May the joy of Eid UL FITR be with you for starting a hotel business.

The growth of this industry, in terms of revenue and employment generation, has been phenomenal. The growth rate of this industry has been more than that of the world GDP put together. It speaks volumes about the substantial contribution the travel and tourism industry has been making, continually, to the global economy. There Is no need for high educational qualification for starting a hotel business.

While travelling, we often stay in a hotel. But staying in a hotel is not the only part of our travel process that involves the hospitality industry. There is a flight or train ride to our destination. And, of course, we have to eat while travelling, which means spending time at restaurants. All are crucial pieces of the hospitality industry. While our continuous travelling helps the industry thrive, what does the future look like for the hospitality industry? What changes will be made? How has it progressed over the years? In this lesson, we will look at the growth and future to better gauge the successfulness of the hospitality industry.

You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

We have to consider the following

• What are the startup and ongoing costs?
• Who is your target market?
• How long will it take you to break even?
• What will you name your business?

The operational cost has a vital role in starting a hotel business. Between the land, the equipment, the furniture, and the licensing requirements, owners typically need a lot of capital to get started. Travelling is a large part of many of our lives. Then you have to analyse who is your target market. It should remember that customers are the backbone of any business. Taking careful research, management, and financial planning in the hospitality sector, you will achieve whole success in your hotel business.