How To Run A Hotel Business Successfully: In my latest video, I visit the Blue Boar Hotel in Essex with multimillionaire entrepreneur, James Sinclair.
In the video, we settle a big property question: is running a traditional hotel better than the serviced accommodation model?
If you want to learn how to run a hotel business successfully, make sure to watch this one until the end.
You can watch the video on YouTube, or at the top of this blog post. On YouTube, drop me a quick comment letting me know which business model you prefer, traditional hotel or serviced accommodation!
Running a hotel profitably can be hard work. However, there is a modern way of operating that allows everything to be systematised. But does it stack up when compared to the traditional hotel model?
In this article, we will compare both models of hotel operation, and discover how to run a hotel business successfully! By the end of this blog post, you will have a greater understanding of how modern hotels work!
I want everyone to have the opportunity to run a profitable hotel business. However, most owners don’t realise there are any options besides the traditional hotel business model. That’s why I wrote this article. However, I need your help to ensure it reaches the right people!
Please share this article on social media. That way those who own hotel businesses, and those thinking of starting them, can learn about their options.
Sharing our content helps people reach their financial freedom goals, so a massive thank you to everyone who does. Taking a moment to share makes a big difference!
How To Run A Hotel Business Successfully: The Traditional Hotel Model!
James bought his hotel for £2.2 million. He spent about £400k to £500k on the refurbishment. The property generates around £500k per year in profit.
James explained that this is not a passive investment. It requires a large team to run it, and continual maintenance. Hotels are a difficult business to run, and most lenders will require you to have years of experience to get a mortgage on one.
How To Run A Hotel Business Successfully: The Serviced Accommodation Model!
On the other hand, I run a serviced accommodation hotel. I secured the property on a lease option agreement, meaning I lease the property with an option to buy it at a fixed price.
It brings in about £45k in monthly revenue, with a profit of around £28k. As it operates like serviced accommodation, and guests self-check in, it only requires a very small team. In many ways, it is a scaled up version of offering a serviced accommodation apartment on Airbnb!
How To Run A Hotel Business Successfully: E + M = S!
Whichever model you choose, you don’t need to be the person doing the day-to-day management! As James Sinclair says, “E+M=S”, that means Entrepreneurship plus Management equals Success.
The business owner has a different job to the management team. You need to ensure you have the right management in place to make your hotel business successful. This is true for traditional hotels, and serviced accommodation hotels alike!
How To Run A Hotel Business Successfully: Get Trained!
If you want to learn how to run a hotel business successfully using the systematised serviced accommodation approach, I can show you how! Join me at my next introductory online training event!
We have different online trainings throughout the year, each teaching different things. Here is a sample of what you could learn on one of our online introductory webinars:
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The SECRETS to becoming a successful property investor
Get immediate and actionable insights to accelerate your property investment journey.
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How to LEVERAGE other people’s money to get started
Begin to understand the strategies to use to reduce the barriers to getting started.
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How to FIND fantastic property opportunities
Understand where property professionals source the best deals.
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How to RECYCLE your money again and again
Don’t just do it once, repeat the process to build your property portfolio.
Property investing is not just for the rich! Learn the strategies that thousands of people have used to not only start investing, but become financially free! Tickets are free, so book your property training webinar now. If you are ready to take action, I hope to see you very soon!
