We invest to secure ourselves for a rainy day! When planning a business investment and especially in the hotel industry, the bottom line is that you need to do some good home work as it can be challenging but also very profitable. Whether you want to invest in accommodation, boutiques with extras like photo blinds, a comfortable bed-and-breakfast or a condo-hotel, you’ll want to spend some time researching and planning so as to outdo your competition. Here are some great steps provided by LGS boiler installations to help you make a decision when you buy a property in Spain.
After doing your research, the options can be very overwhelming, take time to weigh down your options and make a decision on the type of services you will want to offer, and then you can decide on the location depending on your choice. For instance, if you want to invest on a condo-hotel, it is advisable to target large cities and popular destination areas as they are frequently visited for business and leisure. This is also the time you need to decide whether you will major on room service only or you will include some additional amenities like a swimming pool, a conference hall, or a beauty spa and a fitness centre. The hotel business can be notoriously competitive and people will always want to get the best out of their spending, these amenities will make your room sell out.
After making your decision, a well-thought-out business plan is the vehicle you will need to get you there. A good business plan will not only help you plan better but will also help you prioritise and strategise so take your time and write a business plan. If you require an external source of funding, the investor or lender will also want to review your business plan before they invest with you. Apart from the obvious requirements like, market analysis, operating strategy, allocating resources, long-term goals and an appeal for financial investment, it should also include a summary of your competitors and how you plan to strategize to coincide or differ with them when it comes to amenities and delivery of services.
The next step after this is applying for permits and licenses. This may differ from one city to the next and also depending on the services you will be offering. For a food and beverage hotel you will need a permit to sell food and alcohol, you will also need additional licenses for amenities like swimming pool and a beauty spa. Liability insurance is also very crucial.
After securing a location for your hotel, check whether you will need to do a complete makeover on the place or do a few touches here and there. Consult an interior designer to assist in remodeling and furnishing if necessary. Check the lighting system, plumbing and cables to make sure they are in good working conditions.
Last but not all, sell your business. This can be done through advertisements with travel agencies, websites, national reservation systems or tour leaders. Take time to create your own attractive professional website, tell buyers what you have, what it’s worth and why they want it.