotel business plan template into your business plan and modify the required information and download your hotel business plan pdf or doc file.
It’s the fastest and easiest way to start writing your business plan.
Download a sample hotel business plan
Need help writing your business plan from scratch? Here you go; download our free hotel business plan pdf to start.
It’s a modern business plan template specifically designed for your hotel business. Use the example business plan as a guide for writing your own.