Goals & business plans

← Plan Get Ready To Own Your Hotel

Your business plan is a written document that you use to convey your intentions and guide the business. It is a road map and it is shared with your lenders, investors, and possibly your managers. You frame your business plan during the search for the right hotel investment.

When you find the specific project, you update the business plan around that hotel and use it to firm-up commitments with lenders, investors, and your management team.

Your business plan is a written document that you use to convey your intentions and guide the business. It is a road map and it is shared with your lenders, investors, and possibly your managers. You frame your business plan during the search for the right hotel investment. When you find the specific project, you update the business plan around that hotel and use it to firm-up commitments with lenders, investors, and your management team.

To develop a business plan, you start with an idea about why you want a hotel and where you want to take this project. The “why” is your investment goals. Clear goals are a basic part of your presentation to investors. The “where” or “what” frames your investment criteria. These enable brokers and others to show you appropriate opportunities. They also enable investors and lenders to decide if you will be offering an investment that also meets their criteria.

At the beginning of this process, you can’t know what you don’t know. It is reasonable to modify your goals and criteria as you understand the market better. Once you evaluate a few deals, your goals and criteria should firm-up. It’s fine to adapt your goals and criteria as you move along, but you should always have a vision to give you focus and help you keep on track. You can add clarity and detail to your business plan throughout the process of becoming an owner.