Starting a hotel management company is not complicated but it does take preparation and time. Getting the training in the hospitality field is vital to initial success. Learning the ropes from the bottom up is a good way of showing you know every aspect of hotel management. Understanding the business of hotels will ensure your success when you do start your hotel management company.
Things You'll Need
- Hotel Management Degree
- Business Degree
- Business Plan
Get a degree in hotel/hospitality management or business management. If you are planning on starting a hotel management company you must have the education to use as a resource and reference. Having a degree from a four year institution will help win future clients and contracts. While you are earning your degree, it is a good idea to have a job at a hotel. Get to know as many of the positions as you can from personal experience.
Get a management job in a hotel. Once you have the education, and a history of being in the hotel field you can use this on your resume to get into the management slots of a hotel. Go after a smaller hotel owner, with only one or two hotels. This will be easier to work with both to get a job and to get the management contract later. Work hard until you reach General Management.
Set up a management company. While you are working your way up, study everything about forming a business. Write the business plan. Get the proper paperwork in hand and get any fees and licenses paid. Let everyone know what you are trying to do. The more support you gather, the better your chances of getting something done. Set up a limited liability company (LLC) to start with so you have a corporate identity. Get a bank account in your company's name.
Get a contract to handle the management of the hotel. Once you have your business plan and the actual business licensed and ready, you can go after getting your first client. Go to the owners of the hotel you are managing with a proposal. Present a proposition where you can show results in management and how you can save them money by using your services and ideas. Sell yourself again, as you did when you first came to the hotel, to win the contract.
Manage the contract and hotel for one year. Once you get your first contract, spend all of your time running the organization and making fulfillment of the contract your primary goal. Do this to obtain an honest optimistic review of your company and its ability to manage hotels.
Market the management company using the existing hotel as an example of your ability. With this first good review and the positive outcome of the first year of the contract, go after a renewal of the contract. When you have this renewal, start proposing services to the next hotel in town. Keep your initial search within local areas. Don't mix managing hotels and motels because they are seen as different business models by both hotels and motel operators. Take your time to get the second client. Once you have two hotels, simply rinse and repeat.