If you’ve decided that 2014 will be the year when you make your first million, it’s best you get started on the road to success straight away. You’re going to need a lot of money to invest in something that has the potential to reap massive rewards, and this is why opening your own hotel with a view to establishing a chain brand could be the ideal solution to your ambitions. Even so, this kind of endeavour is going to take a lot of effort and so you’ll need some handy tips and good advice from someone who’s been in the same boat before, right?
A few years ago, I started a basic bed and breakfast hotel in east London, and managed to turn it into a roaring success. Within the space of twelve months, I’d managed to open a second hotel in the south offering the same kind of services. These days I’m retired, but at the age of forty-four, I’m sure you’ll agree that’s pretty impressive. Obviously, I sold my businesses as soon as they doubled in value, and you could do the same if you pay attention to everything I discuss throughout the remainder of this article.
Finding A Premises
Presuming you’ve already sourced the capital needed to start a business like this, the first step you’ll need to take will involve finding a suitable premises for your hotel. This is often easier than it sounds because you’ll need to ensure the building meets all necessary regulations and that it’s in a location travelers are likely to frequent. Opting to buy somewhere near to a major train station or in a quiet part of any major city is probably the best move you can make, although, countryside areas also tend to become very popular during the summer months.
Making It Your Own
Now, you don’t want to personalise your hotel too much because your tastes won’t necessarily reflect the tastes of others. Still, there’s nothing wrong with putting your stamp on the place, and so some redecoration is probably in order. Also, you’re going to need to make certain adjustments to make the property legally suitable for paying guests. Fire doors will need to be installed, and you might like to purchase some key cards for your guests to gain entry into their rooms. On top of this, it’s always a good idea to give each room a money and valuables safe, so your guests feel more secure when leaving the building.
Advertising Your Hotel
There are many different established hotel guides out there, and many people all over the country use them to select somewhere suitable for their break. Your main aim should be to get good reviews from the writers of these guides to ensure people get to hear about your hotel. Also, you might consider using some online advertising services like Google Adwords or perhaps even paying for spreads in relevant magazines. Just make sure all your guests leave satisfied, because the ease of leaving bad reviews on TripAdvisor is becoming a real problem for the industry.
Anyway, I’ve got to head off now and help a close friend out with his own new hotel business, but I hope you’ve found all the information useful, and you’ll be more inclined to bite the bullet and invest in something that could reap significant rewards in a matter of months.
Good luck my friends, don’t do anything I wouldn’t do!
