| Just like any other business, hotel owners and | | | | hotel industry too. |
| operators want to know how to maximize profits on | | | | Any business is laid out on some common principles |
| their investments. It can take several years to realize | | | | of operation that are specific to every industry. Hotel |
| the business is making a profit or a loss. There are | | | | business is no exception to that. Like every other |
| several things all hotel operators must know in | | | | business, this business also needs some investment |
| succeeding their million dollar investment. To start off, | | | | of money, time, and efforts. If these raw materials |
| ask yourself these questions: | | | | are utilized in the right combination, the product will |
| 1. What is your location? | | | | turn out how you want it to be. |
| 2. Who are your customers? | | | | Here is the basic mantra of making money in hotels: |
| 3. Are your Room rates reasonable to the amenities | | | | "Your Hotel property Must offer value to the price |
| your guest receive ? | | | | paid by Your Guests" |
| 4. Are you offering what your guests are expecting | | | | In hotel industry, a customer is called as a Guest out |
| from your hotel at the price they are paying? | | | | of respect and courtesy. You might think, what is so |
| 5. What are your competitors offering for the same | | | | special about this so called mantra of making money |
| price? | | | | in hotels. I know that everybody kind of understands |
| 6. How is your marketing strategy working for you? | | | | it easily but it is exactly the opposite when it comes |
| 7. Do you have competent staff in place? | | | | to monetizing from it. When I say value,find out |
| 8. What is your customer policy? | | | | what type of customers are visiting your area and |
| 9. Will your customers return again? | | | | why should they come to your door and not go to |
| 10. Do you have a system to track all of the above | | | | your competitor. Find out what others are offering in |
| and act on it? | | | | the same price range around 30 miles of radius and |
| Hotel business can be tricky, just like any other | | | | match your amenities against them.It is also |
| business. There are some hoteliers who are making a | | | | important to properly evaluate the value you are |
| lot of money right now whereas there are some | | | | offering against the value your Guests are receiving. |
| who are finding it hard to pay their mortgage, | | | | Ex. for $49.99/night rate,a free breakfast may be |
| especially the tough economic situation right now. If | | | | offered to almost all hotels nowadays but the quality |
| you are one of those hotel owners/operators who | | | | of breakfast items can be judged by the guest and |
| are trying to be successful in the hospitality industry, | | | | their friends and relatives over the years. You are |
| then keep reading as I will show you that if you try | | | | right, word of mouth goes a long way in hospitality |
| to implement some of my tips in your daily | | | | industry. |
| operations, you will be successful in making money in | | | | |