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When travel starts to return and the world begins opening up, it is going to be a slow and staggered process.
You have to be ready and I’m going to tell you how to start.
Welcome to another edition of Hospitality Property School.
I am your instructor, Gerry MacPherson.
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For the sake of this episode, I’m going to assume you’re either starting a hotel, resort, inn or bed and breakfast from scratch or are hoping to improve your current business.
Where do you start?
How about at the beginning?
Let’s go through a step by step process.
Sleep around
Visit other hospitality properties similar to what you are thinking of operating, in the area you’re considering to open.
Talk with the owners and find out their pros and cons.
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Don’t be rushed to find the right location
If you’re dealing with the real estate agent, find one that’s willing to take the time to find you the best deal. If you feel you’re being pressured by them, my first instinct is to always walk away.
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Study the surroundings – Look for elements that could affect a site
For example:
- Is the area prone to flooding
- Where the winds come from?
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Consider other factors
For example:
- Heavy traffic or livestock farms nearby. (You have to be aware of the noise and potential smell).
Before committing to a site, visit it several different days and times so you’ll understand what your guests will experience.
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Make sure your design fits
Building an independent hotel, resort, inn or bed & breakfast in an industrial zone is probably not the best ways to attract families of vacationers.
You can spend weeks, months and even years researching this information or you can let me share with you faster ways, right after a word from our sponsors.
Before the break, I said I would share with you faster ways to research the information you need to operate a successful hospitality property.
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Is there an infrastructure in place?
- Do the roads to make your property easily accessible?
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- Is usable public transportation?
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- Are there things for your guests to do? Restaurants or attractions.
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“Details like this are extremely important”
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Your Target Market
After you check all the boxes and are happy with your location before you do any building or renovating you have to decide – who is your target market?
- Are they going to be vacationers or business travellers?
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- Young or old?
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- Wealthy or budget travellers?
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You should have a target market in mind and not try to be everything to everyone.
When you know your target market, you are going to have to determine their needs and this can be done by researching other properties targeting your market, trends and technology.
When designing your hotel, resort, inn or bed & breakfast, it will be well worth your while to hire an architect or designer who understands the hospitality industry.
Interview them away from your site, their office and ask to see work they’ve done. When you feel comfortable with your choice, then bring them to your site.
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Other consultants
Use the appropriate consultants as necessary;
For example:
- interior designer
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- structural
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- landscapers
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- electrical
etc.
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Benefit from their expertise but remember you’re in charge. Overseeing this kind of development can be very time consuming and if you’re unable to do it yourself, hire someone you trust to manage the project.
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“Create a budget and stick to it”
Do these make sense? Let me know, leave a comment.
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.Walk and visualize everything
You want to draw out every aspect of your property and even a better option would be to have a three-dimensional model built. You want to understand how all aspects of your property will work together before the first nail is hammered or concrete is poured.
I had mentioned you need to have a budget and stick to it but it’s also important to be flexible when necessary.
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Set a schedule and an end date
Make sure everyone involved agrees to and signs on to the schedule and completion dates, keeping in mind any outside factors that could influence this time frame.
For example:
holidays, legal requirements
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Frequently visit the site to make sure there are no surprises and as each operational area is finished, do walk around, looking at it as your guests would.
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When the building renovations are almost complete and you might be thinking…
“I can hardly wait to open the doors and invite the world in, everything is almost done.”
Not so fast!
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Your property might almost be ready but now you need an organizational strategy in place and the next episode, I am going to be looking at setting up your organizational strategy.
If you are interested in finding out more information about getting started, check out the Hospitality Property Organizational Structure” tutorial or eBooks, books and audiobooks on the subject. Links can be found on the top menu bar of KeystoneHospitalityDevelopment.com.
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In conclusion
Buying, building or renovating a property without any planning or foresight is a guaranteed way to start you off in a hole. You have to do your research and have all your ducks in a row before you’re ready to open your doors to the world.
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PS.
Did you hear about our new series “INNsider Tips” released every Thursday? These are short weekly videos that are designed to help you, hospitality property owners and managers grow your property. Make sure to check them out at KeystoneHospitalityDevelopment.com or on YouTube by searching INNsider Tips.
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