Are you looking to start a motel and do you need assistance developing a motel business plan? A motel business plan will be needed if you are considering raising capital or want a solid roadmap to plan your motel’s success. The motel industry is not consolidated, nor is it highly fragmented. Although major chains (e.g. Starwood, Motel 6) have hundreds of motels there are always a conglomeration of independent motels in every market. A motel business plan should include recent U.S. Motel market research and well planned marketing, operational, and growth strategy. The motel business plan should be accompanied by a 5 year financial plan. If you are looking to start a motel business plan, the following are a few questions to consider:
- Where will the motel be located?
- How many rooms will the motel have?
- What will be the room types and descriptions?
- What amenities will the motel have?
- What is the motel’s pricing strategy?
- Who is the target consumer profile?
- What is the demographic stats (of residents & tourists)?
If you want more information regarding motel business plans, then you can call Capital West Advisors and speak to leading experts in the industry. Call us at (888) 300-3090 for more information and a free consultation.