Are you looking to start a motel business plan and do you need assistance developing a motel business plan? A business plan is a roadmap to plan a business’ 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. It 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)?