23.1.20

Setting Up A Hotel As A Business Abroad


Do you ever go into a business and think that you can do a better job yourself? I do whenever I go to a hotel. How come these owners never actually seem to know what guests want? If I had the chance, I'd open up my own hotel to my own specifications, with all the things included that I think would work best. 

I mean, I know it would be hard work to set everything up, and to separate the fact that this is a business decision and not a lifestyle choice. That at the beginning, there are going to be a lot of hard decisions to make, and a lot of money to spend. But it is something that I have really looked in to, as a way to create a business for myself, and own a piece of property that will generate revenue for me. 

I decided to look into it a bit, and here are a few tips I came across when it comes to purchasing, building and creating a business abroad...

Familiarise yourself with local laws
Try to build up a good working relationship with local officials as you may find yourself needing them in the future. Make sure you check out rules and regs for the country you are buying in, and also, ideally learn the language as this will help you when dealing with locals and to get yourself embedded into the community. In some cases you will have to learn a whole different way of dealing with business.

Know what you’re getting yourself into
Moving to a new country and starting a business it is not going to be an easy call, so it's best to check out the market before you actually get there. If you're looking to set up in the Bahamas, for instance, using Better Homes and Gardens MCR Bahamas to find the ideal plot to build the property on, or ready built building, will give you an idea of pricing, space and areas before you actually leave the UK. That isn't to say there aren't huge benefits of just jumping in feet first: the weather, breathtaking views, and the thrill of the challenge, but it is best to prepare yourself so you aren't overwhelmed with it all. 

Be Realistic With The Size
To a hotel guest, they want the best ff&e (Furniture, Fixtures, and Equipment) available to them, especially if they're paying high end prices, and these can run into the thousands when it comes to filling a whole hotel. From ample storage, the best bidet attachment right up to high end accessories. So be realistic when it comes to buying. Don't go big when you then can't afford to fill the place. 

Do your research and set a budget
Think about all costs that you will incur, including land, design and build as well as saving for any unexpected costs. When it comes to selecting a building contractor, choose one you can trust or one that has a good track record. If you have good credit, then you could always opt for https://bondsexpress.com/performance-bonds/ where you can lend money based on how highly rated your credit has already been. This would give you a great start off point to buy land and start the building work. 

What's important, is that you stay faithful to your own values. If you're starting a hotel business to show how it should really be done, then don't go cutting corners when it comes to the execution...

4 comments:

  1. Interesting read thanks.

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  2. Interesting. Like you, I have always dreamed of owning property abroad. I really fancy France. After watching many of the C4 programmes about Brits opening up B&Bs and hotels in France and Spain, I'm not so sure any more. However, dreaming is a lovely distraction and costs nothing.

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  3. Great read many thanks x

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  4. I would think that learning the local language would be very important also! Interesting read, thanks

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