Hotel Industry
I have many business endeavors I want to partake on. However my bumber one goal is getting into the hotel/motel industry. I want to own a chain of motels possibly and then move on to hotels. Im 22, college freshman. Any advice on how to make this dream a reality? What steps can I take? #business #management #entrepreneurship #economics #business-development #project-management #hospitality #hotels
4 answers
Ajay’s Answer
Hello Tyler,
You have a dream and that will take you where you wanna be. I support what Adam Westerman suggested. i.e. to get experience.
Your dream is much bigger than just holding a hotel job and earn recognition. It will call for a lot of resources. I am not talking about investment capital, as that should be the least of your worries. Your road to owning a hotel and later a chain, will demand a lot of intangible assets. These are your qualities; how you see the world around you, how you see money, your creditworthiness, your trustworthiness and who you choose to hang out with. The people will be the biggest asset you will need.
At present how financially resourceful you are that is not known. I am assuming you have nothing to your name. In that case, take a job with a small hotel in whatever position you can but goal should be to mange within short period of time. Small business owners always look for partners and when they see a capable individual, they will want to hold on. And in many cases this results in successful partnership. Once you are in as a partner than you can grow one small limited service motel in to multiple hotels by reinvesting the income and capital gains. You will need a lot of friends who will trust you and invest alongside you.
I personally know many individuals who has followed this exact path and don't even have a college degree. As such many are immigrants and lack command of English. But they worked really hard at what they did, earn a repute, knew the money's power of compounding. Bill Gates (Microsoft) wasn't a philanthropist to begin with. treat money very conservatively.
Get started and do better than anyone else can.
Best wishes,
Ajay Yagnik
Thank you so much. You answered alot of questions for me to be honest. I wanted to work on other projects as well as getting into the hotel industry. I will dive in head first, and not be afraid to compete and truly grow. Thank you so much. I will continue to further my dream, and schooling will help as well.
Tyler
Can you tell me a bit about your experience in hospitality. As well as conserving money
Tyler
Adam’s Answer
Yes!
- Get a job (the best you can) at a hotel you respect.
- Work hard, be on time 100% of the time, dress well, smile, be nice to guests, do everything asked of you, volunteer to do more, be excellent, and learn.
- If you have not been given a promotion or raise after 1 year, apply for a better job at that hotel or a better one.
- Read everything you can on Conrad Hilton, Barry Sternlicht, and the Ritz-Carlton story.
- Befriend and ask questions to hotel managers and owners any way you can (especially where you work).
Thabk you so much for the tips. I definately will look up these people learn from their tricks, read books, and use as many resources as possible
Tyler
Do you think technology plays a huge role in the hotel industry?
Tyler
Also, can you tell me whats the easiet way to jump into a being a tech savvy person.
Tyler
Sharla’s Answer
Hi Tyler,
My advice for achieving your dreams is two-fold: education and experience. As a college freshman, you may or may not have declared a major. I would suggest business/accounting, hotel/hospitality management for starters. Along with your course of study, read books by successful leaders in the industry and entrepreneurship. Educate yourself about the ownership/management process. This could come in the form of an internship or mentorship with chains that you respect. That leads into the experience aspect of my advice to you. Get in the field if you're not already. Try to work in different facets of hotel, including front desk, catering, accounts payable, reservations, housekeeping, etc. Speak to employees in those jobs and gain insight as to the challenges, or regular day in the life. Find out what works well and what they would change and see how that aligns with the vision for your hotel/motel business model. Finally, get information from guests. Social media and internet allows for access to virtually anyone and everyone. You can post a survey regarding the guest experience to collect data, read reviews on sites like TripAdvisor or Expedia, etc. Hotel-goers share what they liked or what they found problematic about their stay, including what the hotel management did, if anything, to make it better. Best wishes to you in your endeavors.
Thank you for the insight. I never considered trying out all types of duties at the hotel. I figured working closely with management would be enough. So thank you for that advice. It will definately give me a better understanding. I also agree with use of surveys and better understanding the customer. I am currently in customer service, but am working on getting into a hotel and im sure i will move up much faster with your advice. I am currently reading books and better understanding the business world. Ive always been nervous about accounting haha. Im sure with an open mind I can grasp a better understanding. Thanks again. Ill keep everyone posted on the progress.
Tyler
I also will study the trends of Airbnb and see how I can apply their methods to my hotel business. Maybe making the hotel experience more lively. Cafes or other attractions in the hotels could make the guests feel more welcomed. Or perhaps nearby garden walks. Also using products from nearby shops to give a more community feel. Ill keep you posted. Thanks btw
Tyler
That sounds great. My sister started working as front desk clerk in high school, and within a couple of years she moved to accounts payable with no background in accounting. But she is very ambitious and learned from her peers and paid attention to other jobs. After a few years moving up in the sales dept, she became director of sales for large, respected chain. She's been successful in that for several years. Accounting is not my forte either, but the basics will be good to give you an understanding. Thanks!
Sharla Thomas
Wow your sister and you are very impressive. Good for her! Optimism is key from what Im learning. I will remember that when I come across something Im not familiar with. Why not take some accounting classes right? Thanks so much!
Tyler
Jackie’s Answer
However, if you are looking for the most dedicated or efficient way of getting into a career in Hospitality, I would recommend a degree in Resort and Hospitality because there are different areas that students take interest in such as Theme Parks, Food and Beverage, Cruise line Operations, Spa Management, Club Management, and Golf Management. In terms of wanting to own your own hotel chain, it does begin internally by moving to different departments and learning how every role works so that you know how to successfully run these operations because if you only take time in one department, you don't get a feel for how the operation runs; which is genuinely run on team commitment and communication.
There are also many programs, for example the Marriott Voyager Program, that allows you to apply to different hotel locations for different management options, and allows you to easily shift between departments to determine which you prefer to work for. Finding programs like these also allow you to explore your options in different locations and also allows you different experiences within different departments of the hotel, but quicker and more efficient.
Front Desk Managers ; hands on, face-to-face guest and co-worker interactions, dealing with housekeeping, bell staff, concierge, engineering, etc
Event Manager or Supervisor; not typically hidden behind a desk, moving around the hotel, working with banquets, housekeeping, food and beverage, IT technology, etc
I hope this was helpful!
Good luck :)
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