Small hotels or popularly known as boutique hotels are stylish small size hotels often located in urban areas. These hotel property typically has between 10 and 100 rooms in settings with upscale accommodations and individualized unique selling points. If you wish to pursue opening a small hotel or a boutique hotel then start your plans by developing a small hotel business plan. Most especially if you need to attract investors, then a business plan is an important document for your to endeavor with. Learn more about how to develop a small hotel business plan in our article and for free templates scroll down, check out our small hotel business plan samples as well.
7+ Small Hotel Business Plan Samples
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8. Printable Small Hotel Business Plan
What Is a Small Hotel Business Plan?
Whether you decide to open a large or small hotel, a business plan is important for upcoming hotel owners or even seasoned hotel chains. Starting a hotel business is capital intensive and it is considered a long term investment because it will take a while for the owners to break even and start making profit. With this being said, this is why most hotels are owned by a number of investors, and helping you secure one is through a small hotel business plan. This is a written document that would serve as a roadmap and guide as your maneuver your way into successfully starting one. The concept of your business plan should center on hotel management, finances, target customers, location, marketing plans and other relevant factors that is needed in running a small hotel.
How To Develop a Small Hotel Business Plan?
The general concept of a hotel business plan, regardless of size or type is more or less the same since your main point here is planning how to run your hotel. Now the difference would come obviously in the exact details you will be summarizing in your business plan. In this case for your small hotel. The business plan must have relevant information to correspond to running or a small or boutique hotel. Before you can start make sure you have done all your research, and gathered the right information such as analyzing how other similar small hotel works. Now to start, below are the basic components you should include in your small hotel business plan:
I. Industry Analysis
An industry analysis is the assessment of a particular industry in which a business is currently operating or plans to venture. In this case, as you venture out into opening your own small hotel, studying the current hotel industry would give you a full understanding on how to manage your hotel business. How will your small hotel business impact the current industry? Will you be able to manage the trends and quickly adapt to its changes? Is there a market for your hotel business in your desired location? Remember to go through these, work your way towards the pros and cons of operating a small hotel business.
II. Executive Summary
Define your business objectives and goals, as well as company’s mission statement. Explain why have you decided to open up a small hotel business, what problems would it help solve, whose needs will it cater and what do you wish to accomplish. This section will contain an overall summary of what is to be written in much more in depth detail the other sections of your business plan.
III. Customer Analysis
Your potential customers will be bringing in revenue and profit so it is crucial to know who they are, where to find them and how to reach out to them. Through a customer analysis you will be able to gather information on your target market, including geographic, demographic, socio-economic, psycho-graphic, behavioral segmentation details.
Another important factor is studying your competitors so you can create ways to work pass them and manage to stay on top of your game. This would entail understanding their strengths, weaknesses, occupancy rates and market share. Even large or regular hotels can pose as a threat, so do not limit your research to a particular group but to the overall hotel business scenario.
V. Marketing and Strategic Planning
You will need to create a separate small hotel marketing plan, as it may require comprehensive marketing efforts toppled with its own marketing strategies. Also, determine the other areas that needs to be tackled on such as distribution and revenue management.
VI. Operational and Management Plan
Map out how you will go about with your hotel operations and the things to be considered are as follows:
- Number of employees, their roles and responsibilities
- The service standards you intend to offer
- Suppliers, vendors and inventory management
As your your management team, focus on what uniquely qualifies you to make your hotel such a success.
VII. Financial Plans
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive. And more importantly enough to cater to your guests. Provide the start-up costs of the hotel (capital investment), the ongoing business costs, operational expenses and revenue projections for the next five years. To be able to acquire these amount of information it is advisable to conduct a hotel feasibility study.
VIII. Other Important Details
Create a checklist of other details that is considerably important for your hotel business operations:
- Permits and Licenses
- Construction Plans
- Payment Methods and Platforms
- Employee Management (staff and trainings to be conducted)
- Overall Hotel Operations (including emergency action plans)
- Suppliers and Vendor Management
How Are Hotels Rated with Stars?
There is no known universal body who ranks hotel, as per country as their own set of standards thus creating the star ranking system. At most, hotels are given their specific rank due to popular and positive feedback from its guests, the amenities and services it offers, its location and prestige.
What Is Difference between Boutique Hotel and Regular Hotel?
Boutique hotels are relatively smaller with room less than a 100, and has a more intimate and artistic design which is its main focus rather than the size and space. While a regular hotel are large with its own function rooms, a number of pools and other amenities.
What Can Business Plans Be Used For?
Business plans are important documents in order help companies identify their objectives and remain on track. They also act as a means to get people to work with and invest in the business.
Without a small hotel business plan, it would be rather difficult for you to start operating a small hotel business. You need a plan to help you understand the complexity of running a hotel and the important factors that affects your hotel business.
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