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| Nov 18, 2004 10:43 pm |
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re: Business Plan for New Hotel |
Salil Chandrashekar
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Hi Cathie,
Sharing whatever little I learnt at school :). I am sure there are plenty of heavy weights in here that will lead you better :).
I am assuming your gonna present it to some venture capital firm.
The cardinal rule is always to have people from the related field onboard as advisors. It kinda gives credibility to your business idea. So hunt around for Chefs/Hotel owners etc that would be willing to guide you through the process as stake holders.
Make sure you have one sustainable competitive advantage. That one thing that sets you apart from other hotels. Try thinking in terms of why would some1 visit your place if I were to open up a hotel right next door to yours.
Since I dont know what exactly your planning in terms of a hotel! Think of a good branding strategy as well. Ok I'm no expert in the hospitality industry so a Hotel for me could be:
1. a restaurant exclusively
2. a place that provides accomodation and has a so so restaurant.
3. etc
So depending on which way your headed make sure your branding is simple and straight forward and the plan conveys the same. From a branding standpoint it helps to fall into a specific category rather then being all over the place. And to stress this point hard all I can say is "Google". One text box worth $40B or so.
See if you can come up with a rough estimate of location(lease), furniture, equipment(kitchen as well as furniture/fixtures), working capital required and a rough estimate as to when you think you would breaking even(helps with venture capitalists!!!! BIG TIME!!!).
And just for your own sake not to question your abilities but have an exit strategy in mind! In this day and age with increased competition and fickle consumer tastes and preferences it helps!:)
Just something to get you started. I am certain others would provide more insightful comments.
Regards,
Salil
> Cathie Lee wrote:
> I am in the process of writing a Business Plan
>It is for both
>Investment &
>Planning
>
>Any pointers would be great.
>
>Cathie Private Reply to Salil Chandrashekar (new win) |
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