A well designed
business plan is essential to raise finance and maximise profit. But
creating a business plan that actually achieves those goals can seem a
tough.
Starting a Hotel Business
To start a new hotel business a business plan need to before you start
your business. This will enable you to know exactly everything you need
to do in order to hit your profit objectives including: targeting
specific customer groups, product pricing, all your costs, sales
forecasts and marketing. Get the knowledge you have down on paper and
you'll be able to see what it takes to maximise your financial results.
Bank Finance for Hotel Business
Every bank requires a business plan before they even entertain the idea
of lending finance. If you have a well designed business plan, you'll be
confident of your plans and financial projections and your bank manager
will be inspired by your business acumen. You're more likely to receive
funding if you prepare in advance.
Under Performing Hotel Business
If your hotel business is not performing to your high expectations then
re-planning your business objectives and plans will help improve your
results. This will highlight new customer and market opportunities and
provide renewed focus to generate additional profits. We've made this an
easy and straight forward task for you with our business plan package.
Experienced Hotel Business Owners
It doesn't matter how many years you have been in business, once you've
gone through this Hotel Business Plan and learned how to improve
customer targeting, you'll be able to improve your profits and build
your business even further.
Some of the common mistakes business owners make when completing
their business plans
Incomplete financials
This is perhaps the most important section of any business plan. Lenders
want to know when they will have their loans repaid and assess the risk.
You need to produce financial statements that accountants will endorse
without question.
Over ambitious projections
Everyone thinks their business will grow exponentially in the first 12
months but in reality this is rarely the case. Your business plan must
show a realistic path to profitability that proves your actual revenues
and profits are comparable with your written plan.
Leaving something out
Every business plan follows a certain structure. Lenders and
professional readers generally look for 3 or 4 aspects of your plan. You
need to ensure you have these elements correctly written in the right
area of your business plan.
Incorrect format
Your readers do not expect a 100 page novel nor a 1 page overview.
Getting this fundamental area wrong will show your readers just how
inexperienced you are.
Poor understanding of marketing
Communicating your products to your prospects is a critical success
factor for every business owner. You need to show you understand your
target customers, what their needs are, why they will buy from you and
how you will communicate with them.
An inability to sell your plan
Having an accountant prepare your plan may save you a headache, but it
is you who needs to explain to your lender or investors every question
they have about your plan. You need to understand everything that is
written in your plan.
Hotel Business can be
started in the following manner according to the size and volume of
business and capital investment.
A Proprietorship can be started by single person with the following facilities:
Office
Rented or own Hotel
Staff
Facilities
Opening of Bank Account
In India, Bank Account of a Proprietorship can be opened by giving the following documents:
But in other countries, documentation procedure will be different according to the law of land.
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A Partnership can be made by two or more persons by creating partnership deed.
Registration of Partnership Deed
In India, it is not compulsory to Register a Partnership deed. But an un registered partnership have some disadvantages in the eye of law. So it is better to register the deed with the Registrar. A Registered partnership firm has all the right to sue in a court of law in India. But in other countries there may be differences in rule.
Office
Rented or own Hotel
Staff
Facilities
Opening of Bank Account
In India, Bank Account of a Partnership firm can be opened by giving the following documents:
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Different modes of advertisement like news paper, internet, pamphlet, hoardings etc can be used according to the budget.
A Private Limited Company can be registered by minimum of 2 person and maximum of 50 persons. There are many advantages of registering a private limited company. A Private Limited company can be registered with limited liability, which will protect the personal asset of the business man in case of failure of business.
Registration of Private Limited Company
In India, it is compulsory to Register a Private Limited Company. It can be registered with the help of a Practicing Company Secretary, Advocate or A Chartered Accountant. Facilities required for Business are:
Office
Rented or own Hotel
Staff
Facilities
Opening of Bank Account
In India, Bank Account of a Partnership firm can be opened by giving the following documents:
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Different modes of advertisement like news paper, internet, pamphlet, hoardings etc can be used according to the budget.
A Limited Company can be registered by minimum of 7 person and there is no maximum limit of members. There are many advantages of registering a Limited company. A Limited company can be registered with Limited liability, which will protect the personal asset of the members in case of failure of business.
Registration of Limited Company
In India, it is compulsory to Register a Limited Company. It can be registered with the help of a Practicing Company Secretary, Advocate or A Chartered Accountant. Facilities required for Business are:
Office
Rented or own Hotel
Staff
Facilities
Opening of Bank Account
In India, Bank Account of a Partnership firm can be opened by giving the following documents:
Advertisement
Different modes of advertisement like news paper, internet, pamphlet, hoardings etc can be used according to the budget.