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Looking to start a hotel? Four tips before you start

Of course, one guide isn’t going to magically make you the master of hospitality. You have to trust yourself, the process, and really be in it for the long haul.  But, if you are truly set on creating a hotel, you’re on the path to success. 

Maybe you've been dreaming of owning a hotel since you were young, or you see a need in your hometown and want to fill it. Either way, you're here because you want to learn how to start your own business. 

Of course, one guide isn't going to magically make you the master of hospitality. You have to trust yourself, the process, and really be in it for the long haul.  But, if you are truly set on creating a hotel, you're on the path to success. 

Read these tips, and then go and do more research. Keep reading until you feel as if you're confident enough to start a hotel. Then, once you've done that, get started. Don't wait or delay. The only one stopping you is yourself. 

Without further ado, let's get started on some tips you should know before you become a hotel owner in your state.

1. Choose your neighborhood wisely
The most crucial part of owning a hotel is making sure that you're in a neighborhood that will keep your business afloat. For example, look for property available in Miami's best area if you are looking to start a hospitality company there. You don't want to be in a tourist-friendly town like Miami but end up in a neighborhood with a negative reputation. 

Where you are located will determine how you can price night stays, what amenities you should offer, and how much you'll be spending to keep the hotel afloat. If you have time, you should stay in other guesthouses in the area and get a feel for the competition. 

2. Try to find an acquisition
No one is stopping you from building a hotel from the ground up. In fact, if you have the funds, time, and labor force, go for it. The perk of constructing your own building is that you get complete control from start to finish. 

For most people, starting from scratch is not realistic. Who has time to go out and get building permits, hire contractors, and sit with architects? Especially if you're going to be a small business owner, try to acquire a hotel building rather than constructing one. 

If you buy a structure already crafted for a hotel, you have half the work to do. The base is already set if you acquire the structure: all you need to worry about is maintenance and renovation. 

Plus, it's possible to inherit the permits and paperwork necessary for the hotel. 

3. Create partnerships
No small business can survive on its own; the competition is too fierce. If you want to build a long-lasting hotel that is successful, you'll need to make friends. Start in your immediate neighborhood and go from there. With restaurant owners, allow them to post flyers and coupons at your front desk. Reach out to companies to offer lodging deals if they need to accommodate employees. 

In the beginning, you'll need to do most of the leg work to make connections. But, once the snowball starts rolling, it just keeps going. 

4. Start small and work your way up
The grand plans are all laid out and you're ready to create the most marvelous hotel with a restaurant, bar, and spa the world has ever seen. Don't let go of that dream, but be realistic. Starting a hotel is a time-consuming business endeavor, and adding another idea might overwhelm you. 

Start with the hotel, get your bearings, and only launch the next project when you feel comfortable. 

Time to get to work
It'll be a long process, but never give up. The hotel of your dreams is possible with hard work and smart planning.

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