More and more entrepreneurs choose to venture into the hospitality industry for its impressive ROI. This is perhaps one major reason many build or buy motels. People new to the business, however, need to understand first how to have a thriving business.
Buying a motel for sale in Victoria and running it successfully requires a proper balance of income and expense. The bottom line is getting the most profit. This can be attained by increasing income through more sales as well as decreasing expenses by having cost saving measures in place.
Increasing income is not based entirely on the availability of new services to sell. Customer satisfaction makes guests come back and refer your establishment to others. Here are other ways to increase income.
- Keep customers happy
The best way to earn is to have more customers. To do this, keep them happy. Always go the extra mile to keep your customers satisfiedby offering quality service. This means clean rooms, updated facilities and friendly staff.
- Develop sources of revenue
Upsell your products, offer a better room that they may like for only a small increase in price. Be sure not to overdo it, though. Nobody wants to feel forced to buy something.
- Come up with new ideas
Always have something new to offer guests. The feeling of being ‘wowed’ is a sign of a repeat customer.
When expenses are high, the high income might not matter. Monitoring expenses and finding ways to minimise costs is a must for increased earnings.
- Do an energy audit
Lower the electric and gas bill by doing an energy audit. This will help you find where you might be overspending. Replace your old light bulbs with LED lights.
- Use energy efficient air-conditioning
Using energy efficient air-conditioning is a good way to save. Although the units may cost more initially, you can be sure to save money on their consumption in the long term.
- Hire wisely
An employee knowledgeable in different tasks is almost always better a worker who only masters one. This not only saves you on the monthly payroll, but also increases the team’s productivity and preparedness.
Indeed, there are many other ways to increase income and decrease your expenses. Keep your customers and employees happy and you can expect to be happy as well.