Take a close look at the competition
With the popularity of internet reviews and marketing, it is easier than ever to see what is working, and what is not, for your closest competitors. This means you can save yourself a lot of time and money by not replicating their errors.
Experience
Starting a hospitality-based business can be difficult and is even harder when undertaken without sufficient experience. Working in the industry for a while before undertaking your own business is highly recommended. It also gives you the chance to make sure that providing hospitality is really what you want to do for a career.
Keep abreast of the latest trends
As a hospitality entrepreneur, it should be your prerogative to keep up with latest trends, interests, etc., in order to effectively market your hotel. Magazines and pure observation are only a few of the ways to stay up to date. Talk to a lot of people. Kemmons Wilson saw a need for comfortable and family friendly hotels during a family road trip. This led to the Holiday Inns that you see throughout America today.
Embrace social media
More people than ever are getting their news and information via online sources. You can connect with a wide variety of customers and potential customers with little cost. Following successful hoteliers, such as Stephen Wynn executive of Wynn Resorts, on Facebook and Twitter can help you keep on the inside track.
When you market your own hotel, you will want to be sure you have a Facebook page, a main web page, and a Twitter account. LinkedIn can help you meet talented potential employees and top industry leaders.
Do whatever you can to build your brand
It takes a lot of ambition to succeed as a hotel entrepreneur. Getting guests in your rooms is the number one priority. This might mean offering something special to entice guests to choose your hotel and/or restaurant rather than your competitors. Stephen Wynn’s Wynn Resorts is comprised of top Las Vegas hotels such as the Bellagio and Wynn Vegas. Wynn saw a unique opportunity to invest in Las Vegas before it became what it is today. He was passionate about providing the best experience for his guests. Success usually does not come overnight.
