10 sections to include in your hotel business plan

4. Customer analysis
What type of hotel guests do you want to attract? It’s impossible to please every kind of guest, which is why it’s important to identify your target market. Once you know who you want to stay at your property, you can develop amenities, services, and marketing materials to attract these guests and deliver exceptional experiences.
Ask yourself:

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  What type of guests do I want? Business or leisure travelers?
  
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  What demographics? Age, gender, marital status, etc.
  
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  What are my target market’s interests? Water sports, hiking, relaxation, museums, animals, etc.
  
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  What does my target market value? Sustainability, contactless technology, personalized service, localized experiences, etc.
  

This section will help you formulate the guest experience to ensure that expectations meet reality.
5. Competitive analysis
The competition you face will vary depending on where your hotel is located. This section is where you should conduct in-depth competitor research to understand how your hotel will compare. Identify who your five major competitors are — ideally, three direct competitors who you will be competing with upon opening and two aspirational competitors that you can emulate as you grow your business.
Conduct a SWOT analysis based on your competitors to look at:

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  Strengths – where does your property excel in comparison to competitors? Why would travelers pick you? Price, amenities, location, technology, etc.
  
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  Weaknesses – where does your property fall short in comparison to competitors? Price, amenities, location, technology, etc.
  
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  Opportunities – what industry trends can you take advantage of? What local events or partnerships can you capitalize on?
  
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  Threats – what are the biggest threats facing your property? War, travel restrictions, recession, etc.
  

A thorough analysis can help solidify your competitive advantage and develop a contingency plan for how you will deal with your weaknesses and threats.