One of the less common answers when people are asked what they aspire to become is a hotel owner. It is not an unusual desire, however, when one considers the different chains of successful hotels around the world that presumably make thousands, millions of dollars. Before one decides to become a hotel owner, a few things must first be considered. Among them include the fact that this is a long term investment and should not be taken lightly. Like owning any other business, it requires putting out a lot of money up front, so the profits may not seem too pleasant at first. With the right steps taken, after some time, the rewards of becoming a hotel owner will be great.
Besides needing plenty of money to even purchase the hotel, something else will be needed in this long term investment as well: time. It is well advised to get, at the very least, an Associate's degree in hotel management or in a related degree program. Perhaps the way to achieve best results is to work towards the degree for the first two years, with the last two years being a combination of working in a hotel and working towards the remainder of the degree. This way, after the four years are over, not only are you left with an Associate's degree, but you also have two years of experience, which is very helpful in becoming a hotel owner.
Consider what kind of purchase you're planning to make. There are many different options to choose from. Among these options include whether or not you'd like to purchase a used hotel or whether you'd like to build from scratch. Where will your hotel be located? Will this generate the right amount of traffic necessary to keep the hotel in business? It is advisable to buy into a franchise, such as Embassy Suites or Hilton, because guests are more likely to book at a hotel whose name they are familiar with and recognize. Many people are weary about new names in the industry, which can sometimes make becoming a hotel owner difficult.
Alternatively, if you feel you can sway the public and convince them that you are indeed a legitimate hotel owner who cares about their guests, then by all means, create your own brand of hotel! Decide what sort of hotel you'd like to run, whether it is a resort, a motel, a luxury or a family hotel. The possibilities are endless. Once you've decided everything, do what you can to raise the funds necessary to make the dream happen. Consider that you will need money in order to pay employees, perhaps to build the hotel, or to renovate it, as well as paying electric bills.
Don't be alarmed when you notice you're in the red in the beginning! If your guests continue to come in, the profits will soon roll in and no longer will there be that inevitable debt that precedes all great businesses.