The hospitality industry is a thriving field indeed. It takes hard work, strategy, and business savvy to build a lucrative business. However, it may appear to be a lot easier than it truly is. For example, you may notice the basic decorum of the rooms and the seemingly simple check in process. Without scratching the surface, your first impressions may lead you to believe that it wouldn’t take much to run a profitable hospitality business. Appearances make it look like an easily doable business. Nonetheless, if you’re seriously considering to enter the hospitality field, there are a number of things to consider before you take the leap.
Market research is truly the first step in determining if a career in the hospitality profession is right for you. Before you plan a business that is as location dependent as a motel, you must do your research. Market research is important for many reasons. However, there are a few reasons that stand out as important precursors to starting your own motel. Quite simply, market research helps you to understand the business, determine its viability, and identify any factors that could affect the success of your business. For example, something as seemingly simple as the location of your motel could have far-reaching effects on the success of your business. If you choose to start a motel on a street with other well-established motels, your profits could suffer. It’s a strong possibility that the clientele would choose the well-established motels over your new, up-and-coming one.
Legality and Liability
The business of providing temporary shelter for others is a serious one. You will need to protect yourself legally from unlimited civil liability claims. Unlimited civil liability claims are particularly related to the loss of guests property. You should display the Liability Act in your motel and adhere to the requirements of this act. Additionally, anything you decide to sell or make available to your guests is going to require some type of permit, license, and/or certification. If you want to sell food, you will need to have your establishment inspected to ensure that the space and everything in it follows code. Codes vary from place to place, and the specifics are unique to your location.
Market research will uncover enough information to determine if your original thoughts about where to start a motel are logical. It will also reveal how profitable starting your own motel would be in your particular venue. You’ll get a good idea of how much money it will take to get started, as well as particular services or offerings your motel should or could provide. Once the research is done and certain questions have been answered, if you still feel that the hospitality business is a good idea, you have a chance at making an educated attempt at starting your own motel. It will take hard work, and there will be competition. However, if you persevere, you have the opportunity to build clientele and establish yourself.
According to TRUEGRID (click here), a little bit of knowledge, liability protection, and strategic choices have the ability to put you in a position to start and grow your motel business over time. The hospitality profession is an ever-changing one. As long as you are willing to stay abreast with new trends, you will always be competitive.
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