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Your hotel project needs a good business plan to succeed

Your hotel project needs a good business plan to succeed

The business plan is a document that any company should keep in mind before launching into the market, since it is the establishment’s own business card, which shows the necessary resources, objectives and strategies to follow. We can say that it has two approaches; one internal, from the point of view of operational management and […]

The business plan is a document that any company should keep in mind before launching into the market, since it is the establishment’s own business card, which shows the necessary resources, objectives and strategies to follow. We can say that it has two approaches; one internal, from the point of view of operational management and planning and another external, as an active communication and marketing tool.

These documents are constantly changing due to new updates, studies and are subject to different analyzes that are carried out progressively. For this reason, it is fundamental for investors and entrepreneurs, as it forces them to reflect, investigate and visualize the project as a whole.

How to make a business plan?

We can divide it into different parts:

Project approach

It is the part that explains the business idea, describes its main aspects, and exposes the services that will be marketed.
Once the necessary information has been collected, and with the hotel project profile already outlined, the bases of what the new hotel will be are defined: type of service that will be offered, to whom it will be offered, for how much and of what way it will be carried out. Once the hotel we are going to create has been completely defined, we can move on to the next stage of the process.

Commercialization

After having carried out a prior analysis and market study, the marketing strategies that will be implemented are determined, an example of this is the setting of prices and the different distribution channels that will be used, basically covering the aspects related to the hotel sales.

Operation

Part where the organizational structure of the project, the administrative policies, as well as the techniques and procedures to reach a good level of operational strategy are defined. In this phase, the estimation of profitability is the most important thing, since through income generation, sales and marketing strategies and the control of operating costs, we can define a good product, thus achieving good management of hotel strategies.

Production

After defining the operational strategy, we can specify the production and sales of rooms, as well as the establishment of our suppliers, logistics, and stocks, among other aspects.

Sales and administration estimation

Establishing a financial plan, projecting sales, analyzing the types of demand (current, latent and unabsorbed) and correctly managing the chart of accounts belong to the penultimate stage of this process.

Summary

It is part of the final step of the business plan, where the required investment and the strengths of the project are explained in summary.

It is a mechanism to project the company into the future, foresee difficulties and identify possible solutions to problems that may arise, it is a process that seeks to give identity to the property.

Aside from these general steps, it is vital to consider the current situation of hotel occupancy in the country, specifically in the area in which we are going to project our idea, given the strategic importance of tourism. It is also relevant to consider the different openings in recent years, the occupancy and the average number of travelers who have traveled to our destination.

Statistical data can offer us very interesting references regarding the most suitable areas for a new project; factors such as excess supply are relevant for studying the competition.

Thanks to different institutions, we can get to know the different indicators on inbound, outbound and internal tourism, number and types of tourism industries, as well as international tourism figures. The hotel sector has a wide variety of options when it comes to differentiating itself from its competitors, it can apply different ranges of strategies, and bet on innovative and practical services with the help of a good team.

Our consulting firm can help you achieve the total conception of your hotel project, establish a real profitability forecast and thus begin to outline the profile of the future hotel.

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