Have you ever thought about purchasing and owning your own hotel? Read this article and learn about the steps you can take to become a genius hotel tycoon.
Steps
Method 1 of 9: BUYING A HOTEL
Step 1. Prepare to pay at least 20% of the amount, although this depends on your credit rating and acquaintances in the commercial banking sector
You may have to deposit more in the event of a recession that we have, as banks do not lend, and you will not stand a chance if you are not going to transfer more than 20%.
Step 2. Find yourself a really good commercial real estate agent who has a trusted broker in mind with contacts
Step 3. Select at least 2 hotels, then do your own research, review the daily rate and demand in the relevant area
Check out the possibility of spending the night with your children and wife in the hotel or without them. Study the reputation of these hotels on the Internet, because how this will indirectly affect you, find out if there is any space to increase income in this market. If they are not available, then the purchase is not very profitable.
Step 4. Be skeptical about the approved financial statements
Always pay attention to tax documents, they don't lie … You can always lower your income, but no one will inflate their taxes, because they will eventually have to pay more!
Method 2 of 9: PLANNING
Step 1. Remember to plan
Step 2. Think through your staff, location, budget, and other small ideas
Method 3 of 9: LOCATION
Step 1. The location of the hotel is very important
If you do not choose it correctly, then making a profit will be in question. Try to position your hotel around a monument or in a busy area.
Method 4 of 9: HIRE WORKERS
Step 1. Now we will talk about the section related to hiring the best workers and firing everyone else
Step 2. Conduct interviews with those people who are willing to work for you
Step 3. Hire kind and polite job seekers who can obey and just work
Step 4. You have the right to hire many other staff (chef, secretary, concierge)
Method 5 of 9: CLIENTS
Step 1: Treat your customers with respect and loyalty so that they can tell people about your service, because in the end you will get a little more income
Method 6 of 9: ROOMS
Step 1. Make sure your building has enough space to accommodate at least 22 rooms
Method 7 of 9: REPAIR
Step 1. Set up a reconstruction schedule
Hotels should have carpets and surfaces repainted more often than homes. Keeping the rooms pleasant will result in higher rates at your hotel.
Method 8 of 9: MAINTENANCE
Step 1. Be sure to have an employee on your staff who can handle problems with plumbing and heating equipment
Method 9 of 9: LEGAL ISSUES
Step 1. Review documents related to taxation, noise regulations, fire regulations, etc
etc.
Advice
- You don't get a lot of money for operating the hotel. So what you will do is reinvest the money back into the hotel and try to increase the income in order to further sell the hotel for a larger amount. So, it can be argued that after lifting a business and reselling it for 4 times the previous amount, you still make money.
- Come up with a new menu that stands out to attract groups of people, such as a set menu for couples or a family menu with fun choices for kids.
- A good idea for extra profit is to show an artist performance at your hotel for an amount of, for example, RUB 2,000.
- Why not advertise your hotel, even if you lose a little money and get it back as a result.
- Add laundry services for an additional 350 rubles (or less).
Warnings
- Don't hire employees if your instincts tell you not to: you may not trust them and will end up under pressure when you want to fire them.
- Try to hire security guards: you can't imagine what some people around the world are doing.
- Don't buy a hotel that sells with a big 4-fold markup. Only if it is not the ideal location and you know that the project will be profitable.