For ages on, the hotel industry has been operational. With time the whole approach towards this sector has become increasingly professional. The Hotel Business is mainly based on providing customer service and ensures that excellent hospitality is provided which is worth or more for a single penny paid. It requires a particular perspective and standards that can instill a sense of pride to the provider. Having said that, it is equally important to carry on research on an extensive scale before exploring this avenue. Another thing which you need to consider is budget before you start exploring. Assets America can solve your budget problem for the hotel business. Here are some of the aspects which you should consider before taking the plunge.
1. Difference between hotel star ratings
A rating of hotels emphasizes the quality of service provided under the given. It is used to categorize hotels under various divisions about its value, amenities and overall customer satisfaction. Stars denote ratings in the hotel industry.
*A single star is a budget-friendly hotel with only basic amenities under its belt. Its perfect pocket-friendly style gives you only what you require when you stay away from home.
**A double star hotel in addition to being cost effective still provides you with facilities that you enjoy. It’s basically meant for price-conscious tourists with a slight touch of richness.
***A three-star hotel are properties with a wide range of facilities. Excellent quality service, ambiance, activities are provided to satisfy customers expectations.
****Four-star hotels are luxurious properties catering to most of the customer’s requirements. From elegant rooms, lawns, spas, gyms, swimming pools, etc. You name it, and they willing to deliver the service in utmost care and capacity.
*****Five-star hotels are luxury hotels where the management is aware of the fact that the customer does not mind paying any amount to for anything that is offered. Therefore excellent quality and detailing should be rendered to the guests in these lavish stays.
2. Identifying your target market
To commence with the Hotel Business, one needs to study its target market thoroughly. Key answers as to why and who your customers are is required to be answered. You need to then work upon it by showering discounts, additional supplies, extended services to compel them to book their stay at your property. You can also run through:
SURVEY: Make sure your questionnaires give you enough information based on which you could understand and tackle the issues related to your business plans. Answers on cuisines they prefer, the activities they love, or the purpose of their trip can be of great help.
ONLINE REVIEWS: These also divulge a lot of information. Post guests always mention their likes and dislike on sites. You can use these reviews for your benefit and then make the best use of it the next time.
FACEBOOK-TWITER INSIGHTS: These are a great arena where you can look for information. At present, there are millions of people actively participating in this platform. It is a powerful tool which can ensure your business to reach great heights as promoting your property on these sites can spread to a large number of people at a time.
3. How does a hotel business make money?
Catering to different needs in this type of industry is the only way to generate revenue. Any service within its limits if fulfilled will be a source of income for the hotel.
RENTING OUT ROOMS: This is the most obvious one as it forms the basic need a guest requires. It can be through online reservations, package deals or physical bookings.
SELLING DRINKS: Another way to increase revenue is through the sale of alcohols or mocktails. The expenditure by a customer shoots up once drinks are served thus ultimately filling your pockets.
SELLING FOOD: Providing a sumptuous meal to a hungry stomach away from home is all the customer desires. Needless to say 3 meals a day, whether at the bar, at a standalone restaurant or a buffet, guests do look forward to, without thinking much about the expense.
EVENTS: Events definitely add on to the income of a hotel as they create extra revenue by lending out spaces for meetings, conferences, get-togethers, etc.
SPA AND GYM FACILITIES: These amenities and provisions are add-ons used by the class who don’t mind spending on body comforts. These kinds of customers raise your profit graph to a considerable amount.
To conclude, all the smiles and services provided to you comes with a cause, and that cause is your money.
4. Buy an existing hotel
Purchasing an existing hotel vis a vis a new construction one can have its share of benefits. You can have firsthand knowledge about the pros and cons regarding matters you would like to follow during its operation. It can reduce the cost of construction considerably. Another critical factor to be considered here is the “time period”. We can analyze our income much sooner as the construction period can be overlooked which could be anywhere from 12-24 months. Thus we can skip many detailing which otherwise would have used our time, energy and money- all being powerful tools to be saved and later directed into other areas.
5. Know about hotel management
Before starting a Hotel business, one must be aware of all the responsibilities that come with it. One needs to be confident and be ready to work as a team. He should also have an eye towards planning, financing and organizing skills. Venturing into one of the fastest growing industries he has to be entirely up to date in all fields and be ready to walk that extra mile.
6. Listing and placing online ads
Promoting your hotel through online advertisements is an effective way to send across the message loud and clear that you have arrived in this industry. It does not matter where the hotel is located, an advertisement strategy followed in a correct style will spread the news and have a wider approach.
HAVE A HOTEL WEBSITE: This can be handy for inviting potential guests, but one has to take into account that these should be appealing and user-friendly.
GET YOUR HOTEL’S NAME IN SEARCH RESULTS: This is done to ensure that customers should be able to locate you by the press of a button. No matter you being the best in the world always remember “out of sight is out of mind”.
All said and done; nothing can win over this line that “Courteous treatment makes a customer a walking advertisement.”
7. Offer deals or specials
Offering generous perks that make you stand apart from the rest can definitely garner rave reviews for your Hotel business. Discount on rooms, meeting spaces, free breakfast with every booking, etc. all goes well for the customers who would want to return to your place or would convey these discounts to family and friends thereby increasing your business volume.
8. Know your customer needs
Honestly said that customer service in the hospitality industry is the name of the game. One needs to keep on to customers demand. It is quite natural that one never forgets the way we make them feel and this applies to its full in this industry. No doubt money, organization, and your team goes a long way to raise your business at great heights, but nothing can work more effectively than a customer’s trust when you fulfill their needs.
Thus we conclude that if we get our basics right, i.e., make the customers feel that they don’t hesitate to come over and over again, you are a winner. All you require along with your strategies is simply a show of love and care.