Starting a hotel business is definitely a wise choice judging from the daily demand. Although many people have this misconception that hotel business is not lucrative and as thus, shouldn’t be done. The reality is actually the opposite cause a lot of entrepreneurs who started this business are already millionaires, living in financial freedom and luxury.
The only discouraging factor in starting a hotel business is because of how capital intensive it is, but with a determined mind, it can be done.
Every day in Nigeria, the demand for a hotel is rising. There are business men and women looking for a hotel to lodge for three or more days. There are also tourist, students on excursion, travelers, and lovers etc. who constantly patronize a hotel. When it comes being lucrative, hotel business is an epitome of that word.
How can you start a lucrative hotel business? In this article, I’m going to guide you on hoe this business can be started. If you do this business well, it will automatically land you into the rank of millionaires here in Nigeria or anywhere in the world. Let’s get to business.
HOW TO START A LUCRATIVE HOTEL BUSINESS
1. GET AN ASTONISHING SCENERY
I don’t know but, it’s like a culture in this part of the world for hotels to appear dirty and below class. Having a hotel is much more than having a room with a mattress for sex. Hotels are for relaxation, it should be a home far away from home. But it’s disheartening, most hotels I have come across are worse than a prison yard, filled with bed bugs.
To stand out in this hotel business, to really get it right from the beginning, please get an astonishing scenery. It could be close to a beach, a quiet and beautiful estate etc. find a perfect environment that have this magical effect to calm the human mind down. Get this done and you’ll see your hotel soar in success.
Also, make sure your hotel location will be easy to locate.
2. REGISTER YOUR BUSINESS NAME
Registering your business name should be the next step after a perfect location have been secured. When choosing a name for your hotel, make sure you brainstorm for names that rings as bell. Names that attract a lot, soothing to the ear. Names like Princes, Presidential Suits, The Crown, Kanville etc.
The name of your hotel need to sound classic and modern. The better it sounds, the more memorable the name is, the more chances you have of succeeding in this business.
3. FURNISH YOUR HOTEL
This will cost a hand and a led no doubt, but it worth it on the long run. First of all, make sure the rooms are spacious, it creates a lasting impression and depicts class also.
When furnishing your hotel, get a high quality bed and bed sheets. Put a television set in each room, coupled with air-condition. Make you hotel look classy despite the charges going to be low.NOTE: A business plan is needed to make any business feasible. Your business plan serves like a blueprint to success. Not having a plan is like planning to fail. It's like testing the depth of the waters with two feet. It's like walking through a dangerous street blindfolded. Don't make that mistake!Click To Tweet
4. HIRE THE RIGHT STAFF
In this hotel business, you need individuals how have a degree in hotel management, they are the ones that makes the business boom even in your absence. As an entrepreneur, you don’t need to be versed in hotel management, with time, you will be able to learn from your employees. Hire the right employees.
Below are the type of individuals that needs to be employed in your hotel business.
- LAUNDRY MEN
- ROOM SERVICE ATTENDANTS
- SUPERVISOR AND A
5. OFFER OTHER SERVICES
Apart from providing a roof over the head of your customers, you can make more money from them by offering more watering and irresistible services like different kinds of dishes, drinks, snacks, cakes, spa, gym, Wi-Fi, and entertainments like music, cinema, sports etc.
These services can contribute to over 60% of your total revenue if done well. Hotel is lucrative if such services are incorporated with good customer service. One of the problem hotel manager face is usually in the area of good service. By having adequate and professional staff, that problem will no doubt be tackled.
HOTEL BUSINESS SUCCESS TIPS
1. BUILD A BRAND
In hotel business, you have an awesome opportunity to build a lasting brand that rings a bell whenever it’s mentioned. It doesn’t happen overnight, it’s a journey of continuous effort.There are numerous ways to build a brand, a brand that sales. The first step is having a good logo and slogan. Slogans like, “A home far away from home”Click To Tweet
Also, brand your products too.
2. HAVE A WEBSITE
Having an online presence is a must do for any serious entrepreneur. Make sure the website is fast, mobile friendly and east to navigate. Make it possible for prospective customers to be able to book a hotel using their mobile phone. Having a payment gateway is also necessary for easy payment.
Also, make sure the map to the hotel, and helpful contact details are enlisted in the website. Your aim is making everything easy for your customers.
3. GOOD DIGITAL MARKETING
Almost everybody is on social media, it will be a wise choice to hire a digital marketer who utilizes these platforms to promote your hotel business through advert placement and the rest. Also, buying advert space on popular lifestyle and travel blogs is also good.
4. GOOD CUSTOMER SERVICE.
Nothing annoys a customer more when your staff treats them like trash. Whether the customer is rich or poor, they need to be treated with utmost respect. If your hotel is faulty is such aspect, get ready to be kicked out before you can even say Jack Robinson.
PROFIT POTENTIALS IN HOTEL BUSINESS IN NIGERIA
Let’s assume that you have 30 rooms and each room cost N4,000 each. That means, N4,000 X 30 = N120,000 par day. Multiply that in a month, and you’ll get N360,000. That is excluding other services like drinks, food, entertainment etc.
If this business is done well, you’ll be making more than N500,000 in a month.
Hotel business is a lucrative business, it’s a goldmine that few are into, reaping millions of naira on a daily basis. In fact, it’s among the top lucrative business ideas in Nigeria that you should consider doing. It spills money in millions.
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