A solid hotel business plan should address several key aspects.Here are the 10 key and essential points to consider when drawing up your business plan:
1.- MARKET ANALYSIS
Conduct a comprehensive study of the hotel industry in your location. Examine the supply and demand of accommodation, identify market segments and understand trends and changes in consumer behaviour.
And of course, don’t forget to analyse your direct and indirect competitors. Examine their strengths and weaknesses, as well as the strategies they employ. Identify what they do well and areas where you could differentiate yourself.
2.- VALUE AND POSITIONING PROPOSAL
You have to clearly define what makes your hotel unique. Ask yourself: What added value will you offer your guests? What unique experiences or services will you provide?
Also define your target audience: Are you targeting business travellers, tourists, families or some other specific group? Make sure you adapt your value proposition to the needs and expectations of your market segment.
3.- ORGANISATIONAL STRUCTURE
Draw up an outline of the hierarchical structure of your hotel, specifying roles and responsibilities. From top management to housekeeping staff, everyone should have defined functions.
Describe the culture you want to foster in your hotel: is it a customer-centric, innovation-oriented or operational efficiency-focused environment?
4.- MARKETING AND SALES PLAN
Implement marketing strategies that align with your value and positioning proposal. This could include advertising campaigns, social media presence, local collaborations and content strategies.
Define how you plan to sell your rooms and services. This may include pricing tactics, promotional packages and loyalty programmes.
5.- PRODUCT DESCRIPTION AND SERVICE
Detail the types of rooms you will offer, including sizes, amenities and associated rates.
As well as, list the facilities and services you will provide, such as restaurants, bars, gyms, pools, spa, etc. Describe how these will complement the guest experience.
To do this, establish clear policies, such as cancellation policies, check-in/check-out, and any important regulations that affect guests.