If you dream of running a hospitality business on your own, plenty of opportunities await you in Queensland. Many businesses benefit from seasonal sales, and government expects inbound tourism to grow. Getting a good handle on these opportunities, though, requires careful planning so you avoid the pitfalls of starting a business.
Consider the following steps:
1. Define your market.
Know your market and you will be off to a good start. Do you want your establishment to appeal to backpackers or business travellers? What demographics frequent the location of your hotel or motel?
Arrange a market study first before you invest in a specific property for your business. Find out the interests, preferences, income levels and needs of your target customers, and you will have an easier time getting them to patronise your establishment.
2. Determine your capital — and seek out funding.
Get professional advice from an accountant of finance expert to determine exactly how much money you need to start a motel or hotel business in Queensland. Financial experts can also help source funding for your capital.
Whether you need money to pay for a lease on a motel or to buy a hotel, funding options ensure you’ll have enough to start and manage the business. A good business plan can persuade suitable investors so have one at the ready.
3. Pick the right property and be consistent with maintenance.
The type of property you choose will depend on your target market. If you want to appeal to backpackers, you’ll need a property that’s charming, laidback and unique. If you want to target business travellers, you’ll need a property that meets everything a travelling salesman or executive will need, from proximity to the CBD to meeting spaces.
Once you’ve picked the right property, make sure to implement an effective maintenance plan. Consistency in services and good amenities will convince travellers to return to your motel or hotel, time and time again.
The key to successfully launching a new business is in making excellent choices and decisions from the start. This approach will help you avoid the pitfalls of business, and allow you to maximise opportunities from the hospitality industry.