The hotel industry is on a perpetual rise, as the modern way of life and the increasingly favorable economic trends are opening the doors to worldwide travel – business and pleasure alike. This favorable climate creates an opportune environment for aspiring entrepreneurs looking to get into the hospitality game and create long-term success that will swiftly follow the rise of their hotel brand.
However, as with any new business venture, getting your hotel off the ground is no easy feat to accomplish. First off, you need to build a hotel that will truly resonate with the hearts and minds of your target demographic and accommodate every need of the 21st century traveler. Here is how to simplify a hotel construction process and get your business underway.
Thorough Financial Planning
Every successful construction project begins with a sound financial plan in place, detailing the amount of capital needed for the project. A financial plan is needed in order to be able to apply for a construction loan and to monitor the entire project from a financial standpoint as it progresses through its many stages.
What's more, a financial plan is sort of a contingency plan as well, as a comprehensive report will also take into account the unexpected expenses you are sure to run into at some point in the construction or even finalization phase. Remember that any delays in the opening of the hotel will put the financial plan in jeopardy and impact your estimated ROI.
Gather Your A Team
Building a hotel is a huge financial investment, and as such, there can be no room for error. Furthermore, this type of project will require an extensive and highly professional team, including a general contractor and an architect, an extensive construction crew, legal support, and much more. This is why you want to assemble your A-team from the start and develop a trusting relationship with them in order for the project to run smoothly.
It's not just about who bids the lowest price - sometimes it's better to make a greater investment in a team that will truly deliver on their promises, remain within the projected timetable, and understand your needs and desires on a deeper level. Remember, the contractor needs to provide you with a unique solution, so avoid cookie-cutter project plans.
Use the right tools to expedite the process
Plenty of manpower will be required to build something as complex and grand as a hotel that will be competitive in the modern market, but the workforce alone will not be enough to bring the construction plan to fruition. The use of adequate machinery is one of the most important aspects of a successful construction project, and it can significantly expedite the entire process.
Make sure the construction crew is equipped with the latest machinery, such as a contemporary concrete laser screed , in order to avoid human error and transform a meticulous design into reality. Keep in mind that laying a leveled foundation is one of the most important aspects that will define the rest of the project.
Staying on schedule no matter what
In reality, there is no telling what could go wrong along the way. From unfavorable climate conditions to an unmotivated construction crew, defining a realistic construction timetable can be a nightmare for entrepreneurs. However, you cannot hope to achieve your goals without a strict deadline in place.
The best thing you can do is to set up multiple smaller milestones and assign unique deadlines that must be met. Be prepared to make some sacrifices along the way in order to keep the project moving forward. Ultimately, you want to avoid missing the opening date, as launching your business at the right time can make or break your it in the long run.
Monitor the process at all times
Finally, making sure you monitor the entire process on a daily basis from inception to finalization can go a long way in boosting productivity and keeping the project running smoothly. It's not uncommon for the construction crew to slack off due to a lack of professional supervision, so you can also employ on-site surveyors to keep the workforce in check and make sure all of their needs are met. Remember that a happy employee is a productive one, so ensure the workers are doing their job in favorable conditions.
Building a hotel is by no means a walk in the park, as it requires substantial financial investments and meticulous planning and preparation in order for the dream to become a reality. In order to avoid the common kinks and pitfalls in the project, be sure to stick to these tried-and-tested tips that will allow you to simplify the construction process.