There are literally thousands of different types of businesses a would-be entrepreneur can open, but one of the oldest – and most popular – choices is to become a hotelier. If you also share this dream, then it’s likely you have a few questions about what owning, running, and managing a hotel may entail; questions that, below, we have sought to answer.
Do You Need to Have Worked in a Hotel to Buy One?
You don’t necessarily need to have worked in a hotel – or the hospitality industry at all, for that matter – to run a hotel, but it is advisable. The same is true of any type of business: if you have prior experience in the industry, then this will always be to your advantage.
However, if you have never worked in a hotel, there are still options: hotel management qualifications, for example, can be very beneficial in this regard.
How Do Hoteliers Spend Their Days?
People who are running hotels themselves – rather than leaving much of the day-to-day running of a management team – tend to spend much of their time focusing on guests; checking people in, checking out, dealing with any issues guests have experienced, and so on. In addition, they will also need to manage the finances, inspect the property, and supervise staff.
Is It Only Worth Considering Hotels in Tourist Hot Spots?
Not necessarily. When choosing the location of a hotel, it’s best to focus primarily not on the question of tourists specifically, but people generally. There are many reasons people choose to stay in hotels that do not include holidaymaking; when traveling for business events or conferences, in order to be close to an airport, and so on. Tourists are, of course, part of the equation, but do consider locations that might be useful to other guests too.
What Does It Take to Run a Successful Hotel?
This is the $64,000 question, and there’s no exact formula to follow. However, there are a few things that successful hotels tend to have in common:
- An understanding of their customer base. For example, hotels geared towards tourists might offer leisure activities, while business-focused hotels will provide conference rooms or coworking spaces.
- Fantastic interior and exterior design. Many modern guests choose a hotel based on photographs they have seen online, so successful hotels know they need to make a great first impression by working with commercial landscape contractors to create a welcoming exterior and ensuring the internal spaces, including the guest rooms, are attractive, stylish, and inviting.
- A unique brand. A huge number of hotels are, overwhelmingly, owned by chains – but independents can and do hold their own thanks to effective branding. This branding tends to focus on creating an authentic message – often based on the owner’s own story of how they came to buy a hotel and why it is important to them – and focusing on what makes their hotel unique.
If you have always wanted to own a hotel and have wondered if it might be the right entrepreneurial path for you, we hope answering the common questions above will take you one step closer to realizing this dream.