This includes several components, including your mission statement and objectives.
A mission statement is a single sentence that describes why you are in business, such as, "To be the hotel with the highest level of service in the industry." Your objectives are the things you hope to accomplish with your hotel business, such as, "Maintain a 75 percent occupancy rate throughout the year." The next part of your hotel business plan is to provide an analysis of the hotel industry.
If you are planning on starting a hotel management company you must have the education to use as a resource and reference.
Having a degree from a four year institution will help win future clients and contracts.
According to the United States Bureau of Labor Statistics, the hotel industry is expected grow by 5 percent between 20.
Like any business, starting a hotel requires careful research and planning before opening.
Getting the training in the hospitality field is vital to initial success.
Learning the ropes from the bottom up is a good way of showing you know every aspect of hotel management.
Revenue projections are based on the number of rooms you will have, price per room and your expected occupancy rate.
Starting a hotel management company is not complicated but it does take preparation and time.