Boutique Hotel Business Plan – Economic Analysis
When starting a boutique hotel facility business, you just have to get your costing cum economic analysis right if your intention of building the business is to generate profits, grow the business and perhaps expand the business and start competing at the national level.
When conducting costing and economic analysis for your boutique hotel facility business, you have to critically examine these key factors; place, pricing, and promotion. As a matter of fact, you would have to continue to review these key factors at regular intervals while running your boutique hotel facility business.
It is important to note that acquiring a facility, construction and furnishing the facility, providing overhead and running cost are some of the most important factors contributing to the overall cost of running a boutique hotel facility business and should be considered as a major factor when carrying out your costing and economic analysis.
A Sample Boutique Hotel Business Plan SWOT Analysis
Our plan of opening our boutique hotel in Las Vegas – Nevada is to test run the business for a period of 3 to 5 years to know if we will invest more money, expand the business and then spread our tentacles all over Nevada and key cities in the united states.
We are quite aware that there are several boutique hotels, hotels and motels all over Las Vegas – Nevada and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be well equipped to confront our threats.
Safe Havens® Boutique Hotel employed the services of an expert HR and Business Analyst with bias in the hospitality industry to help us conduct a thorough SWOT analysis and to help us create a business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Safe Havens® Boutique Hotel;
Our location, the Business model we will be operating, comfortable and safe accommodations, variety of payment options, wide varieties of foods, drinks and desserts and our excellent customer service culture will definitely count as a strong strength for Safe Havens® Boutique Hotel. So also, we have a management team that has what it takes to grow a new business to profitability within record time.
A major weakness that may count against us is the fact that we are a new boutique hotel – business and we don’t have the financial capacity to compete with multi – million dollars’ boutique hotels, hotels and motels et al operating all across the United States of America.
We are open to loads of opportunities; 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’s headquarter as far as 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 boutique hotel facility is just about 20-minute drive from McCarran International Airport in Las Vegas, and few minutes’ drive from Mandalay Bay Event Center.
Just like any other business, one of the major threats that we are likely to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new boutique hotel and even chains of hotels in same location where ours is located.