How To Run a Successful Hotel Business?
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How To Run a Successful Hotel Business?

  • Highlights

  • Stick to a budget and plan your offerings

  • Choose your location with care and have targets in place

  • Hire locals and experts to offer better services to guests

  • Market the hotel and use a specialised business loan

The Indian tourism sector is ready to grow at an annual average growth rate of 7% over the next 10 years. Several steps taken by the Indian government account for this rising figure, such as e-visas, promotion of Indian heritage sites, and celebration of Indian culture through various international channels. So, now is a good time for you to align yourself with this growth graph and expand your hotel business.

Here are 4 tips to help you run a successful hotel business.

Pick the right location and offerings

Check out the ‘most visited locations of India’ lists available on travel and business websites. Pen down the spots that are frequented around the year by tourists or professionals. If you have an existing location, you can consider moving to a more populous region to increase footfall, and thus boost your revenue. Running a successful enterprise is harder if you are located in a place that only gets you seasonal demand.

Once you have fixed the location, decide on the type and features of your hotel. For example, businessmen may require that you have good Wi-Fi connectivity and work consoles with computers and printers handy. international tourists may appreciate tour services and taxi services that you offer alongside accommodation. Planning these offerings will give you a fair idea of the budget you need for daily operations. Avail a specialised Business Loan for Service Enterprises to meet any deficits in finance.

5 Benefits of business loan from Bajaj Finserv

Take care of the licenses and recruitment

To run the hotel, you will need manpower and certifications. So, before proceeding further, apply for government licenses for food and beverages, and fire safety certificates. Next in line, hire staff for the front desk, concierge, and for all back-end activities, be it general management, accounting, marketing, housekeeping and kitchen management. You may appoint a few experienced senior candidates for these positions. For the rest of the staff, you can hire freshers who hold a basic hotel management degree. Depend on local people with good knowledge of the surrounding to offer superior service to your guests.

How To Get Small Business Finance From Bajaj Finserv

Documents needed for business loan

Business loans from Bajaj Finserv are designed specially to help growing businesses meet their financial requirements. Easy to apply for and hassle-free to avail, these loans come with several unique benefits that make them the ideal mode of business finance for small and medium sized enterprises, such as a Flexi loan facility that lets you borrow when you need, and prepay when you can. They require only a minimum of documentation to apply for, which you can view below.

Define a growth plan for your hotel

Draw a sales and profits forecast and brief your staff about the projections. Incentivise the process of achieving targets to spur them into action. You may also want to hire a consultant to give you an idea of best practices involved in running a hotel successfully. Staff with previous training can help train the freshers you hire, and improve their service. Start calculating the funds you need to expand your hotel to other locations and be proactive about growth.

Market your hotel strategically

Allocate a separate budget and dedicate a distinct marketing team to advertise your hotel through relevant channels. Have a digital marketing plan in place and list your hotel on popular websites like MakeMyTrip, Trivago, and Booking.com, etc. Encourage customers to review and rate their stay at your hotel by offering freebies and discounts. Offers during off-seasons or for kitty parties and event catering can also help you boost your revenue.
Additional Read: How to Expand Your Hotel Business To Another City

Become a part of the booming tourism and hospitality industry in India by following these tips.

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