Taking a look at the role of hotels as a lucrative segment in in the hospitality industry.
All over the world there are number recognisable hotel brands and chains that are popular among travellers and vacationers for providing a dependable experience for guests all over the globe. When it comes to hotel industry trends, the franchise design here is a much safer and easier approach for setting up an effective hotel venture. Among the main advantages of the franchise model, and part of the reason why it is so popular among business owners is brand name recognition. Not just does this business design enable hotel brand names to expand their reach but it provides a standardised model for setting up an establishment. In a lot of cases it is the duty of the franchisor to offer all the resources that are required for operating the business. Bulat Utemuratov (Булат Утемура́тов) would recognise the benefit of this business model. Likewise, Lee Bu-Jin (이부진) would concur that franchising is one of the leading hospitality industry trends around the world.
For entrepreneurs who do not have much experience in the hospitality industry, hotel investment in a managed hotel design is an easy path for entering into the sector. For property owners, this design will imply 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 larger hotel group or brand. The role of the owner in this case, could be to oversee a number of everyday operations and admin responsibilities. However, it is also possible to contract out these responsibilities to the management provider 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 crucial for running a successful business.
As the world becomes more globalised, travel and hospitality seem to be a growing segment of business that many investors are aiming to enter. 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 suggest that the owner is completely responsible for both the operational and financial success of a hotel. For any business owner, setting up a business from scratch can be both exciting and challenging. There are so many factors that must be carefully looked at and prepared for. A well thought out hotel business plan will involve a variety of aspects consisting of marketing, financial planning and resource management. It can be beneficial to hire professionals who are knowledgeable in this field to make sure functional success. It will also be necessary to get materials and products at an affordable cost point and be able to sustain any running expenses over time.