Visitors may stay at hotels in Bangladesh and think that it is the best way to live and work. Starting an accommodation business goes beyond offering quaint settings and treating guests as friends into putting serious thought, availing sufficient finances and committing to the business 24/7.
Have What it Takes
Read stories about the experiences of accommodation facilities’ owners and managers to put the business in perspective. Guests coming into your rooms to rent are not friends dropping in for the weekend, but customers expecting 24/7 service. As the owner of an accommodation facility, you will be its desk clerk, accountant, night manager and cook every day of the year. You will have to deal with middle-of-the-night quarrels, messes to clean up and sick guests. Dealing with all these issues and still being able to maintain your private life requires special dedication.
Know Your Goals and Objectives
It is important to understand what to expect from your apartments investment before spending money on it. This will help to guide your decision-making. Running an accommodation facility in Bangladesh is not a retirement business hobby, but a serious business that requires capital, labor and commitment. It is important to know your end game. You will have to make decisions if the business has to be resold, if you plan to stay in the hotel for as long as you can live independently and if you have to stay at the homes with your children.
Hire a Buyer’s Representative
Looking for a hotel in Bangladesh does not involve the same issues as buying a house. An accommodation facility is a business investment, and its entire investment process should be handled as such. It pays to hire an experienced person who will work for you as a real estate agent and as a hotel consultant. In addition, keep your tax advisor fully informed about all business transactions before signing business documents. There are tax consequences for every type of transactions. Tax obligations vary and are determined by the method used to buy the property, how the finance was obtained and use of the property.
Study the Market
Before settling on the Bangladeshi market, study its visitor and tourism market. The Bangladesh hospitality industry promotes itself to the desired clientele including tourist and corporate clients. This means that all you have to do is to focus your marketing on selling property to clients already planning to visit Bangladesh. If local tourism marketing is poor, you will have to tailor your marketing to convince guests to visit the area first before choosing their accommodations.
Study the Property
Hire a qualified inspector to thoroughly check the condition of your flats. The inspection will seek to verify your property boundaries and make sure the structure meets local building and fire requirements. When buying an accommodation property, find out if there are new and more costly code requirements. Check water quality as well as the condition of the plumbing system and kitchen sanitation.
Study the Business
Hire an accounting professional to audit the business. If there is goodwill in the sales package, make sure there is goodwill to purchase. In addition, make sure the guest record is usable and that there are return visitors. Read about the reputation of your business in search engines, travel publication and hotel review sites. Read customer reviews and try to improve the reputation of your business.
Planning and legalities
Starting an accommodation business is different from other types of real estate businesses. Accommodation businesses require significant amounts of financial investments and time to complete the projects. There are many specialties and methods involved when developing accommodation businesses. For example, developing a hotel resort requires thorough planning and synchronization of multiple features ranging from location of the resort to its grand opening.
It is important to study and project the feasibility of the project to ensure the resort does not incur losses and that it will generate profits. It is also important to decide whether the resort will be managed under its own name or if it is better to have a franchise agreement with an established hotel operator. There is much legality involved when developing a resort including approvals, permits and licenses before, during and after construction.
When choosing the location of your accommodation business, it is important to consider the main tourists attractions in the locality. Many people like to go on vacations to sandy beaches, scenic hill stations or resorts where the environment is part of breathtaking beauty.
The appearance of your accommodation business is very important. No one likes going on a vacation and staying in a hotel that looks run down and shabby. The design of the interior and exterior spaces of the hotel as well as its rooms and lobbies should make visitors forget about their worries and relax. An exotic look works best for beach resorts while a traditional look works best in hill stations.
Entertainment and Satisfaction
The accommodation business should provide all kinds of entertainment and satisfaction activities to indulge in. These activities are determined by the location of the resort. For example, an accommodation business located on a beach would provide wind surfing, snorkeling and sailing while that located in a hill station should provide trekking and mountain climbing. Additional services and facilities to provide include Internet, TV, spacious rooms and verandas to enjoy the scenic beauty around the accommodation facility.
Hire qualified staff including cleaners, cooks, waiters, groundskeepers and bartenders to keep the business running smoothly. You may have to hire additional staff during high seasons.
Set visitor policies and house rules that govern cancellations, check-in and check-out times, financial dealings, accommodating pets and children and whether smoking and drinking is allowed in your houses.