Things to consider when opening a hotel

  • 18th May 2015
  • News
  • Stewart Hindley

Owning a hotel, B&B or guest house can be a lucrative investment, but it does take time and commitment to become a success. There are a lot of financial and practical factors that you should consider before you make the leap. We’re here to offer advice and guidance throughout your business venture and ensure that you have all the support you need, particularly when it comes to sourcing hotel or guest house finance to get your business off the ground.

– Target your demographic and location. One of the first things that you should think about is what kind of customer you want to attract. Learning your demographic will help you to tailor your services and your facilities to meet their needs. If you want to be known as a family friendly place to stay, you may be best looking for locations close to an amusement park or other child-friendly activities. For those who wish to cater for business travellers, you should ideally be near a city’s business centre.

– Make a business plan. A suitable plan is essential for your success and you should begin with the end goal in mind. This means that you should always consider where you want to go and what you want to achieve, and focus on achieving these objectives. Plans can also help ensure that you have your business strategy mapped out correctly.

– Think about how you will source the necessary funding. Very few investors and business owners are able to pay in cash for their business straight away, especially their mortgage. Having a business plan can help you secure that all important loan. Most lenders are hesitant to work with prospective business owners who haven’t properly mapped out their business plan as they aren’t sure that they will receive repayments.

We can help securing hospitality and guest house finance and loans to help you start your business. Over the years we have developed a great method to find mortgages for our customers’ exact needs. We’re honest and reliable, so get in touch if you would like more information.

Stewart Hindley

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