What to Consider When Taking over a Hotel

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What to Consider When Taking over a Hotel

The travel and hospitality industry has suffered over the last 18 months. Now that we’re all free to explore the UK as we like, the staycation has become the holiday of choice for residents across Great Britain. 

Hoteliers, both new and established, were overjoyed at the surge of bookings earlier this year. 

If you have just bought a hotel or are dreaming of doing just that, there are some things to consider before setting up. 

We take a look at 10 things to consider when taking over a hotel of your own.

Local competition

Set your hotel apart from the crowd by making a solid assessment of the local competition. 

It is important that your hotel stands out and attracts guests for all the right reasons. 

Legal compliance

Insurance for hotels is vital for any budding hotelier. This is to cover your property as well as liability insurance for your staff and guests. 

Interior design

Hotel guests are increasingly looking for “Instagrammable” moments when it comes to their holiday accommodation. 

Consider these details when working on your hotel interior design. 

Marketing and branding

Reach your guests before they book somewhere else with clever marketing and unique branding for your hotel.

Employing an expert can help you get this right as consistency is key to making your hotel’s public identity memorable. 

Long-term strategy

Your hotel business plan should be forward-thinking and include a long-term strategy, taking the next 5, 10 and 20 years into consideration. 

Sensible forecasting

Don’t get carried away by how much you could earn if your hotel were to be full every night of the week. 

Instead, focus your efforts on sensible forecasting for each financial year. 

Efficient management

Your skills might not be in hotel management, so it is important that you employ efficient and experienced managers to help run your hotel. 

Stellar service 

Word of mouth recommendations are vital for any business, but you’ll only get them through delivering exceptional service time and time again. 

Added extras

Everyone loves a little something extra while they’re on holiday. 

Consider room service and breakfast service that wows your guests and keeps them coming back to your hotel. 

Reinvestment

You probably won’t make a profit on your hotel business for a couple of years as you’ll need to ensure that you reinvest your income to continually improve your hotel experience. 

Running a hotel is a dream for many people. Make sure your dream doesn’t become a nightmare by taking the right steps, strategies and precautions when running your hotel.