Provide more information about your hotel’s unique qualifications. Then identify their unique needs and draw up a plan for meeting those needs.For example, it might be located in an historic building or have the only day spa in town. Competitive Analysis Not all hotels in town are your direct competitors.
Create a plan for overcoming any hurdles that you find in your research. Are they in town for a wedding or other special event? Group your indirect competitors into a single unit and talk about them as a whole.
Customer Analysis Anyone who has ever traveled is a potential hotel customer, but not all of them are your potential customers. Marketing Plan Marketing hinges on the four P’s: Product, Price, Place, and Promotion.
It is also your key to securing important funding from outside investors and lenders.
Business Planning 101Your business plan contains a snapshot of your hotel as it exists today along with a detailed growth plan for the next three to five years.
Long-term processes are the ways you will meet defined business goals, such as hitting a certain occupancy rate or adding a restaurant.
Management Team A strong management team will convince financiers that your hotel has solid business potential.Operations Plan The operations plan describes your methods for meeting the goals you defined earlier.Everyday short-term processes are the individual tasks involved in booking reservations, checking in customers, cleaning and maintaining the hotel, handling luggage, settling accounts, and so forth.You must make key assumptions that are both reasonable and verifiable through an analysis of similar companies.Finally, a good exit strategy demonstrates your understanding of the market and willingness to capitalize on profitability.Describe your hotel, summarize your market analysis proving that a new hotel is needed, and list your unique qualifications for meeting that need.Company Analysis The company analysis explains your hotel as it exists today.Appendix Your full financial projections belong in the appendix, along with any other documentation that helps prove your claims.Attach letters from key partners, patent details for any new automation technology, and similar documents.Talk about its founding, current business stage, and legal structure.Outline important past milestones, such as securing key funding or hiring a noted hotel manager. Figure out your customers’ demographics and how they decide where to stay.