It lays out your goals, identifies obstacles, and provides in-depth plans for meeting your goals.
It is a living document that will evolve as your hotel grows and changes.
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.
Executive Summary The executive summary provides a clear overview of your entire business plan, so it is normally written last.
Investors and lenders use the first page to decide whether to read more, so lay out your most important information up front.
The hotel business is booming, but starting and growing a hotel can be quite complex.
As the industry continues to segment into inns, mom and pops, and major chains, it also faces immense pressure from guest houses, hostels, time share condos, and a plethora of rooms for rent in private homes.
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.