Hey everyone, it's your friendly neighbourhood hotel expert here! I've been spitting out blogs about hotels like a vending machine most of last year (2022) and hopefully, it was helpful for all of you hoteliers out there. But, hold on to your mini shampoo bottles, because this year (2023) I'm taking it up a notch and diving into a series about what it's really like starting a hotel business. So, grab a pen and paper (or just use the notes app on your phone) and get ready for some tips and fun 🙃
Well, the hotel industry is always a wild ride and 2023 is shaping up to be no different! Thanks to COVID-19, we saw a bit of a dip in travel and occupancy rates, but don't you worry - as more and more folks get vaccinated and travel restrictions loosen up, we're expecting things to bounce back like a rubber duck in a bathtub! 🐥
But let's not forget about those pesky alternative accommodations like vacation rentals, serviced apartments and home-sharing ( No pun intended 😃). Companies like Airbnb and VRBO have been shaking things up and giving traditional hotels a run for their money. But, no worries, hotels are getting creative and finding ways to stand out, whether it's offering unique and personalised experiences or incorporating technology to make guests feel like they're living in a sci-fi movie 🤠
And about the environment! Consumers are starting to care more and more about the impact of their travel choices, so hotels are stepping up and doing their part with sustainable practices like using renewable energy, reducing waste, and promoting conservation. Hotels that show they care about the earth will attract environmentally 🌱-conscious guests like bees to honey.🐝
Technology is playing a massive role in the hotel industry too! Hotels are investing in new technologies to make the guest experience even better, like mobile check-in and check-out, digital keyless room entry and giving guests the power to control their room's temperature, lighting and other amenities through their mobile phones or even through robots ( like the one in the picture). Plus, hotels are using data analysis and artificial intelligence to personalise the guest experience and make sure they're running like a well-oiled machine.
As for where the hotel industry is headed, we're expecting to see growth in emerging markets, as well as in tourist destinations that weren't as affected by the pandemic like the Caribbean, Indian Ocean, Mexico, and South Pacific 🏝
Let's not forget about domestic travel 🇬🇧, people are eager to get out and explore again after spending a year or more indoors. We have seen a huge surge in Staycation in the UK during 2021 and 2022. ⛳️ ☀️
But, despite all the challenges that the pandemic has brought, the hotel industry is showing massive recovery as we have seen in 2022 and would continue in 2023 as per industries leading expert.
Are you ready to become the next hotel tycoon? First things first, gather your team of trusty minions, a bucket of money, a dash of creativity, and a pinch of insanity 🤪
Let's get down to the nitty-gritty of starting your very own hotel empire.
You've got to know your audience! And, by the audience, I mean the people who will be staying in your hotel. You need to figure out who they are, what they like, and what they're looking for in a hotel.
First things first, demographics. Are your potential guests mostly business travellers or just looking for a vacation? Are they families, couples, or flying solo? Knowing this information will help you decide what kind of amenities and services to offer, and what kind of design and layout will make them feel at home 🏡.
Next up, psychographics. What are their interests and hobbies? Are they adrenaline junkies looking for outdoor activities or do they prefer a more relaxed and luxurious experience? Knowing this will help you create unique experiences and packages that will make them want to book a stay.
Making a Plan Like a Boss
In this day and age, I am not sure if writing a 50-page business plan would ever work, however, comprehensive planning is essential for success in the hotel industry, but it doesn't have to be a snooze fest. Your plan should outline the strategies and tactics for researching and understanding the target market, financial forecasting and management, marketing, sales, revenue and advertising, and operational procedures for the hotel.
Research, research and research.
So, hold onto your wallets and book those rooms because I've got some secret sauce to turn your hotel into a cash cow! We're talking funding, customers, standing out in a crowded market in the next few articles, and all the other fun business buzzwords.
That's a wrap for now. But, don't go running off just yet! 😅
Please leave a comment below ✍️ and let me know what other hotel-related topics you want me to cover in my next series of articles. Should I spill the tea on how to handle difficult guests? Or, maybe you want to know the secrets of creating a killer breakfast buffet. Whatever it is, I'll make sure to spice it up with a splash of jest, just for you.
Coming up next week - Building and designing your hotel, Marketing, Sales and revenue.
Are you tired of being a landlord/Independent Hotel Owner and ready to hand over the reins to someone else? Look no further! Let us take the weight off your shoulders and manage your property for you. Plus, we promise to bring in all the dough. So don't be shy, slide into our DMs and let's make some dough together!🤑