A hotel can become someone’s home away from home and establishing a hotel is no easy task. Any hotel has the potential to do great business but it will only become truly successful when the hotel looks forward to truly serving its guests with love and not just look forward to making profit. However, running a hotel successfully requires a large amount of capital. Whether building the hotel building from scratch or renting a large enough premise and converting it into a suitable hotel- both would require a substantial capital. One can take a loan for hotel business in India from any major bank or an NBFC.
The hotel industry is perhaps the only industry where one can directly gauge the level of customer satisfaction. Clients will only come back to a hotel if their first experience there had been a pleasant one and this incorporates a lot of factors. The stay has to be a pleasant one and this can happen when services like food, cleanliness and general ambience of the hotel are up to the customer’s expectation. One would also require expert staff to manage the hotel and every department, from the kitchen to the laundry, from room service to car service, has to be absolutely meticulous. A big hotel does not become successful in a day but one can gain inspiration from larger hotel chains and aspire to be like them.
A successful hotel business is not achieved in a day. Once the hotel has been registered it will be frequently monitored and government agencies will ask reports from time to time and rate the hotel. The hotel kitchen is one of the most frequently scrutinized place and strict rules should be maintained based on hygiene factors. Customers who come to stay in the hotel have different tastes in food and if there are children or elderly staying then special provisions also have to be made. A hotel should also ideally have a medical unit for emergency and there should be team always on duty to look towards drainage cleanliness issues. It is true that some customer who stay in the hotel have outrageous demands but no matter what they are, the demand should be met. It is very easy to give poor ratings to a hotel these days and a new hotel cannot afford bad publicity in the beginning.
While applying for a loan for starting a business, it is important to have a good strategy worked out because lenders are quite apprehensive about lending to businesses which have a chance of failure. It is important to convince the lender about where you plan to see the hotel in the next five or ten years and how you intend to get there. The lender would like to know whether the hotel would be making enough money to be able to pay off their loan successfully, so it is important to have a good business strategy in place from the very beginning. Hotel rates and tariffs should be appropriate enough to make a steady profit for the hotel but also affordable enough for the guests to enjoy their stay, and they are sure to come back for their next holiday again.
NBFCs offers SME loans for business growth and expansion. With high loan value up to Rs.30 lakh and low business loan interest rate, this is a perfect finance solution for small and medium businesses. A hotel business may avail the loan in 24 hours by submitting only 2 documents.