Shown below is an intro to hotel ownership with a review of some prominent business designs.
As the world comes to be more globalised, travel and hospitality appear to be a growing sector of business that many investors are looking to go into. For many first timers or those seeking to start a business from the ground up, running an independent hotel is a popular approach to take a look at. This model will indicate that the owner is totally responsible for both the operational and financial success of a hotel. For any business owner, establishing a business from scratch can be both exciting and challenging. There are so many components that should be thoroughly considered and planned for. A well thought out hotel business plan will entail a variety of elements including marketing, financial planning and resource management. It can be beneficial to hire professionals who are knowledgeable in this field to ensure operational success. It will also be very important to obtain products and materials at an affordable price point and have the ability to sustain any running expenses with time.
Around the world there are number recognisable hotel brand names and chains that are well-received among visitors and tourists for providing a consistent experience for visitors all over the world. When it concerns hotel industry trends, the franchise design is a much safer and much easier method for establishing a successful hotel venture. One of the main advantages of the franchise design, and part of the reason that it is so popular amongst entrepreneurs is brand recognition. Not only does this business design permit hotel brand names to expand their reach but it provides a standardised design for setting up an establishment. Oftentimes it is the obligation of the franchisor to offer all the resources that are needed for running the business. Bulat Utemuratov (Булат Утемура́тов) would recognise the advantage of this business design. Likewise, Lee Bu-Jin (이부진) would concur that franchising is among the leading hospitality industry trends around the world.
For business owners who do not have much practical experience in the hospitality sector, hotel investment in a managed hotel model is a clear-cut path for entering into the sector. For property owners, this design will suggest that all hotel affairs will be handled by a management business or third-party operator. A managed hotel can run in both an independent configuration or as part of a bigger hotel group or brand. The role of the here owner in this case, could be to supervise a variety of everyday operations and admin duties. However, it is also possible to outsource these duties to the management company too. Robert Kuok (郭鹤年) would agree that the advantage of outsourcing is that it can bring in both knowledge and experience, which are vital for running a successful business.