Entrepreneurs who write formal business plans are 16% more likely to achieve viability. With 23.2% of businesses failing within the first year, improving your chances of success — by any percentage — just makes good business sense.
There are many important components of a hotel business plan — and many ways that technology gives your property a competitive edge. Let’s start off by exploring why you need a hotel business plan.
Why You Need a Hotel Business Plan
A business plan isn't just for attracting investors (though it's great for that, too). It outlines every aspect of your hotel's development and operation, increasing the likelihood of a successful launch and long-term profitability.
Writing a hotel business plan provides the following benefits:
Clarifies your vision
Sets concrete goals
Spots potential pitfalls before they become problems
Helps you make smart decisions about everything from staffing to technology
Aids in securing funding and partnerships to fuel your growth
7 Key Components of Your Hotel Business Plan
Ready to get your thoughts down on paper? Here’s what a business plan for starting a hotel should include.
1. Market Analysis and Competitive Landscape
Knowing your market will help you make better business decisions. This includes what amenities to offer, what software to invest in and even how to promote your property.
Here’s what a market analysis includes:
Researching your target audience: Identify your ideal guests (business travelers, families, luxury seekers, etc.). Focus groups and interviews can help you learn more about your ideal guests and use that data to inform your business plan.
Performing competitor analysis: Assess other hotels in the area to determine how you can differentiate yours. See which of your competitors have engaging marketing materials, high Google Maps rankings and a strong online presence to determine what might work for your own property.
Identifying industry trends: Research factors that are shaping the hotel industry (such as sustainability, bleisure (business and leisure travel) and modern, tech-centric guest experiences).
2. Your Hotel's Unique Value Proposition
Your unique value proposition (UVP) is the heart of your hotel’s identity. Essentially, it’s what will make guests choose your hotel over competitors.
Maybe your hotel is just steps away from local landmarks, culinary hotspots and public transportation. Or perhaps you’ll have the latest tech, like digital hotel keys, chatbots and virtual reality room tours.
Whatever you decide, your UVP should reflect the value guests will derive from your hotel. Whether your collateral highlights sustainability efforts, luxury offerings or something else unique, here's how to make a compelling UVP:
Keep it concise: Your UVP should be easily understood at a glance. Include a headline and only the essential supporting info in a brief explanation or bullet points.
Make it memorable: Your UVP needs to stick in potential guests' (and investors’) minds.
Communicate your hotel's value: Clearly articulate the benefits of choosing your hotel.
Focus on differentiation: Highlight what sets you apart from other options.
To make sure your business strategy is aligned, reference your value proposition regularly and include an actionable strategy of how you’ll make it come to life.
3. Financial Planning and Budgeting
Financial projections help you understand if your business plan is realistic. But they also map out how much financing you’ll need and improve your chances of securing funding.
Your hotel business's financial plan should include:
Startup costs: This includes everything from property acquisition and technology investments to furnishings and opening expenses.
Projected revenue: Break it down by room type, F&B and other revenue streams.
Operating expenses: This includes staff costs, utilities, marketing budget and tech investments. Highlight the investments that will save your hotel money and improve staff productivity, like contactless check-in and checkout technologies.
Break-even analysis: Include a projection of when your property will start turning a profit.
Cash flow projections: Add a detailed prediction of month-by-month cash flow for the first year, then quarterly for years two through five.
Pro tip: Learn how to create a budget for a hotel business plan, what types of tech to invest in and how to calculate ROI by reading our Hotel Tech Budgeting Playbook.
4. Marketing and Sales Strategies
How will you get heads in beds? Outline the following in your business plan:
Brand positioning: Explain how you want your hotel to be perceived in the market, from pricing to innovation.
Target markets: Using the market research you conducted in step one, detail your ideal customer segments and how your UVP will attract them.
Marketing channels: Refer to the competitive intelligence you gathered. Look at the most effective marketing channels for your closest hotel rivals and consider which ones will be right for your marketing strategy.
Sales strategies: How will you handle different seasons and segments? Include this information in the marketing portion of your business plan.
Pro tip: Plan for profitability — and wow investors — by including strategies to invest in hotel management software in your business plan. For example, automating upselling with Canary Technologies increases your ancillary revenue by up to 250%.
5. Operational Plan and Management Structure
Your business plan should also include high-level details of your hotel’s day-to-day operations. There’s no need to get too in-depth, but a few things to include are:
Staffing structure: Create an org chart that features key roles.
Standard operating procedures: Explain your plan for check-in/out, housekeeping, F&B and more.
Technology: Outline vital tech investments like PMS, CRM, revenue management software, smart room features and guest engagement tools like loyalty programs.
Vendor relationships: Include important suppliers and service providers.
Pro tip: Consider how AI can streamline your operations. Tools like Canary AI can handle guest inquiries 24/7, freeing up your staff for more high-value tasks. This leads to faster response times and higher guest satisfaction.
6. Sustainability
Detailing how your hotel will reduce its environmental impact can impress investors — and attract more guests. Eighty percent of people say traveling more sustainably is important to them, so becoming a green hotel can be a great selling point to highlight in your business plan and beyond.
Some possible initiatives include digital guest management solutions that completely eliminate paper forms and folios. Digital key access gets rid of plastic keys and is another easy way to significantly increase your hotel’s sustainability.
A few things to highlight in your sustainability plans include your plans for implementing the following:
Energy-efficient systems (smart thermostats, LED lighting)
Did you know? A 250-room hotel could save $36,500 per year and eliminate 73,000 plastic keys by investing in contactless check-in/out technologies. Learn more in our Ultimate Guide to Sustainability in Hospitality.
7. Plan for Future Growth
It’s easy to get bogged down in the day-to-day details of your business plan. But it’s essential to keep your eye on the big picture.
Expansion opportunities: Where will you go from here? Add details like plans for additional properties or new markets to your business plan.
New revenue streams: Think beyond the typical revenue streams. Will you offer on-site coworking spaces, local cultural immersion experiences or anything else to grow your ancillary revenue?
Neue Technologien: Wie werden Sie der Zeit immer einen Schritt voraus sein? Zum Beispiel Mobiles Einchecken und digitale Zimmerschlüssel verschaffen Ihnen einen Wettbewerbsvorteil und sprechen technisch versierte Reisende an.
Machen Sie Technologie zum Star Ihres Geschäftsplans
Technologie sollte ein zentraler Bestandteil Ihrer Strategie sein. Schließlich verbessern die richtigen Technologieinvestitionen alles, von der betrieblichen Effizienz bis hin zur Gästezufriedenheit, dramatisch — und steigern die Einnahmequellen erheblich.
Ob es KI-Messaging oder mobile Check-In-Lösungen (oder beides) — ein technologieorientierter Ansatz ist unerlässlich, um auch nach dem Eröffnungstag Ihres Hotels wettbewerbsfähig zu bleiben.
Machen Sie Ihr Hotel zum Erfolg, indem Sie erfahren, wie Canary Technologies Ihren Geschäftsplan in ein erfolgreiches Hotel umsetzen kann. Vereinbaren Sie noch heute eine Demo.
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