A good business plan in any format of a written document that contains your business goals, the methodology on how the business goals will be attained, and the time frame within which the business goals need to be achieved. This can also be described as the nature of your business, background information of your organization, your organization’s financial projections, and the strategies you intend to implement the business plan to achieve the stated targets.
A business plan can be used by investors who are looking for how they can convey their vision. The plans may also be used by companies that are trying to attract key employees, the prospect for a new business, dealing with suppliers or simply to understand how to manage a company better. Basically, the business plan is entirely a document that can serve as a road map that will provide direction for a business.
Here are some points that can help
Vision: This concept is divided into two parts:
Mission: or a phrase that describes and affirms your project, explaining the positivity of your idea with a few words
Objective: What do you want to achieve? (e.g. annual turnover of x)
Here you can add information on the strengths of the project, which makes it unique and winning.
State of the industry: In this paragraph, it is important to give an overview of the state of health of the tourism industry relative to the territory in which you want to open.
Basic information is for example the geographic and demographic data of where we will operate, why they should choose your hotel.
How to write a business plan tempate for the hotel
Since it is important to thoroughly analyze your potential customer and present a clear image, you must go and insert all the characteristics of the segments that you think are “in the target”, explaining how we will be able to offer a service that meets their needs. Read also: auditors in Dubai
Ps: even if some things may seem repetitive, to write a correct business plan it is very important to affirm and reaffirm the key concepts of the project, which can make it successful in the eyes of investors and above all profitable for you once it has taken flight.
Since no market is virgin, it is essential to analyze the competitors that you will face, detailing their strengths, weaknesses as much as possible, as well as if certain technical parameters are available such as employment rate, average price and turnover.
Remember the deeper your knowledge, the more you will be able to move safely and confidently in facing the test of the market.
This phase is divided into several parts:
- Marketing Plan: How will you attract your customers? How will you position yourself in the market? How will you differentiate yourself from your competitors and what will be the message you will communicate to the public?
- What is your plan for online and offline communication?
- Sale: which agencies are you going to use and which technologies will you use to “distribute” your rooms on the market?
- Revenue management: Which techniques and which reference points will you use in your revenue strategy?
At this point you must describe how you will actually manage your hotel in your business plan, indicating the specifications of the staff you will have to hire, the necessary roles, your suppliers and the technological supports that you will use to organize the daily work of your structure.
Who is on the management team? Who will embark on this new adventure with you?
- In this fundamental point, we must insert all that is “numerical”: necessary investment, management costs, forecast revenues for at least 5 years.
- It is very important to include the fundamental technical KPIs in the sector: Repair,% of employment; average price.
- If we are looking for an investment or a loan, it is very necessary to indicate how much you need and how you will remunerate your lenders/investors.
The last step in order to write an effective business plan is to list the various steps that we will have to comply with in order to create our hotel, for example we think about:
- Choice of location, permits and licenses;
- Construction or renovation;
- Staff recruiting;
- Pre-opening communication;
- Breakeven point;
- EBITDA target.
Every time a step is reached, the risk to your lenders/investors (and you) will be lessened, and the odds of success will go up.
In the latter paragraph, you can enter all the relevant but not fundamental information that has not yet been mentioned. It is better to write a clear business plan in its structure and then add other parts at the end.
Being able to put your project on paper is fundamental, first of all, to clarify to yourself the scope and solidity of your idea, the chances of success and secondly to be able to attract the necessary support of stakeholders.