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If we are fully capitalized, we hope to be profitable by (MM/DD/YYYY)
Our Clientele
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Operations plan.
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We expect our monthly outlay of expenses to approximate to the following:
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Turn your dreams into reality with a comprehensive hotel business plan.
Studies show that entrepreneurs who finished their business plan were twice as likely to succeed in growing their business than those with no plan. A hotel business plan provides a detailed roadmap of what needs to be accomplished and why and gives potential investors insight into your business idea.
Included in this business plan are templates for:
What is hotel revenue management the beginner’s guide.
If you want to start a new hotel business or expand your existing hotel, you need an effective business plan.
The following hotel business plan template gives you the key elements to include in a solid business plan. In addition to this template, a solid plan will also include market research to help you better understand the hospitality industry trends, and how you plan to attract customers. It will also help you craft your mission statement, marketing plan and strong financial projections.
You can download our Hotel Business Plan Template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections of a comprehensive business plan for a hotel:
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Are you a hospitality industry professional looking to take your business to new heights? Look no further than ClickUp's Business Plan Template specifically designed for you!
Crafted with the unique needs of hotel owners, restaurant managers, and event planners in mind, this template will help you:
Don't waste time reinventing the wheel – use ClickUp's Business Plan Template and set yourself up for success today!
When it comes to the hospitality industry, having a solid business plan is essential for success. With ClickUp's Business Plan Template for Hospitality Industry Professionals, you can:
For hospitality industry professionals looking to create a comprehensive business plan, ClickUp offers the perfect solution with its Business Plan Template.
Here are the main elements of ClickUp's Business Plan Template for Hospitality Industry Professionals:
With ClickUp's Business Plan Template, hospitality industry professionals can create a comprehensive and professional business plan that sets them up for success in the competitive hospitality market.
Crafting a business plan for your hospitality industry venture can be a daunting task. But with the help of ClickUp's Business Plan Template and these six steps, you'll have a comprehensive plan to guide your success:
Start by clarifying your business's vision and mission. What do you want to achieve, and what values will guide your operations? Clearly articulating your purpose will help you stay focused as you build your plan.
Use a Doc in ClickUp to outline your vision and mission statements and share them with your team for feedback.
Understanding your target market is crucial for success in the hospitality industry. Who are your ideal customers? What are their needs, preferences, and demographics? Conduct thorough market research to gather insights that will inform your marketing and operational strategies.
Create custom fields in ClickUp to track key customer personas, market segments, and competitive analysis.
Outline the products and services you'll provide in the hospitality industry. Will you offer accommodation, dining, events, or a combination of these? Consider how you'll differentiate yourself from competitors and create a unique experience for your guests.
Use tasks in ClickUp to break down each offering and assign responsibilities to team members.
A solid marketing strategy is vital for attracting customers to your hospitality business. How will you reach and engage your target market? Will you leverage social media, partnerships, or traditional advertising channels? Outline your marketing tactics and set measurable goals to track your success.
Use the Calendar view in ClickUp to plan and schedule your marketing campaigns and track their performance.
To run a smooth operation, you need to define your processes, staffing requirements, and resources. How will you manage reservations, staffing, inventory, and customer service? Develop an operational plan that covers all aspects of your hospitality business.
Create tasks in ClickUp to outline your operational procedures and assign responsibilities to team members.
A crucial part of any business plan is the financial section. Define your revenue streams, pricing strategies, and cost projections. Determine your break-even point and set financial goals, such as revenue targets, profitability ratios, and return on investment.
Use the Gantt chart in ClickUp to create a timeline for your financial projections and track your progress over time.
By following these six steps and utilizing ClickUp's Business Plan Template, you'll have a comprehensive and actionable plan to drive the success of your hospitality industry business.
Hospitality industry professionals, such as hotel owners, restaurant managers, or event planners, can use the ClickUp Business Plan Template to create a comprehensive and organized business plan that will help them secure funding, attract investors, and guide their business operations.
First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.
Next, invite relevant members or guests to your Workspace to start collaborating.
Now you can take advantage of the full potential of this template to create a successful business plan:
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Bed and breakfast business plans.
Whether your business is a rustic retreat or a high-end bed and breakfast, these sample business plans for hotels, inns, resorts, and other lodging businesses will help you write a business plan that will guide you to business success.
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Home » Business ideas » Hospitality, Travel & Tourism » Hotel
Are you about to start a hotel and hospitality business? If YES, here is a complete sample hotel business plan template & feasibility report you can use for FREE .
Okay, so we have considered all the requirements for starting a hotel business . We also took it further by analyzing and drafting a sample hotel marketing plan template backed up by actionable guerrilla marketing ideas for hotel businesses.
So let’s proceed to the business planning section. All over the world, the hospitality business is being seen as a very serious trade and the reason for this cannot be farfetched.
The reason the hospitality business – especially the hotel business is being taken seriously is because of its relationship with the tourism industry. Starting a hotel business could eventually be one of the best things to attain for yourself. This is because of the lucrative nature and prosperity involved in this industry.
Every day foreigners, as well as local migrants and business people, travel from one point or the other and the option they are faced with is staying in hotels. It is pertinent to note that there are different categories of hotels, like 5-star, 4-star or even 3-star hotels.
One of the essential things that are unique to each category of the hotel is the facilities that make up each. Whatever type of hotel category you may have in view, there is always the most important step to take in making your business stand out, as well as succeed in the long run.
What can this be? Well, that is the hurdle of writing a business plan. You too have the wherewithal to do so, as a well put together business plan is available to you below.
1. industry overview.
The hospitality industry has been in existence from time immemorial and it is still waxing strong simply because people can’t do away with the services they offer. When you talk about a hotel, you are talking about an establishment that provides lodging for guests/travelers, tourists, visitors et al, on a short-term basis with a fee.
When people lodge in hotels, they have the option of subscribing to other services the hotel offers; services as feeding, drinks, laundry, fitness center, swimming pool, conference room, and business room, amongst others.
As a matter of fact, the facilities provided by some hotels may range from a basic bed and storage wardrobe to luxury features such as en-suite bathrooms, mini parlor et al. It is the norm for big hotels to provide additional guest facilities like a swimming pool, conference center, business center, childcare, self-service laundry, fitness center, and social function services.
In some countries, hotels are required by law to serve food and drinks to all their clients that are lodged in their facility while in some countries, you would have to choose the additional services you want from the hotel. The bottom line is the higher the amount you pay in hotels, the more the services you are entitled to.
Starting a hotel business is capital intensive and it is considered a long-term investment because it takes a while for the owners to break even and start making profits. No doubt it takes a big-time investor to consider starting his or her own hotel business, which is why loads of hotels are owned by groups of investors.
One good thing about the hotel business is that the business can grow so big that it will not only have an active presence in key cities in the country where it started from but in major cities on all the continents of the world. It is important to state that hotel operations vary in size, function, and cost which is why hotels are classified into different grades (two-star hotels, five-star hotels, seven-star hotels et al).
Sean and Sharon Hotel will be located in the heart of Las Vegas less than 20-minute drive from McCarran International Airport in Las Vegas, and a few minutes drive from Mandalay Bay Event Center. We are conveniently located in the world’s headquarters for casinos and games; a commercial center.
Sean & Sharon Hotel believes in the passionate pursuit of excellence and financial success with uncompromising services and integrity, which is why we have decided to venture into the hospitality industry by establishing our own hotel.
We are certain that our values will help us drive the business to enviable heights and also help us attract the number of clients that will make our hotel fully booked all through the year.
We are going to be a customer-centric hotel with a service culture that will be deeply rooted in the fabric of our organizational structure and indeed at all levels of the organization. With that, we know that we will be able to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele, partners, and all our employees as well.
Our hotel facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city where it is located. Sean & Sharon Hotel will provide a conducive spot for our customers to take a break from their various busy schedules, to a place where they can find comfort and luxury.
Sean and Sharon’s hotel will be equipped with a business center and a VIP lounge, as well as a Fitness room and self-service laundry which will be made available for resident guests at no extra cost.
We will also install free Wi-Fi that will enable our guests to surf the internet with their laptops in the hotel room free of charge, and there will be wireless access in all the public areas in the hotel; we will also provide mobile phones for a loan to business travelers for their convenience so as to enable them to stay in – touch with their family members, friends, and business partners.
No doubt our business class guest rooms will provide our customers with a warm and comfortable home away-from home experience, a large banquet venue, as well as Chinese and Intercontinental cuisine. We are set to give our esteemed guests an unforgettable experience whenever they patronize our hotel.
Sean and Sharon Hotel is owned by Sean Glacier, Sharon Glacier, and other investors whose names can’t be mentioned in this business plan for obvious reasons. The owners and board members of Sean and Sharon hotel are big-time investors in the hospitality industry.
Sharon Glacier has well over 20 years of experience in hotel management and she has a Master’s Degree in Hotel Management. She will be bringing her wealth of experience to the table to make Sean and Sharon Hotel the number one choice in Las Vegas.
Over and above we are building a hotel business that will be the cynosure of all eyes. One that competes favorably with other hotels that are in existence in Las Vegas. We plan to do this bearing in mind that it would take hard work, loads of financial commitment, as well as well-trained employees who can be indoctrinated in the quest for building a top-notch hotel in Las Vegas city.
Sean and Sharon Hotel is set to operate a standard hotel service in Las Vegas, Nevada. The point that we want to become a force to reckon with in the hospitality industry means that we will provide our guests with a fitness room, social room, self-service laundry room, and business center; for the purpose of business or leisure and more.
In all that we do, we will ensure that our guests leave with an unforgettable experience that will make them want to come back as well as recommend our hotel to their friends, family members, and business partners. These are the services and amenities that will be made available to our guests;
Our Business Structure
The success of any business is to a larger extent dependent on the business structure of the organization and the people who occupy the available role. Sean and Sharon Hotel will work with a business structure that will give room to employees to explore their creativity, give a sense of belonging, as well as grow through the corporate ladder of the organization.
We will work hard to ensure that we only recruit the right set of people with the right mindset to help us achieve our business goals and objectives in record time. We intend to build Sean and Sharon Hotel on this structure;
Human Resources and Administrative Manager
Facility/Maintenance Manager
Security Officers
Chief Executive Officer – CEO:
Hotel Manager:
Marketing Officer (2)
Bartender / Baristas (4):
Accountant/Cashier:
Front Desk Officer (2)
Cleaners/Washerman (6):
Sean and Sharon Hotel is fully aware that they are coming into an industry that can be highly competitive which is why they have decided to pay attention to the SWOT analysis for the organization.
We know that once we are able to identify our strengths, our weaknesses, our threats, and the opportunities that are available to us, we will be able to come up with good business strategies that will help us achieve all our business goals and objectives.
We know too well that one of the ways to build a successful business in the long run is the ability to glean some lessons from the weak points we have found ourselves in and convert them into an area of strength. In a case where there is little or nothing that can be done, we may also work so hard so that our areas of strength blossoms more, so that are weak area is very less visible.
Here is a of the result we got from the SWOT analysis that was conducted on behalf of Sean and Sharon Hotel Las Vegas, Nevada;
Our area of strength cannot be farfetched; the location of our hotel is perfect for such business, our management team has robust experience in the industry, our customer services are second to none in the whole of Las Vegas and our facility is top notch
Our perceived weakness could be that we are a new business, and we may not have the financial muscle to sustain the kind of publicity we want to give our business.
We are in one of the cities in the world that never goes to bed, plus the fact that Las Vegas is regarded as the world headquarters as far as the casino business is concerned.
It means that loads of tourists, business executives, and travelers would want to visit Las Vegas and we are well positioned to welcome them because our hotel facility is just about 20-minute drive from McCarran International Airport in Las Vegas, and a few minutes drive from Mandalay Bay Event Center.
One of the threats that are likely going to confront us is; unfavorable government policies, the downturn in the economy which is likely going to affect sales, and perhaps the emergence of new hotels (competitors) within the same location where our hotel is located.
The trend in the hospitality industry is such that there are peak periods and off-peak periods. Thus, hoteliers know this and have been able to make provisions to properly handle the change in season.
For example; during summer or during any major sporting event or business summit, most hotels in Las Vegas are almost fully booked. As a matter of fact, that is the period that some hotels make the money that will sustain the business for the rest of the year.
Be that as it may, some hotels are well positioned and they enjoy rich patronage all through the 12 calendar months of the year. Another trending feature in the hotel industry is that it is profitable to build your brand and then venture into the sale of franchises if you know you don’t have the capacity to manage various branches of your hotel.
Over and above, hoteliers are quite aware that they are in the industry not for quick returns on their investments, but to steadily build a brand that can become a global brand while growing their profits year in and year out.
Sean and Sharon conducted her feasibility studies and market survey and we were able to identify those who we expect will eventually become our loyal customers.
We do not intend to waste our time on activities that would yield us nothing, which is why we invested time to create a hotel marketing plan to help us do only the most needful things. These are the category of people that we intend to market our hotel to;
Our Competitive Advantage
The competitive edge of Sean and Sharon Hotel Las Vegas, Nevada is the excellent and customized service that we offer to all our guests irrespective of their status. We can boldly say that the location of our hotel is going to give us an edge over our competitors in Las Vegas.
We are in the middle of the happening city in Nevada. From the location of our hotel, you can connect to any part of the city with little or no stress.
Another significant competitive advantage that we are bringing to the industry is the robust experience of our management team. We have a team that has a combination of 40 years of experience in the hospitality industry in the united states and Canada. They are considered core professionals in their own right.
Sean and Sharon Hotel will generate income from the following service offerings;
It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available in the field. Below is the sales projection for Sean and Sharon Hotel, it is based on the location of our hotel and the services and products that we will be offering;
N.B -: This projection is done based on what is obtainable in the industry and with the assumption that there wouldn’t be any unfavorable government policy.
We will adopt the following means to attract the kind of people that we want in our hotel per – the time: The model of the bar we intend to run is a neighborhood type of bar, hence, we are not going to rely only on the conventional ways of marketing.
We don’t have the plans to run paid adverts on Local TV stations, local radio stations, or even local newspapers but we will sure maximize every other available means to promote our business.
Our unique selling proposition is that we have a collection of almost all brands of beers produced in America in our bar, we have assorted drinks and tobaccos et al. In view of that, we are going to adopt the following strategies to ensure that we do not only attract customers but generate repeated sales from them; Parts of the marketing and sales strategies that we will adopt are;
Sean and Sharon Hotel is in the hospitality business to make a profit and we can only make a profit if we steadily increase our customer base. No doubt, in order to remain relevant in the hospitality industry as a hotelier in Las Vegas, you should be able to continue to create hype around your hotel brand and that is exactly the publicity and advertising strategy that we will adopt.
We will ensure that we leverage all conventional and non – conventional publicity and advertising techniques to promote our hotel brand.
Although our hotel is located in Las Vegas, the scope of our market is global which is why we choose to make use of best practices as far as publicity and advertisement are concerned in the hotel business. Here are the platforms we intend leveraging on to promote and advertise Sean and Sharon Hotel, Las Vegas;
Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than our competitors are offering in Las Vegas.
Be that as it may, we have put plans in place to discount our products and services once in a while and also to reward our loyal customers.
Our payment policy is all-inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our pubs;
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any difficulty.
These is the key areas where we will spend our start–up capital on;
We would need an estimate of $3.5M to successfully launch Sean and Sharon Hotel in Las Vegas, Nevada.
Generating Funding/Startup Capital for Our Hotel
Sean and Sharon Hotel will be financed by Sean and Sharon Glaciers and their business partners. Part of the start–up capital will also be raised as a loan facility from the bank in the United States. These are the areas where we intend sourcing for funds for Sean and Sharon Hotel.
N.B: Please note that Sean and Sharon Glaciers want to retain the lion’s share of the business shares hence they both are investing a total of 1 million USD. They will also secure a mortgage to purchase the property for the hotel.
Part of the grand plan of sustaining Sean and Sharon’s hotel is to ensure that we provide the best training for our employees, put a succession plan in place, and will not relent in marketing and promoting our hotel brand.
From our findings, another factor that kills new businesses is financial leakages. In order to plug financial leakages, the management of Sean and Sharon Hotel will adopt the use of payment machines and accounting software to run the business.
In the bid to build a successful business, we will ensure that all our employees are comfortable and we will provide them with the best facilities and welfare package that will help them achieve peak performance in all their duties and in turn help the organization achieve its goals and business objectives.
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Hotels are one of the most lucrative businesses one can get into. They are especially profitable if the hotel business plan in question is located in a busy city or near a popular tourist destination. Being part of the hospitality industry, you will never run out of customers as long as your hotel is managed properly. To run your hotel plan profitability, you must have a proper business plan that will help you dance your worries away. We have various hotel business plan templates applicable for various related businesses and accommodations such as a startup mini hotel, guest house motel, 5 star resort lodge, 3 star spa, and boutique, etc. Keep scrolling!
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1. what is a hotel business plan, 2. what is the purpose of using a hotel business plan, 3. what should a hotel business plan include.
5. how do you write a hotel business plan.
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The ultimate guide on how to write a successful business plan for your hospitality venue. Includes tips and insights from real businesses!
At the start of any business venture, there needs to be a plan for how it will move forward. A business plan is necessary for you to determine whether the investment will be successful or not, and it serves as a road map for developing your hospitality business.
It helps you focus on the goals you set forth while establishing your business. If you are looking for investors, a business plan proves to them that you have done your homework and have a realistic idea of how to make your business successful.
It’s also one of the first steps to the growth. But what exactly should a business plan include? Here are some of the areas it needs to cover.
Pinpoint your business identity
There are several types of hospitality businesses out there, so establishing the identity of your business is really important. It also sets the scene and will help with your plan and goals moving forward.
Are you a popup food truck? A quick service restaurant? An upscale hotel? A cafe? A bar? All of these hospitality businesses are different and will all have different identities. Keep the concept simple, think about how you would introduce your business to a stranger and if they would understand it. Once you know this, building on the rest of your business plan becomes easier.
Know your vision and mission
Your business plan needs to contain the vision that you have for your hospitality venture. This will help with structuring your goals and business purpose, it's your big picture outcome. It's ok if this changes because at the start it can be challenging to predict what your business will look like ten years from now. In your vision statement, you need to hype your ambitions such as “Our vision is to run the best fine dining restaurant in Washington D.C.” The mission comes next, stating what you intend to do with your business, i.e., “Our mission is to offer excellent and reliable service to all our customers. We shall strive to always be ahead of our competitors by offering high-quality food and beverages while ensuring a high level of customer service and professionalism."
Here, you need to explain the business structure that you’ll use and why you chose this particular model. The success of the business largely depends on this. Get a specialist to advise you on which structure best suits your business .
There are various models, so it’s crucial to get this part right. An experienced adviser has seen numerous business structures and may offer a perspective that you didn't think of - it could set you apart from your competitors. You’ll also need to explain the positions in your business and the role that each plays. Some of the positions you should include are:
Depending on your business structure, some of these roles may not suit, so you’ll need to research which ones best work for your business.
You will need an accountant or business adviser to guide you through this step. It includes coming up with a financial plan and budget that will start the business, for example where you expect to raise funds from and the allocation to each sector of the company. It’s also important to know the number of employees that you’ll need and their salaries. Other key costs will include the property (is it new/existing? what are the lease costs?), equipment/tools, your suppliers, and utilities.
Writing a plan helps you to determine whether your hospitality business is financially viable . You will need to include projections of how much money you will make - this is crucial, especially if you’re showing it to potential investors. In the end, there should be a total figure of how much it will cost you to start and maintain the business.
Identify your services and amenities
The services and amenities that you provide will determine your clientele and customers. Their quality will justify the amount you charge the customers. All those that visit should experience exceptional customer service. If a customer has a memorable experience at your place, they will, in turn, recommend it to friends and family adding to the growth of the business. Depending on your hospitality business, here are some services and amenities to consider:
The price you set should be competitive and match your rivals. If you offer customized or premium services, identify firstly if it’s feasible as guests will pay more, and this will need to be justified. Setting your price points will require significant research from you, especially if the product or services you’re offering are uncommon for consumers. Offers and discounts to customers can also be used, so long as research is done prior to its effect on your profitability and finance plan. Overall, knowing your price points will help you not to overcharge or undercharge your clients and customers.
Once you’ve identified this, you’ll need to indicate the payment options acceptable in your venue. Some people prefer to pay cash, others via check, cards, mobile money transfer, or bank transfer. Your payment options should cater to all of them.
Who do you intend to target with your hospitality business? Whether it is for specific clients or the general public, your services need to be inclusive. You will need to conduct a feasibility study and some research to determine the type of customers best suited for your business.
Knowing your audience, for example, what they do for a living, and their age will help you in setting up a business that will appeal to them. The neighborhood and location will also play a significant role in the type of customers that you’ll attract. Space, human traffic, parking, and security also need to be considered when identifying your target audience and the location of your business.
Your marketing strategy will depend on your target audience. The type of strategies that you employ will be useful if they attract the right people. Here are some marketing strategies to consider:
Research the economic conditions of the area that you intend to start your hospitality venture in and the general industry. Identify what marketing strategies have historically been successful and resonate with your target audience. Know who your competitors are, get feedback from your customers and industry experts - all of this information will help in executing the right marketing strategy.
Your business plan will determine your success. The location, pricing, amenities, and services that you offer should be impeccable if you wish to create a community of loyal customers. A large part of this will entail the level of customer service that your clients experience. You will need to come up with a strategy that will put you above your competitors making your hospitality venue the go-to place for every person.
Learn more about business management and start your Typsy hospitality training now on Improving hospitality business operations with Eden Sunshine.
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A business plan is an essential document that provides the foundation for building your business. By outlining a clear roadmap of how your venue will take shape, operate and generate revenue, your business plan will provide a set of goals and objectives to keep you on track during the busy run-up to opening your business.
But what information should your business plan contain, and how should it be structured?
Let’s dive in.
Creating a business plan is a research-intense and time-consuming process, but it’s crucial to set yourself up for success.
While every business idea is different, there are six chapters that every business plan should contain ; these are:
Within each of these chapters, there are several sub-sections that will give a comprehensive overview of your ideas and how your business will operate.
In this article, we tick off all the sections that you should include in your business plan.
Your executive summary is the first and most important part of your business plan. This section should excite potential investors about your business idea and encourage them to read further.
The executive summary should provide a concise overview of your business idea. It needs to convey your passion and enthusiasm while also providing an overview of the upcoming content in your business plan. It’s essential to keep this section short and to the point and should be no longer than two pages in length.
Below are some examples for you to consider.
While your executive summary is the first part of your business plan, it should be the last thing you write. This will enable you to summarise the components that make up your business plan and highlight the key points to grab your reader’s attention.
The second chapter of your business plan is the company overview. This section should explain the basic elements of your business by introducing information about your venue’s concept, location, product offering, design features, company structure and service model.
Within this chapter, you should include four sub-sections.
Start by outlining your concept. You don’t need to go into too much detail; simply provide a short and snappy high-level overview of your idea.
Consider the following questions when crafting your concept statement:
In this section, you should share a sample menu that will be used in your venue and the accompanying pricing strategy. While this doesn’t have to be the final menu or pricing you’ll launch with, it should outline the types of products you’re going to sell.
If you’re planning to open a restaurant, for example, you will need to detail what cuisine you’re going to offer, along with a sample drinks menu. Your sample menu doesn’t have to cover everything, but it should paint a picture of your offering, e.g. a selection of starters, main courses, desserts and side dishes, as well as an overview of your alcohol selection, such as wines and cocktails.
Next, you need to address how you plan to set prices. Consider the following questions when outlining your pricing strategy:
The design and layout of your venue need careful consideration, and this section should outline how the design of your venue will complement your concept. It should also address how your layout will allow staff, customers, food and drink to move through your venue efficiently.
Use this section to answer the following questions:
This is the final sub-section of the company overview chapter and should include an outline of your company structure and the roles and responsibilities within your business.
No matter the size of your team, it’s essential to highlight the different roles and responsibilities you expect to have in your business to allocate a budget for their salaries.
The third chapter of your business plan will tackle your market analysis.
In this chapter, you’ll analyse the current market, including the hospitality industry, your target demographic, competitors and location analysis. It should also address your market position and how your new venue will bring something unique to your area or address an unmet need.
Within this chapter, you should include five sub-sections.
It’s essential to conduct thorough market research before writing your business plan, and this section is where you’ll outline your key findings.
Here are some points to consider:
The Australian hospitality industry is highly competitive, so it’s important to understand who your venue will appeal to and how you will attract customers.
This section should be used to outline who your target customers are and what makes them tick. Researching all of this information in detail will enable you to craft targeted marketing materials and tailor your customer experience.
To get the ball rolling, start by answering the following questions.
Your competitive analysis should assess the current competitive market in your chosen location.
To start with, list all other hospitality venues in the area and note down each venue with a similar concept to yours. From there, you can narrow down who your direct competitors are likely to be.
To make it easier to directly compare your venue with your competitors, create a matrix table with your venue in one column and your competitors in separate columns. You can then add several rows to your matrix to quickly compare key points of difference between each venue and your own.
Some examples include:
Your location analysis should focus on the general area or suburb where you plan to open your venue.
This section should answer the following questions.
The final sub-section in the market analysis chapter will be your market positioning.
This section must highlight how your venue will differ from others in the area. Will you provide products currently lacking in the area, for example?
It’s also crucial for your market positioning to hammer home your adaptability, as this will emphasise your ability to innovate, grow and, ultimately, generate revenue.
Here are some examples to spark your imagination.
The fourth chapter of your business plan is all about marketing. This chapter will detail your marketing strategy and how you plan to communicate with your customers.
This chapter will contain three sub-sections.
Use this section to outline what marketing channels your target demographic will likely consume and how you will use each channel to communicate with your customers.
Select the most relevant channels for your target market from the list below:
If you’re going to offer a loyalty program, this section should outline the specific details of your loyalty program, such as how customers will earn points and what rewards you’ll offer. If you don’t plan to offer a loyalty program, you can exclude this section from your business plan.
Consider the following questions to give a comprehensive overview of your loyalty program.
This will be the final sub-section of your marketing chapter and should outline the specific details for any offers or events you plan to run. Please exclude this section if you don’t intend to host events or have special offers.
To get started, it’s important to consider the following questions.
The fifth chapter in your business plan should cover operations and will address how your venue will operate day-to-day once you have opened your doors.
This chapter should include three sub-sections.
The staff and training section will outline how you handle training, staff scheduling, payroll and performance insights.
Use this section to address the following points:
In the wake of the pandemic, health and safety are critical for hospitality businesses. Therefore, it’s essential to outline how you’ll address health and safety procedures in your venue.
This section should cover the following:
This section will be the last in your operations chapter and should include a list of potential suppliers you’ll need to run your business efficiently.
We suggest creating a table in this section to analyse suppliers and their respective costs quickly.
To get started, research local suppliers in the following categories.
The final chapter in your business plan will outline your financial objectives for your first year and how you plan to grow the business.
This chapter will include four sub-sections.
Your investment plan is crucial if you’re using your business plan to pitch to investors; you can exclude this section if you don’t need to pitch for investment.
Use this section to explain the initial investment you require and what you plan to use the investment in your first year. This usually includes kitchen equipment, furniture, payroll, legal fees, marketing, etc.
Your projected profit and loss (P&L) statement is an integral part of your business plan as it highlights exactly how much cash is coming into your business versus what’s being spent. As this is only a projection, you’ll need to make several assumptions about your finances.
Download our free Profit and Loss Template to get started.
This section should explain how much revenue you will need to generate to break even once all of your overhead and operational costs are factored into the equation.
We recommend creating a couple of different break-even analyses to address different scenarios. For example, your payroll costs will vary each month, and seasonality can affect sales and operating costs.
This section will be the last in your financial analysis and growth chapter and conclude your business plan.
You should address how you will track the amount of cash your business has on hand at any given time. Your expected cash flow should (based on your expectations) highlight how your venue can support itself even during quiet periods without additional investments and support.
We have created three in-depth business plan templates for aspiring bar, cafe and restaurant owners. The easy-to-use templates help you outline your vision by detailing how your business will take shape and operate.
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Hospitality
Katie is a Senior Content Specialist at Lightspeed. She has a degree in Journalism and now specialises in writing insightful content for businesses in the hospitality and retail industries.
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Advancing social justice, promoting decent work ILO is a specialized agency of the United Nations
Youth entrepreneurs in Timor-Leste's hospitality and tourism sector have gained new skills to start and improve their businesses.
16 July 2024
BANGKOK, Thailand (ILO News) – Young entrepreneurs in Timor-Leste's hospitality and tourism sector have sharpened their entrepreneurial skills at a business plan competition.
The event was organized by the International Labour Organization (ILO), in partnership with the HOTL Association, Pro Ema and Fundacao Cicanda (STVJ) to support young aspiring and existing entrepreneurs gain practical knowledge and skills on entrepreneurship and business development. It also connected them with key actors in the entrepreneurial ecosystem, including investors, partners and business development service providers.
The 12 finalists of the business plan competition gave their pitches in front of judges and the audience. The finalists participated at the 3-day training by the ILO, STVJ and Pro Ema on 27-29 May 2024 to develop and refine their business plans, using selected modules of the Small Business Competitiveness (SBC) Programme. The SBC Programme provides guidance to enterprises and aspiring entrepreneurs in the hospitality and tourism sector.
The event featured a career talk by an entrepreneur who shared her entrepreneurial journey that saw her transform her passion for nutrition, health and food science into a sustainable business. Representatives from the BNCTL commercial bank provided participants with information on financing, Pro Ema on mentoring and training opportunities and HOTL Association on the benefits of its membership.
A participant said, “This business plan competition motivated me to keep learning and achieve my goals.”
A representative from HOTL Association said, “HOTL Association looks forward to continue working with the ILO to build a strong, sustainable and thriving hospitality and tourism sector in Timor-Leste.”
Over 60 participants joined the event, including representatives from the public and private sector, training institutions, and the Japanese Embassy in Timor-Leste.
The event is part of ILO's Building Youth Capacity and Network in Asia Pacific project funded by the Government of Japan. It aims to develop a network of development partners to equip young entrepreneurs with the skills needed to start their own businesses and become drivers of sustainable development. One of the project activities focuses on promoting employment and decent work opportunities for youth in the hospitality and tourism sector in Timor-Leste.
Equipping youth in tourism and hospitality sector with entrepreneurship skills in Timor-Leste
Enterprise development
Building Youth Capacity and Network in Asia Pacific
Business competition for hospitality and tourism sector in Timor-Leste
Press Release
Business Plan Competition Empowers Refugee, Host Communities in Ethiopia's Somali Region
Whether your industry faces challenges from geopolitical strife, fallout from a global pandemic or rising aggression in the cybersecurity space, the threat vector for modern enterprises is undeniably powerful. Disaster recovery strategies provide the framework for team members to get a business back up and running after an unplanned event.
Worldwide, the popularity of disaster recovery strategies is understandably increasing. Last year, companies spent USD 219 billion on cybersecurity and solutions alone, a 12% increase from 2022, according to a recent report by the International Data Corporation (IDC) (link resides outside ibm.com).
A disaster recovery strategy lays out how your businesses will respond to a number of unplanned incidents. Strong disaster recovery strategies consist of disaster recovery plans (DR plans), business continuity plans (BCPs) and incident response plans (IRPs). Together, these documents help ensure businesses are prepared to face a variety of threats including power outages, ransomware and malware attacks, natural disasters and many more.
Disaster recovery plans (DRPs) are detailed documents describing how companies will respond to different types of disasters. Typically, companies either build DRPs themselves or outsource their disaster recovery process to a third-party DRP vendor. Along with business continuity plans (BCPs) and incident response plans (IRPs), DRPs play a critical role in the effectiveness of disaster recovery strategy.
Like DRPs, BCPs and IRPs are both parts of a larger disaster recovery strategy that a business can rely on to help restore normal operations in the event of a disaster. BCPs typically take a broader look at threats and resolution options than DRPs, focusing on what a company needs to restore connectivity. IRPs are a type of DRP that focuses exclusively on cyberattacks and threats to IT systems. IRPs clearly outline an organization’s real-time emergency response from the moment a threat is detected through its mitigation and resolution.
Disasters can impact businesses in different ways, causing all kinds of complex problems. From an earthquake that affects physical infrastructure and worker safety to a cloud services outage that closes off access to sensitive data storage and customer services, having a sound disaster recovery strategy helps ensure businesses will recover quickly. Here are some of the greatest benefits of building a strong disaster recovery strategy:
The strongest disaster recovery strategies prepare businesses to face a wide variety of threats. A strong template for restoring normal operations can help build investor and customer confidence and increase the likelihood you will recover from whatever threats your business faces. Before we get into the actual components of disaster recovery strategies, let’s look at a few key terms.
Disaster recovery planning starts with a deep analysis of your most critical business processes—known as business impact analysis (BIA) and risk assessment (RA). While every business is different and will have unique requirements, there are several steps you can take regardless of your size or industry that will help ensure effective disaster recovery planning.
Business impact analysis (BIA) is a careful assessment of every threat your company faces, along with the possible outcomes. Strong BIA looks at how threats might impact daily operations, communication channels, worker safety and other critical parts of your business. Examples of a few factors to consider when conducting BIA include loss of revenue, length and cost of downtime, cost of reputational repair (public relations), loss of customer or investor confidence (short and long term), and any penalties you might face because of compliance violations caused by an interruption.
Threats vary greatly depending on your industry and the type of business you run. Conducting sound risk analysis (RA) is a critical step in crafting your strategy. You can assess each potential threat separately by considering two things——the likelihood it will occur and its potential impact on business operations. There are two widely used methods for this: qualitative and quantitative risk analysis. Qualitative risk analysis is based on perceived risk and quantitative analysis is performed using verifiable data.
Disaster recovery relies on having a complete picture of every asset your enterprise owns. This includes hardware, software, IT infrastructure, data and anything else that’s critical to your business operations. Here are three widely used labels for categorizing your assets:
Clearly assigning roles and responsibilities is arguably the most important part of a disaster recovery strategy. Without it, no one will know what to do in the event of a disaster. While actual roles and responsibilities vary greatly according to company size, industry and type of business, there are a few roles and responsibilities that every recovery strategy should contain:
To ensure your disaster recovery strategy is sound, you’ll need to practice it constantly and regularly update it according to any meaningful changes. For example, if your company acquires new assets after the formation of your DRP strategy, they will need to be folded into your plan to ensure they are protected going forward. Testing and refinement of your disaster recovery strategy can be broken down into three simple steps:
Modern enterprises rely more than ever on technology to serve their customers. Even minor outages can cause critical downtime and impact customer and investor confidence. The IBM FlashSystem Cyber Recovery Guarantee is designed for anyone who purchases a new FlashSystem Array with IBM Storage expert care and IBM Storage Insights Pro.
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Steps of your Hotel Business Plan. Let's dive into the step-by-step checklist of what your hotel business plan should look like. Infographic by Xotels. 1. Executive Summary. This first part should consist of two main parts, being: Mission Statement (Introduction): a 1 line company description only the essence of your hotel (not 2 lines or a ...
Sample Hotel Business Plan Template. Below is a template to help you create each of the key elements of your own hotel business plan: Executive Summary ... All guests of Hotel Ella are treated to warm southern hospitality and superior personalized service during their stay. The historic property is appointed with a variety of elegant 21st ...
Reference your plan as you build and grow your business, and remember that it's ok if things change. 8. Illustrate your passion. Communicate why you want to be a part of the hospitality industry. Passion is contagious and gives investors more confidence that you will work hard to achieve your dreams.
While writing a comprehensive business plan, you should include the following 10 key components in your hotel business plan: 1. Executive Summary. An executive summary is the first and foremost section of a hotel business plan, providing a high-level overview of your entire business strategy. Generally, it would be written at the end once all ...
Hotel Business Plan Guide + Sample Plan. July 6, 2023. Adam Hoeksema. The hospitality industry offers immense potential, while some might believe that operating a hotel is straightforward, involving only accommodations and foot traffic, careful planning and meticulous execution are essential for achieving success, hence a well-structured ...
A good business plan for a hotel must reflect the unique aspects of the hospitality industry. To start, it is crucial to provide a comprehensive overview of the hotel market. This includes current statistics and identifying emerging trends within the industry, as illustrated in our hotel business plan template .
The executive summary of a hotel business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan. Start with a one-line description of your hotel company. Provide a short summary of the key points in each section of your business ...
Growthink's hotel business plan template and step-by-step instructions allow you to quickly and easily create a business plan for a hotel. ... Industry Analysis - The Industry Analysis should include information on the size of the hospitality industry, trends, ... 100 Sample Business Plans. Business Plan Consulting Services. Bar Business ...
A hotel business plan is a document that describes how a specific hotel expects to earn and how much will it cost to get it up and running. Writing it is a good way for an aspiring hotelier to understand the risks involved. It can also be used to get investors and partners on board, as a well-written business plan shows the hotel's potential.
A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A hotel business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document. The hotel business plan sample below ...
A hotel business plan is a formal document that provides a detailed roadmap for a hotel project, outlining everything from its goals and target market to the products and services it will offer, marketing strategies, and financial projections. Hotel business plans are important tools for starting a new hotel business because they establish ...
A hotel business plan provides a detailed roadmap of what needs to be accomplished and why and gives potential investors insight into your business idea. Included in this business plan are templates for: And more! Turn your dreams into reality with a comprehensive hotel business plan template. Includes 10 sections from objectives to financials.
Our boutique hotel business plan is structured to cover all essential aspects needed for a comprehensive strategy. It outlines the hotel's operations, marketing strategy, market environment, competitors, management team, and financial forecasts. Executive Summary: Provides a snapshot of your Boutique Hotel's business concept, including ...
In addition to this template, a solid plan will also include market research to help you better understand the hospitality industry trends, and how you plan to attract customers. It will also help you craft your mission statement, marketing plan and strong financial projections. ... Sample Business Plan For a Boutique Hotel.
This guide provides in-depth knowledge about creating a hotel business plan with step by step instructions, templates and more.
Sample from Growthink's Ultimate Hotel Business Plan Template: The Marketing Plan describes the type of brand [Company Name] seeks to create and the Company's planned promotions and pricing strategies. The [Company Name] Brand. The [Company Name] brand will focus on the Company's unique value proposition: • Offering business-class rooms ...
With ClickUp's Business Plan Template for Hospitality Industry Professionals, you can: Clearly define your business goals and strategies to stay focused and on track. Create a comprehensive financial forecast that's attractive to potential investors. Guide your day-to-day operations by outlining key processes and procedures.
Emergency Shelters Business Plan. Whether your business is a rustic retreat or a high-end bed and breakfast, these sample business plans for hotels, inns, resorts, and other lodging businesses will help you write a business plan that will guide you to business success. Explore our library of Hotel & Lodging Business Plan Templates and find ...
The Total Fee for Registering the Business in Las Vegas, Nevada: $750. Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580. Cost for hiring Consultant - $5,000. Insurance (general liability, workers' compensation, and property casualty) coverage at a total premium - $30,800.
15+ Hotel Business Plan Samples - PDF, Word. Hotels are one of the most lucrative businesses one can get into. They are especially profitable if the hotel business plan in question is located in a busy city or near a popular tourist destination. Being part of the hospitality industry, you will never run out of customers as long as your hotel is managed properly.
Writing a plan helps you to determine whether your hospitality business is financially viable. You will need to include projections of how much money you will make - this is crucial, especially if you're showing it to potential investors. In the end, there should be a total figure of how much it will cost you to start and maintain. the business.
This template includes a complete hotel business plan example, with a financial forecast and the following sections: Executive summary: the executive summary gives the reader a clear and concise overview of your business idea. Company: this section lays out the structure of your business, including its location, management team and legal form.
1. Executive summary. Your executive summary is the first and most important part of your business plan. This section should excite potential investors about your business idea and encourage them to read further. The executive summary should provide a concise overview of your business idea.
The 12 finalists of the business plan competition gave their pitches in front of judges and the audience. The finalists participated at the 3-day training by the ILO, STVJ and Pro Ema on 27-29 May 2024 to develop and refine their business plans, using selected modules of the Small Business Competitiveness (SBC) Programme.
A financial plan is not something you set and forget. Life events such as a job change, marriage, or the birth of a child mean you might need to adjust things, as will changes in the market or economic conditions. You'll want to regularly review your five-year financial plan to ensure it remains relevant.
How a US bank modernized its mainframe applications with IBM Consulting and Microsoft Azure . 9 min read - As organizations strive to stay ahead of the curve in today's fast-paced digital landscape, mainframe application modernization has emerged as a critical component of any digital transformation strategy. In this blog, we'll discuss the example of a US bank which embarked on a journey to ...
US has injected $81 million in Senegal's hospitality industry as it backs a government plan to boost tourism's contribution in the economy. The US International Development Finance Corporation ...
A Raleigh company that is providing premium hospitality at the upcoming Paris Olympics has a major new client — the FIFA World Cup. FIFA, in an announcement Thursday out of Zurich, named On ...