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Boutique Hotel Business Plan Blueprint: Complete Guide

• January 3, 2023
• Hospitality

Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your boutique hotel, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in the business plan of your boutique hotel . Use this template to create a complete, clear and solid business plan that get you funded.

1. Boutique Hotel Executive Summary

Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire plan.

Why do you need a business plan for a boutique hotel?

The purpose of a business plan is to secure funding through one of the following channels:

• Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
• Obtain private investments from investment funds, angel investors, etc.
• Obtain a public or a private grant

How to write your boutique hotel’s executive summary?

Provide a precise and high-level summary of every section that you have included in your business plan. The information and the data you include in this segment should grab the attention of potential investors and lenders immediately.

Also make sure that the executive summary doesn’t exceed 2 pages in total: it’s supposed to be a summary for investors and lenders who don’t have time to scroll through 40-50 pages, so keep it short and brief.

The executive summary usually consists of 5 major sub-sections:

• Business overview : explain what is the concept of your hotel, whom it targets (business travelers vs. tourists), where it’s located, its size and any other amenities and services you offer
• Market & competitive overview : start by describing the state of the hotel industry in your area (the city or region where you plan to open yours). Also explain here the level of competition you expect from similar establishments. Finally, mention who are your target customers (your ideal customers) ie. their age, gender, disposable income as well as their preferences
• Sales & marketing strategy : describe how you plan to acquire new customers, outlining the exact marketing channels you intend to use and your overall budget
• Management & People : this section should provide information about the leadership hierarchy, highlighting the roles and responsibilities of every team member and their experience
• Financial plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? You can include here a chart depicting your key financials such as revenue, gross profits, and net profit
• Funding ask : what loan/investment/grant are you seeking? How much are you raising ? How long will this last?

Hotel Financial Model

Download an expert-built 5-year Excel financial model for your business plan

2. Boutique Hotel Business Overview

This is the section where you will provide details about your boutique hotel and its concept. You must address some important questions that lenders and/or investors generally ask.

Here is a quick list of some of those questions you must address:

• What is the rationale behind you opening this type of hotel today?
• What’s the location of the hotel and why did you select that location?
• What hospitality services and products will you provide? Will you offer any special services (massage, gym, etc.)? 
• Will there be a restaurant?
• How many employees will you need to run the hotel?
•  How many rooms will you have to accommodate your guests?
• What types of rooms will you offer your customers? At what rates?
• What will be the legal structure of your company?

a) History of the Project

Any business must have two components:

• Passion & experience of the business owner
• Rationale behind starting this type of business today

Passion & experience

Starting a huge investment like a boutique hotel requires much more than just capital. It also needs the relevant background experience in the hospitality industry.

Typically, many individuals creating their own boutique hotel will have a long-standing passion and track record for the hospitality industry. Yet, if you lack the experience, it probably isn’t the right time to start your boutique hotel. Instead, you can choose a franchising option and work with an established hotel franchise.

What motivates you to start a boutique hotel in the region today? Unlike some other businesses, a boutique hotel requires a lot of financial and human capital investment.

So, before taking your first steps in this field, provide enough reasons to justify your decision to venture into the business. For instance, if there’s a scarcity of stylish boutique hotels targeting tourists in the region, you can use that to justify your reasons for starting one.

b) Hotel Concept

Describe your boutique hotel’s concept. Here are a few questions you may answer here:

• Will you target a specific market (all-inclusive vs. tourists, business travelers, etc.)? 
• What types of rooms will you have (midscale, upscale, luxury?)
• What amenities will you offer your guests? A restaurant, rooftop bar, a SPA, a conference/meeting room? See more on amenities in the next section
• What will be the hotel’s design, layout and surface?
• Where will the boutique hotel be located? Is this next to a busy street, an airport, a tourist attraction or a corporate center?

c) Services & Facilities 

Prioritize the most sought-after services in the region. While many boutique hotels offer the same services, you may want to differentiate yourself vs. competitors to attract guests.

Below are a few examples of the guest services you can provide depending on your target audience:

Boutique Hotel Services 

• Bar / Restaurant
• Event management (weddings, conferences, etc.)

Boutique Hotel Facilities 

• Swimming pool / Jacuzzi 
• Business center
• Summer terrace
• Smoking rooms
• Fitness room
• Conference room

d) Room Rates

Next, describe your pricing strategy . Indeed, designing a pricing list for a boutique hotel isn’t the easiest thing to do. So, you can rely on information from some of your biggest competitors in the region to help you set standard rates. 

Make sure to have a clear table with the different room categories and their daily rate. If you have off-peak vs. peak rates, make sure to include it too here. It doesn’t need to be exact (as the rates will likely change over time), so use price ranges instead.

e) Legal Structure

Finally, your business overview section should specify what type of business structure you want:

• Is this a corporation or a partnership (LLC)?
• Who are the investors? How much equity percentage do they own?
• Is there a Board of Directors? If so, whom? Do they have experience in the industry?

3. Boutique Hotel Market Overview

Provide comprehensive information about your market. You will want to tailor your services to suit the target audience. And that means you will need accurate information about the hospitality industry in your region:

• Industry size & growth : how big is the boutique hotel industry in your area? Is it growing / declining, and what are the factors contributing to its growth/decline?
• Competition overview : how many competitors are there? How do they compare vs. your hotel? Are they franchises or independent boutique hotels? Do they target the same guests as you do? How can you differentiate yourself from them? 
• Customer analysis : who is your target market ? Are they business travelers or tourists, single travelers, couples or families? How often do they travel and need an hotel? How much do they spend on average on hotel stays?

a) Boutique Hotel Industry Size & Growth

How big is the boutique hotel industry in the us.

The market size of boutique hotels in the US is estimated to be $16.9 billion in 2022.

Also, there are about 5,500 boutique hotel businesses in the country, meaning the annual turnover for each boutique hotel is around $3,000,000.

Another source estimated there were 4,600 boutique hotels in the US in 2021 and defines them as a high-end, independent hotel with less than 100 rooms and a unique design. The same source reported that boutique hotels accounted for 3.2% of total hotel rooms in the US in 2017, yet but 5.6% of the US hotel room revenue.

How big is the boutique hotel industry in your area?

After getting a clear picture of the boutique hotel industry in the US as a whole, narrow down to your location. Yet, you may not find this information anywhere (at least not for free). In that case, you can use our guide to estimate the TAM, SAM, and SOM for your business. Here is an example of how to do it:

We know the average annual turnover per boutique hotel is $3 million. Therefore, if the area where you want to open your hotel has 30 competitors (say, in a 30-mile radius), you can assume the boutique hotel industry in your area is worth $90 million .

How fast is the boutique hotel industry growing in your city?

The US boutique industry has suffered an unprecedented decline due to the pandemic. Indeed, it decreased from its peak at $20.6 billion in 2019 to $16.9 billion 2022, despite some recovery from its through.

But what about where you live? US national averages can be a great addition to your business plan, yet they don’t necessarily help to assess the boutique hotel industry where you want to open your own boutique hotel.

Instead, you can use the number of hotels as a proxy for market growth. For instance, if there were 28 boutique hotels in the region in 2020 and 30 in 2022, you can safely assume that the average annual growth rate is ~3% in your area.

The estimation above isn’t perfect as it disregard the occupancy rate. For example, if the 28 hotels had an occupancy rate of 20% in 2020, up to 50% in 2022, the market growth rate would actually be much higher i.e. 60% CAGR from 2020-22.

b) Competition Overview 

This sub-section focuses on crucial information about your main competitors. Take a closer look at the hospitality services and products offered by other boutique hotels in the region. And while at it, analyze their marketing strategies, pricing structure, and anything you can do to stand out from the competition.

Don’t forget to include a comparative table, highlighting every piece of information the lenders may need when analyzing your business. 

Here is a sample table that you can use:

c) Customer Analysis

Customer analysis is all about knowing your ideal guests: who exactly are you targeting?

You can narrow it down with the following questions:

• Demographics (age, gender, single vs. couples, etc.)
• Frequency of visits (how often do they need such services?)
• Average disposable income
• Average spend per stay (hotel, restaurant, other)
• Favorite services (e.g. gyms, spas, etc.)

4. Sales & Marketing Strategy

This section should highlight the strategies you have in place to attract potential clients. Try to answer the following questions:

• What are your unique selling points (USPs)?
• Which marketing strategies will you use to attract new clients? 
• How will you track the success of your marketing strategy? 
• What is your customer acquisition cost (CAC)? 
• What is your marketing budget? 
• Will you consider any offers or promotions to attract new clients? 

What marketing channels do boutique hotels use?

Like any new business, a boutique hotel requires comprehensive marketing during the first months to attract potential clients.

You can resort to the following channels to help you get new clients, even from your main competitors:

• Online local listing (Google reviews)
• Online booking platforms (Booking.com, Tripadvisor, etc.)
• Social media content & ads: for example encourage your guests to post on social media and / or hire a social media content manager who will create daily posts and manage your social media presence
• PPC ads ( Google Ads )
• Word of mouth, recommendations 

What are your Unique Selling Points (USPs)?

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors. A few examples of USPs are; 

• Quality of services : you may offer high-quality services (e.g. luxury suites, fine dining restaurant, etc.)
• Pricing: your boutique hotel may be cheaper vs. competitors for the same quality of service
• Location : setting up your boutique hotel near your target market gives you the upper hand
• Amenities : you may be the only boutique hotel in the area offering a health SPA, a separate event center for weddings, etc.

5. Management & People

You must address 2 things here:

• The management team and their experience
• The organizational structure : different team members and who reports to whom

Small businesses often fail because of managerial weaknesses . Thus, having a strong management team is vital. Highlight the experience and education of senior managers that you intend to hire to oversee your hotel business.

First, describe their duties, responsibilities, and roles. Also, highlight their previous experience and explain how they succeeded in their previous roles.

Organization Structure

Even if you haven’t already hired a general manager, administrative staff, receptionists, chefs, and other relevant staff members, you must provide a chart of the organizational structure defining hierarchy and reporting lines.

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any business plan for a boutique hotel.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your boutique hotel is an attractive investment.

There should be 2 sections to your financial plan section:

• The startup costs of your project (if you plan to start a new hotel, renovate your hotel, adding rooms, etc.)
• The 5-year financial projections of your boutique hotel

a) Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For a boutique hotel, startup costs are all the expenses you incur before you open your hotel and receive your first guests. These expenses typically are:

• The leasing deposit (if you rent) or the cost to buy the building (if you buy)
• Renovations and improvements
• Equipment & appliances
• Furniture & tableware

Of course, the startup costs depend on a number of factors, like the size of your hotel, its location, the facilities, etc.

On average, it costs $8,400,000 to $10,800,000 to build and open a small boutique hotel with 20 rooms (assuming you decide to build the hotel from scratch).

Note that these costs are for illustrative purposes and may not be fully relevant for your business. For more information on how much it costs to open and run a boutique hotel, read our article here .

b) Financial Projections

In addition to startup costs, you will also need to build a solid 5-year financial model for your boutique hotel business plan.

Note that your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics , key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

• How much revenue do you expect to generate over the next 5 years?
• When do you expect to break even ?
• How much cash will you burn until you get there?
• What’s the impact of a change in pricing (say 15%) on your margins?
• What is your average customer acquisition cost ?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

• The number of nights booked over time ;
• Your expected revenue ;
• Operating costs to run the business ;
• The construction costs and FF&E expenses

When projecting your revenue, make sure to sensitize pricing, the expenses (salaries, utilities, supplies, etc.) and the number of stays (or booked nights). Indeed, a small change in these assumptions may have a significant impact on your revenues and profits .

7. Use of Funds

This is the last section of the business plan of your boutique hotel. Now that we have explained what your boutique hotel’s concept is, the amenities it offers, your marketing strategy, etc., this section must now answer the following questions:

• How much funding do you need?
• What financial instrument(s) do you need: is this equity or debt, both?
• How long will this funding last?
• Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

• What percentage of the total funding the loan represents?
• What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

• What percentage ownership are you selling as part of this funding round?
• What is the corresponding valuation of your business?

Use of Funds

Any business plan for a boutique hotel should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in paying for construction costs? Or will it cover mostly renovation and furniture costs?

For the use of funds, we also recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

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From idea to execution: 10 sections to include in your hotel business plan

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By Lana Cook

Do you love connecting with people from all over the world who share your passion for travel? Don’t want to work a typical 9-5 job and instead want to build a business where every day is different, and you own your schedule?

Starting a hotel business is a dream many entrepreneurs have, but it can be a daunting venture to start. A hotel business plan is a critical first step for business owners to turn their dreams into reality. A strategic plan allows one to study the hotel industry, identify their hotel’s unique point of view, and outline how exactly they will reach their goals.

Read on to learn more about the ten sections to include in your hotel business plan, tips for creating an effective plan, and key things you need to start your new hotel business.

Ready to get started creating your plan? Download our hotel business plan template.

What is a hotel business plan?

A hotel business plan is a detailed document that identifies your business’s goals, objectives, and strategies for success. It includes market research and a roadmap for building and operating your business.

Why do you need a hotel business plan?

Studies show that entrepreneurs who finished their business plan were twice as likely to succeed in growing their business than those with no plan. A hotel business plan:

• Helps you identify whether you have a viable business idea
• Provides a detailed roadmap on what you need to accomplish and why
• Gives potential investors insight into your business idea and confidence that you can be successful
• Keeps you on track as you start to execute the different tactics outlined in your plan
• Identifies critical milestones for you and your team to reach

Your plan does not have to be static and should change over time as your business grows and evolves. Your first draft is a starting point to help guide your strategy and instill confidence in potential investors.

10 sections to include in your hotel business plan

Whether you’re starting a small boutique hotel, a cozy B&B, or a 5-star resort, you will need to address the following sections in your hotel business plan.

1. Executive summary

An executive summary is the most essential part of your business plan. It should concisely explain the purpose of your business and why it will be a success.

Include your mission statement explaining why your hotel exists and its overall goal. For example, Capella Hotels & Resorts ’ mission is to combine tradition, discovery, individuality, and twist of the unexpected to create the perfect stay for each guest.

You should also include your vision statement that clearly describes your hotel’s purpose for being in a single sentence. For Capella Hotels, its vision is to embody excellence in the craft of hospitality.

We recommend writing your executive summary as the final stage, as it should summarize the goals and objectives laid out in your plan.

2. Company analysis

Your company analysis is where you can dive into your hotel’s competitive advantage. Ask yourself what makes your hotel unique . Why would guests want to stay with you instead of your competitors?

In this section, identify your brand’s identity and the goals and objectives you want to accomplish. Outline how many rooms and room categories your property will have. For example, will you offer a hybrid hospitality model with dorms, single rooms, and suites? Explain what ancillary revenue sources you’ll offer, like in-room food and beverage options, welcome drinks, or airport shuttles.

Use storytelling to communicate your excitement and passion and make it clear what your hotel will bring to the hospitality industry that hasn’t been done before.

3. Industry analysis

As a business owner, you must be prepared for forces outside your control. You will need to conduct a market analysis that looks at the hospitality industry to identify micro and macro trends that may impact your business. Look at:

• Economic trends
• Environmental trends
• Political trends
• Global health trends
• Technology trends

For each trend, identify how it will impact your business and ways to mitigate risk or take advantage of opportunities.

For example, digital check-in technology has increased across the hotel industry with the rise of tech-savvy guests, new innovative software providers, and labor challenges. Therefore, consider what guest experience solution you’ll include at your hotel.

In addition to trends, look at the history of the hospitality industry, its current size, and how it’s expected to grow in the short and long term. This research will impact the rest of your plan, especially your marketing and financials.

4. Customer analysis

What type of hotel guests do you want to attract? It’s impossible to please every kind of guest, which is why it’s important to identify your target market . Once you know who you want to stay at your property, you can develop amenities, services, and marketing materials to attract these guests and deliver exceptional experiences .

Ask yourself:

• What type of guests do I want? Business or leisure travelers? Retirees or Gen-Z?
• What demographics? Age, gender, marital status, etc.
• What are my target market’s interests? Water sports, hiking, relaxation, museums, etc.
• What does my target market value? Sustainability, contactless technology, personalized service, localized experiences, etc.

This section will help you formulate the guest experience to ensure that expectations meet reality .

5. Competitive analysis

The competition you face will vary depending on where your hotel is located. In this section, you should conduct in-depth competitor research to understand how your hotel will compare. Identify your five major competitors — ideally, three direct competitors you will be competing with upon opening and two aspirational competitors you can emulate as you grow your business.

Conduct a SWOT analysis based on your competitors to look at:

• Strengths . Where does your property excel in comparison to competitors? Why would travelers pick you? Price, amenities, location, technology, etc.
• Weaknesses . Where does your property fall short in comparison to competitors? Price, amenities, location, technology, etc.
• Opportunities . What industry trends can you take advantage of? What local events or partnerships can you capitalize on?
• Threats . What are the biggest threats facing your property? War, travel restrictions, recession, etc.

A thorough analysis can help solidify your competitive advantage and develop a contingency plan for how you will deal with your weaknesses and threats.

6. Marketing plan

Without demand, there is no business. A hotel marketing plan outlines the channels you’ll use to reach your target audience to drive bookings. Your marketing strategy should include three key channels:

1) Paid media . Paid advertising to promote your property and drive bookings. This includes online travel agencies (OTAs) , search engine marketing (SEM), retargeting, and metasearch advertising.

2) Owned media. The content  you create, like your hotel website , social media channels, blog posts, and SEO.

3) Earned media. User-generated content created by third parties like media coverage or online reviews.

7. Operations plan

How do you plan to run your day-to-day operations? This section of your plan will outline all of the key tasks and responsibilities of your team and what exactly your hotel will offer. Consider:

• The number of staff and supervisors required
• Job descriptions and responsibilities
• Your service standards (check out our downloadable SOPs for some inspiration)
• How you’ll manage your inventory
• What hotel technology solutions will you need? PMS, channel manager, booking engine, payment terminal, revenue management tools, guest engagement software, etc.
• What services and amenities do you want to offer? Room service, bar, restaurant, pool, spa, wellness center, etc. 

Detail your short and long-term operational plans and the stakeholders involved for each area.

8. Management team

Whether or not you’ve hired your team yet, this is one of the most important sections potential investors will look at. Make sure to outline the key personnel you will require and their roles. 

In general, these are the following roles you’ll want to outline:

• Hotel management (general manager, front office manager, housekeeping manager, maintenance manager, revenue manager)
• Hotel sales team
• Housekeeping staff
• Front office staff
• Maintenance

Depending on the size of your hotel, your team will vary. Identify the team members you need to open and your hiring plans over the next five years.

9. Strategic plan

Hoteliers must be strategic in optimizing occupancy rates across seasons to maintain revenue. As part of your strategic plan, identify how you will manage:

• Pricing – what room types will you offer, and how will the pricing vary?
• How will you maintain consistent occupancy throughout the high and low seasons? Will you adapt your pricing and marketing strategies?
• How will you conduct revenue management ? What type of rules/alerts will you use to adjust rates? Will you use technology to help with revenue management?
• What will your online reputation management strategy be? How will you collect and respond to online reviews?
• What will your distribution mix look like? How will you drive reservations across a variety of channels?

10. Financial plan

Your financial projections are the most challenging but arguably the most crucial part of your hotel business plan. In this section, you should include the following:

• Start-up costs. How much money will you need from lenders to operate your hotel? Consider business licenses, furniture, down payments, etc.
• Operating costs . How much money will you need to keep your business running? Consider staffing costs, guest acquisition costs, mortgage payments, utilities, SaaS payments, etc.
• Income statement . What will your revenue, expenses, and profit be over the first 3-5 years of business?
• Cash flow projections . How will cash flow in and out of your business? Show what capital investment you’ll need to start.
• Balance sheet . Identify your assets, liabilities, and equity.

If you’re looking for a potential investor, your financial plan will be the section they care about most. Here, you must prove how your business will provide a return on investment. Don’t forget to include an Appendix that shows more detailed reporting and financial figures.

8 tips for creating an effective plan

1. Start with the section that excites you the most! Covering all the topics outlined above can feel overwhelming, so don’t feel pressured to go in order.

2. Reach out to a business owner you admire. No matter what type of business you’re starting, getting advice from another business owner is always helpful. Reach out to a successful local business owner to see if they’d be willing to share some insights they learned along the way.

3. Be concise. While there’s a lot to cover, you must be concise in each section of your plan. Include any additional research or documentation in the appendix to keep your business plan clean.

4. Try to avoid industry jargon. Depending on what type of investor is reading your plan, they may find jargon irrelevant and distracting.

5. Ensure you have a clear competitive advantage. You should be able to state in one sentence what makes your property unique. This unique selling point (USP) will be prominent in all of your marketing materials.

6. Set SMART goals. Setting specific, measurable, achievable, relevant, and time-bound goals is important to stay organized and on track to reach milestones.

7. Don’t forget about your plan. You will have spent hours developing your plan, so make sure you use it! Reference your plan as you build and grow your business , and remember that it’s ok if things change.

8. Illustrate your passion. Communicate why you want to be a part of the hospitality industry. Passion is contagious and gives investors more confidence that you will work hard to achieve your dreams.

What do you need to start a hotel business?

Ok, so you’ve read through this article and are now wondering — what’s next? Ensure you have the following items on your radar to start your business.

• A vision. Know exactly what kind of business you want to build (a quaint bed and breakfast is very different from a large-scale resort).
• A business plan. Stay on track with a well-developed business plan.
• A location. Decide if you want to build a new property or renovate an existing hotel.
• Capital. Do you need to raise an upfront capital investment? Remember that new businesses usually aren’t profitable for the first few years and will need cash flow to pay for expenses.
• Business licenses & permits. Depending on the type of property and its services, you’ll need an occupancy permit, alcohol license, food service license, sales tax license, etc.
• Technology. Choose technology to help streamline operations and earn more revenue.
• Furniture & equipment. You must furnish your property with the proper furniture, electronics, appliances, etc.
• Staff. Take time hiring staff you can trust and who understand your hotel’s brand and vision.

Final thoughts

Your business plan provides the foundation for your new business and outlines the next steps in the journey. Ensure you fully understand the market and competitive landscape to enter the industry prepared for the future. Start slow and invest in the right people and technology to support the growth of your business.

Looking to start a hotel? Download the technology guide. Download now

About Lana Cook

Lana Cook is a Content Writer at Cloudbeds where she is able to combine her love of writing and passion for travel. She has spent the last few years writing about all things technology and the ways in which it can be used to help businesses thrive. When she’s not busy writing, you can find her checking out the latest movie or searching for a new TV show to binge.

Hotel business plan

You might also be interested in..., infinitely scalable: build your ideal hotel tech stack with a modern platform, what is a booking engine how to increase profitability and direct bookings, hotel crs: what it is and how it helps the bottom line.

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Boutique Hotel Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Hospitality, Travel & Tourism » Hotel

Are you about starting a boutique hotel business? If YES, here’s a complete sample boutique hotel business plan template & feasibility report you can use for FREE.Okay, so we have considered all the requirements for starting a boutique hotel business .

We also took it further by analyzing and drafting a sample boutique hotel marketing plan template backed up by actionable guerrilla marketing ideas for boutique hotels. So let’s proceed to the business planning section. Starting a hotel business is capital intensive and it is considered a long term investment because it will take a while for the owners to break even and start making profit .

It takes a big-time investor to consider starting his or her own hotel business, which is why loads of hotels are owned by groups of investors. One good thing about hotel business is that the business can grow so big that it will not only have active presence in key cities in the country where it started from, but in major cities in all the continents of the world.

It is important to state that hotel operations vary in size, function and cost which is why hotels are classified into different grades (two – star hotel, five – star hotel, seven – star hotel, boutique hotel et al). No doubt you will need a business plan to kick start your boutique hotel business . Writing a business plan to many might come as a herculean task.

This is because of the many technical areas that may likely appear gray. It is for this reason that business plan templates can be drawn from the internet and even from business books, so that you can have an idea of what it is like to draw up a business plan for yourself.

You too can write your own business plan by fixing in the appropriate details of your business after you have gone through the sample boutique hotel business plan template below.

A Sample Boutique Hotel Business Plan Template

1. industry overview.

The Boutique Hotels industry comprises of intimate, luxurious and fashionable hotel environments that feature unique architecture and design . They are also known as lifestyle hotels, villas and wellness hotels. Boutique hotels might offer food and beverage services as well as having restaurants, spas and salons in the premises.

It is important to state that the Boutique Hotels industry does not include chain hotels; nonetheless it does include boutique brands owned by larger hotel groups.

In recent time, the Boutique Hotels industry has experienced steady growth as several consumer trends supported demand for the services offered by boutique hotels. For instance, consumer confidence and spending have both experienced steady increase over the period, allowing rates of both domestic and international travel to increase.

Another consumer trend has been the gravitation toward unique lodging and experience, which establishments in the Boutique Hotels industry offer. Going forward, the Boutique Hotels industry will continue experiencing this robust growth as domestic and non-US resident trips increase.

The Boutique Hotels industry is a thriving sector of the economy of the United States, United Kingdom, France, Italy, and Canada and in most countries of the world. Statistics has it that in the united states of America, the Boutique Hotels industry generates well over $7 billion annually from more than 1,997 registered and licensed boutique hotels scattered all around the United States of America.

The industry is responsible for the employment of well over 60,106 people. Experts project the Boutique Hotels industry to grow at a 5.0 percent annual rate. InterContinental Hotels and Starwood are leaders in this industry; they have the lion share of the available market.

A recent report research conducted by IBISWorld shows that the Boutique Hotels industry has a low-level concentration, with the top four players expected to account for about 33.0 percent of the available market share in 2015. However, albeit lower than chain hotel start-up and operating costs, start-up costs can be prohibitively high.

The report further stated that the Boutique hotels benefit from being able to convert buildings not normally suitable for hotel use, smaller spaces, while using low-cost luxurious materials (e.g. slate instead of imported marble).

Furthermore, independent boutique hotels do not have franchise fees , and some boutique hotels brands offer limited partnerships with investors. On the other hand, capital expenditure remains high. Labor costs are lower for boutique hotels because of their smaller size in relation to chain hotels.

Lastly, the boutique hotel business will continue to blossom because people will always have need to lodge for various reasons especially when they are out of their base. There are rooms for any entrepreneur who is interested in running a boutique hotel business in the United States of America to start in any capacity and still maximize profit in the business.

2. Executive Summary

Safe Havens® Boutique Hotel will be located in a safe and secured environment in the heart of Las Vegas – Nevada, less than 20 – minutes’ drive from McCarran International Airport in Las Vegas – Nevada, and a few minutes’ drive from Mandalay Bay Event Center. We are conveniently located in the worlds headquarter of casinos and games.

Safe Havens® Boutique Hotel believes in the passionate pursuit of excellence and financial success with uncompromising services and integrity which is why we have decided to venture into the hospitality industry by establishing our own boutique hotel.

We are certain that our values will help us drive the business to enviable heights and also help us attract the number of clients that will make our boutique hotel fully booked all through the year.

We are going to be a customer-centric boutique hotel with a service culture that will be deeply rooted in the fabric of our organizational structure and indeed at all levels of the organization. With that, we know that we will be able to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele, partners, and all our employees as well.

Our boutique hotel facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city where it is located. Safe Havens® Boutique Hotel will provide a conducive environment for our customers to take a break from their busy days, and a place where they can find comfort and luxury.

Safe Havens® Boutique Hotel will be equipped with a business center and a VIP lounge, a Fitness room and a self-service laundry which will be made available for resident guests at no extra cost.

We will also install a free Wi-Fi that will enable our guests surf the internet with their laptop in the boutique hotel room free of charge, and there will be wireless access in all the public areas in the hotel; we will also provide mobile phones for loan to business travelers for their convenience so as to enable them stay in – touch with their family members, friends and business partners.

No doubt our business class guest rooms will provide our customers with a warm and comfortable home away from home, large banquet venue as well as Chinese and Intercontinental cuisine. We are set to give our esteemed guests an unforgettable experience whenever they patronize our hotel.

Safe Havens® Boutique Hotel will at all times demonstrate her commitment to sustainability, both individually and as a firm by actively participating in our community and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Safe Havens® Boutique Hotel is owned by Paula Willmott, Harley Willmott and other investors whose names can’t be mentioned in this business plan for obvious reasons. The owners and board members of Safe Havens® Boutique Hotel are big time investors in the hospitality industry.

Paula Willmott has well over 20 years of experience in hotel management and she has a Master’s Degree in Hotel Management. She will be bringing her wealth of experience to the table to make Safe Havens® Boutique Hotel the number one choice in Las Vegas – Nevada.

3. Our Products and Services

Safe Havens® Boutique Hotel is in the Boutique Hotels industry to make profits and we will ensure we go all the way to make available a wide variety of services to our clients.

Safe Havens® Boutique Hotel is set to operate a standard boutique hotel service in Las Vegas, Nevada. The fact that we want to become a force to reckon with in the hospitality industry means that we will provide our guests with fitness room, social room, self-service laundry room and business center; for the purpose of business or leisure and more.

In all that we do, we will ensure that our guests leave with an unforgettable experience that will make them want to come back as well as recommend our boutique hotel to their friends, family members and business partners. We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our product and service offerings are listed below;

• Spa, salon and wellness services
• Meals (Local Delicacies, Chinese cuisines and intercontinental cuisines et al)
• Drinks (wines, beers, distilled spirits, martinis, beverages and non – alcoholic drinks)
• Self – service laundry room
• Business center
• Conference room
• Banquet venue
• Shuttle service

4. Our Mission and Vision Statement

• Our vision is to become one of the leading boutique hotels – brands in Las Vegas – Nevada and all over the United States of America.
• Our mission is to deliver reliable, genuine, caring and excellent services superior to what our competitors can offer in any location where our boutique hotel will be situated and to ensure that our boutique hotel enjoys over 90 percent occupancy in most parts of the calendar year.

Our Business Structure

The success of any business is to a large extent dependent on the business structure of the organization and the people who occupy the available role. Safe Havens® Boutique Hotel will work with a business structure that will give room for employees to explore their creativity, have a sense of belonging and grow through the corporate ladder of the organization.

We will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Hotel Manager
• Human Resources and Admin Manager
• Facility Manager

Professional Caterers (Cooks and Bakers)

Sales and Marketing Manager

• Accountants/Cashiers
• Baristas/Bartenders / Waiters/Waitress

5. Job Roles and Responsibilities

Chief Executive Officer – CEO (Owner)

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

Admin and HR Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities

Hotel Manager:

• Responsible for managing the daily activities in the boutique hotel (kitchen inclusive)
• Ensures that the boutique hotel facility is in tip top shape and conducive enough to welcome customers
• Ensures that the kitchen facility is in tip top shape and conducive enough to prepare meals for different classes of people
• Interfaces with third – party providers (vendors)
• Reports to the Chief Executive Officer
• Attends to Customers complaints and inquiries
• Prepares budget and reports for the organization
• Handles any other duty as assigned by the CEO

Facility/Maintenance Manager

• Responsible for planning and overseeing building work/renovation
• Responsible for allocating and managing space within buildings
• Responsible for managing building maintenance activities
• Responsible for coordinating cleaning, catering and parking services
• Responsible for organizing security and general administrative services
• Ensures that facilities meet government regulations and environmental, health and security standards
• Advises on energy efficiency and cost-effectiveness
• Supervises multi-disciplinary teams of staff including maintenance, grounds and custodial workers
• Prepares all the foods and desserts that are listed in the menu as supervised by the kitchen supervisor
• Responsible for carrying out all casual or unskilled jobs in the kitchen
• Responsible for serving foods
• Handles any other duty as assigned by the manager
• Manages external research and coordinates all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyzes the volumes of transactional data generated by customer purchases
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company

Accountant/Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions
• Responsible for financial forecasting and risks analysis
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

Baristas/Bartenders/Waiters/Waitresses

• Interact with customers; take orders for drinks, food and snacks
• Plan and present bar menu
• Check identification of the guests to make sure they meet age requirements for purchase of alcohol and tobacco products
• Mix ingredients to prepare cocktails and other drinks
• Mix drinks, cocktails and other bar beverages as ordered and in compliance with hotel standard drink recipes
• Assist in the movement of cooking utensils, plates, spoons and other relevant wares
• Promptly attends to customers in a friendly and professional manner
• Ensure that customers order is properly taken and delivered
• Project the image of the organization
• Handle any other duty as assigned by the Chief Operating officer / hotel manager
• Responsible for cleaning the rooms, kitchen facility and all around the hotels at all times
• Responsible for washing cooking utensils, plates, spoons and other relevant wares
• Ensure that toiletries and supplies don’t run out of stock
• Clean both the interior and exterior of the boutique hotel facility
• Handle any other duty as assigned by the hotel manager

6. SWOT Analysis

Our plan of opening our boutique hotel in Las Vegas – Nevada is to test run the business for a period of 3 to 5 years to know if we will invest more money, expand the business and then spread our tentacles all over Nevada and key cities in the United States.

We are quite aware that there are several boutique hotels, hotels and motels all over Las Vegas – Nevada and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be well equipped to confront our threats.

Safe Havens® Boutique Hotel employed the services of an expert HR and Business Analyst with bias in the hospitality industry to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Safe Havens® Boutique Hotel;

Our location, the business model we will be operating, comfortable and safe accommodations, variety of payment options, wide varieties of foods, drinks and desserts and our excellent customer service culture will definitely count as a strong strength for Safe Havens® Boutique Hotel. So also, we have a management team that has what it takes to grow a new business to profitability within record time.

A major weakness that may count against us is the fact that we are a new boutique hotel – business and we don’t have the financial capacity to compete with multi – million dollars’ boutique hotels, hotels and motels et al operating all across the United States of America.

• Opportunities:

We are open to loads of opportunities; we are in one of the cities in the world that never goes to bed, plus the fact that Las Vegas is regarded as the world’s headquarter as far as casino business is concerned.

It means that loads of tourists, business executives and travelers would want to visit Las Vegas and we are well positioned to welcome them because our boutique hotel facility is just about 20-minute drive from McCarran International Airport in Las Vegas, and few minutes’ drive from Mandalay Bay Event Center.

Just like any other business, one of the major threats that we are likely to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new boutique hotel and even chains of hotels in same location where ours is located.

7. MARKET ANALYSIS

• Market Trends

The trend in the hospitality industry is such that there are peak periods and off peak periods, hoteliers know this and they have been able to make provision to properly handle the change in season.

For example, during summer or during any major sporting events or business summit, most hotels in Las Vegas are almost fully booked. As a matter of fact, that is the period that some hotel make the money that will sustain the business for the rest of the year.

Be that as it may, some boutique hotels are well positioned and they enjoy reach patronage all through the 12-calendar months of the year. Another trending feature in the hotel industry is that it is profitable to build your brand and then venture into the sale of franchise if you know you don’t have the capacity to manage various branches of your boutique hotel.

Over and above, hoteliers are quite aware that they not in the industry for quick returns on their investments, but to steadily build a brand that can become a global brand while growing their profits year in year out.

8. Our Target Market

There is hardly any organization who intends sending their staff members on official assignment or individuals or families going on vacation who would not need a place to lodge. Most people that go on vacations or official assignments outside their locations look forward to the hospitality they will get when they lodge in boutique hotels cum hotels.

In view of that, we are in business to offer our boutique hotel services and amenities to the following groups of people and businesses;

• Corporate Executives
• Business People
• Sports Men and Women
• Government Officials
• College Students
• Travelling Agencies
• Event Managers
• Religious Organizations

Our competitive advantage

A close study of the hospitality industry cum boutique hotel industry reveals that the market has become much more intensely competitive over the last decade.

As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiff competition and we are well prepared to compete favorably with other boutique hotels, chains of hotels and motels in and around Las Vegas – Nevada.

Safe Havens® Boutique Hotel is launching a standard boutique hotel that will indeed become the preferred choice of individuals, families and corporate organizations in Las Vegas – Nevada.

Our boutique hotel is located in a safe and secured environment in the heart of Las Vegas – Nevada less than 20 – minute drive from McCarran International Airport in Las Vegas – Nevada, and a few minutes’ drive from Mandalay Bay Event Center.

One thing is certain, we will ensure that we offer comfortable and safe accommodations; variety of payment options, wide varieties of food, drinks and desserts and our excellent customer service culture will definitely count as a strong strength for Safe Havens® Boutique Hotel. So also, we have a management team that has what it takes to grow a new business to profitability within record time.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups boutique hotels) in the Boutique Hotels industry, meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Safe Havens® Boutique Hotel is in the boutique hotel business to service individuals, families and corporate organizations that visit Las Vegas – Nevada. We are in the Boutique Hotels industry to maximize profits and we are going all out to ensure that we achieve or business goals and objectives. In essence, our source of income will be in offering the following services and amenities;

• Meals (Local Delicacies, Chinese cuisines, intercontinental cuisines et al)

10. Sales Forecast

One thing is certain when it comes to boutique hotel services, if your boutique hotel is centrally positioned, you will always attract customers and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Las Vegas – Nevada and we are quite optimistic that we will meet our set target of generating enough income/profit from the first six months of operation and grow the business and our clientele base.

We have been able to critically examine the Boutique Hotels industry; we have analyzed our chances in the industry and have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.

Below are the sales projections for Safe Havens® Boutique Hotel, it is based on the location of our boutique hotel and other factors as it relates to boutique hotel startups in the United States;

• First Fiscal Year-: $450,000
• Second Fiscal Year-: $750,000
• Third Fiscal Year-: $1 million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same amenities and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing a location to open Safe Havens® Boutique Hotel, we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market and become the preferred choice for residents, visitors and corporate organizations all across Las Vegas – Nevada.

We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time. We hired experts who have good understanding of the Boutique Hotels industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Las Vegas – Nevada.

In other to continue to be in business and grow, we must continue to have clients book all our rooms which is why we will go all out to empower or sales and marketing team to deliver. In summary, Safe Havens® Boutique Hotel will adopt the following sales and marketing approach to win customers over;

• Open our boutique hotel in grand style with a party for all
• Introduce our boutique hotel by sending introductory letters alongside our brochure to traveling agencies, corporate organizations, schools, event planners, wedding planners, households and key stakeholders in Las Vegas – Nevada
• Make use of attractive hand bills to create awareness and also to give direction to our boutique hotel facility
• Create different packages for different category of clients in order to work with their budgets and still deliver quality accommodation and services
• Print out fliers and business cards and strategically drop them in sport centers, stadiums, offices, libraries, public facilities and train stations et al.
• Deliver great customer experience to all our clients; making our first impression count positively to those lodging in our boutique hotel for the first time
• Adopt direct mailing coupon marketing approach
• Encourage and reward referral marketing
• Position our signage/flexi banners at strategic places around Las Vegas – Nevada
• Position our greeters to welcome and direct potential customers
• Create a loyalty plan that will enable us reward our regular customers
• Engage in roadshows within our neighborhood to create awareness for our boutique hotel
• Join local chambers of commerce and industry with the aim of networking and marketing our boutique hotel

11. Publicity and Advertising Strategy

Safe Havens® Boutique Hotel has a long term plan of spreading our tentacles all around key cities in the United States which is why we will deliberately build our brand to be well accepted in Las Vegas before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Safe Havens® Boutique Hotel;

• Place adverts on community based newspapers, travel and tour magazines, radio and TV stations
• Encourage the use of word of mouth publicity from our loyal customers
• Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our boutique hotel
• Ensure that our we position our banners and billboards in strategic positions all around Las Vegas – Nevada
• Distribute our fliers and handbills in target areas in and around our neighborhood
• Contact corporate organizations, travel and tour agencies, households, religious centers, schools and event planners et al by calling them up and informing them of Safe Havens® Boutique Hotel and the amenities and services we offer
• Advertise Safe Havens® Boutique Hotel business in our official website and employ strategies that will help us pull traffic to the site
• Brand all our official cars and delivery vans and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals

12. Our Pricing Strategy

Launching a new business is not an easy task especially if you launching a business/idea that is not entirely new from what is obtainable in the location you intend launching it. So, part of our strategy for entering the market is to leverage on pricing in gaining a good percentage of the available market.

Of course, we will attract clients by offering quality lodging and services at rock – bottom prices. A price that probably will be the lowest in the industry.

Although prices for our lodging, foods, drinks and other related services will be lower than what is obtainable in the industry, but it won’t be so for a long time. As a matter of fact, we intend jacking up the prices gradually until it falls at par with what is obtainable in the industry.

We intend achieving this within a year of launching the business. We are aware that there are contracts for long – term lodging by government, corporate organizations or big religious organization; we will ensure that we abide by the bidding pricing template when we bid for such contracts.

• Payment Options

The payment policy adopted by Safe Havens® Boutique Hotel is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Safe Havens® Boutique Hotel will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards/Point of Sale Machines (POS Machines)
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our clients make payment for amenities and services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for booking our boutique hotel.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

The furniture, tools and equipment for furnishing the facility are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a boutique hotel; it might differ in other countries due to the value of their money. These are the key areas where we will spend our start-up capital;

• The total fee for registering the business in the United States of America – $750
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300
• Marketing promotion expenses for the grand opening of Safe Havens® Boutique Hotel in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580
• The cost for hiring Business Consultant – $2,500
• The cost for insurance (general liability, workers’ compensation and property casualty) at a total premium – $2,400
• The cost for acquiring a standard facility and renovating the facility – $250,000
• Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 )
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
• The cost for start-up inventory (beds, mattresses, pillows , furniture, toiletries, beverages, gas cookers, cooking utensils, services wares, food ingredients, raw materials and packaging materials et al) – $80,000
• Storage hardware (bins, rack, shelves, food case) – $3,720
• The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
• The cost for store equipment (cash register, security, ventilation, signage) – $13,750
• The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000
• The cost of launching a website – $600
• The cost for our opening party – $10,000
• Miscellaneous – $10,000

We would need an estimate of $500,000 to successfully set up our boutique hotel in the United States of America. Please note that this amount includes the salaries of all the staff for the first month of operation and the amount could be more or less.

Generating Funds/Startup Capital for Safe Havens® Boutique Hotel

Safe Havens® Boutique Hotel is a business that is owned and financed by Paula Willmott, Harley Willmott and other investors. They do not intend to welcome more business partners which is why they have decided to restrict the sourcing of the start-up capital to 3 major sources. These are the areas we intend to generate our start – up capital from;

• Generate part of the start-up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B:  We have been able to generate about $200,000 ( Personal savings $150,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business would close shop.

One of our major goals of starting Safe Havens® Boutique Hotel is to build a business that will survive off its own cash flow without need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our services and amenities a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Safe Havens® Boutique Hotel will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the Boutique Hotels industry; and they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check: Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the boutique hotel facility: In Progress
• Conducting feasibility studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging, Marketing/Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the needed kitchen and serving wares, furniture, beddings, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party/launching party planning: In Progress
• Compilation of our list of rooms and (menu) that will be available in our boutique hotel: Completed
• Establishing business relationship with vendors – suppliers of flours/breads, meat, cooking ingredients, coffees and soft drinks, corporate organizations and travel and tour agencies – In Progress

Related Posts:

• Hotel Business Plan [Sample Template]
• Travel Agency Business Plan [Sample Template]
• Hotel Business Plan SWOT Analysis
• Boutique Hotel Business Plan SWOT Analysis
• 7 Best States to Start a Hotel Business

Boutique Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their boutiques. On this page, we will first give you some background information regarding the importance of business planning. We will then go through a boutique business plan template step-by-step so that you can create your plan today.

Download our Ultimate Business Plan Template here

What Is a Boutique Business Plan?

A business plan provides a snapshot of your boutique as it stands today and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Boutique Business Plan

If you’re looking to start a boutique business or grow your existing boutique, you need a business plan. A business plan will help you raise funding, if required, and plan out the growth of your boutique to improve your chances of success. Your boutique business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Boutique Businesses

Regarding funding, the primary sources of funding for a boutique business are bank loans and angel investors. Regarding bank loans, banks will want to review your business plan and gain confidence that you will repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a boutique is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan.

Venture capitalists will not fund a boutique business. They might consider funding a chain, but never an individual location. This is because most venture capitalists look for millions of dollars in return when they invest, and an individual location could rarely achieve such results.

Finish Your Business Plan Today!

Below is a boutique business plan example outline. It should include the following 10 sections:

Executive Summary

Your executive summary provides an introduction to your business plan. Still, it is usually the last section you write because it allows for an overview of each critical section of your plan.

The goal of your Executive Summary is to engage the reader quickly. Explain to them the type of boutique you are operating and the status; for example, are you a startup, do you have a boutique business that you would like to grow, or are you operating a chain of boutiques.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the boutique industry. Discuss the type of boutique store you are operating. Detail your direct competitors. Give a summary of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of boutique business you are operating.

For example, you might operate a boutique focused on:

• High-End Fashion
• Sports/Athletic Clothing
• Kids Clothing
• Wedding Dresses
• Hip Hop Clothing

In addition to explaining the type of boutique business you operate, the Company Analysis section of your boutique business plan needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new store openings, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the boutique business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the boutique industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy, particularly if your research identifies market trends. For example, if there were a trend towards local boutique businesses with online counterparts, it would be helpful to ensure your plan calls for a significant online presence.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your boutique business plan:

• How big is the boutique business (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in your local market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your boutique. You can extrapolate such a figure by assessing the size of your niche’s market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your clothing boutique business plan must detail the customers you serve and/or expect to benefit.

The following are examples of customer segments: college students, sports enthusiasts, soccer moms, techies, teens, baby boomers, etc.

As you can imagine, the customer segment(s) you choose will greatly impact the type of boutique business you operate. Clearly, baby boomers would want a different atmosphere, pricing, and product options and would respond to other marketing promotions than teens.

Try to break out your target customers in terms of their demographic and psychographic profiles. Regarding demographics, include a discussion of the ages, genders, locations, and income levels of the customers you seek to serve. Because most boutique businesses primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will attract and retain your customers.

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other boutique businesses. They are most likely local businesses that sell similar items to you.

Indirect competitors are other options that customers have to purchase from you that aren’t direct competitors. You most likely will have online competitors; companies that sell the same or similar items to you, but which operate online.

For each direct competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What products do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. Look at review websites to gain this information.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior products or services?
• Will you provide products that your competitors don’t?
• Will you make it easier or faster for customers to acquire your products?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a clothing boutique business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of boutique you documented in your Company Analysis. Then, detail the specific products you will be offering.

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the items you offer and their prices.

Place : Place refers to the location of your boutique business. Document your location and mention how the location will impact your success. For example, is your boutique business located next to a heavily populated office building, or gym, etc. Discuss how your location might provide a steady stream of customers. Also, if you operate or plan to operate kiosks, detail the locations where the kiosks will be placed.

Promotions : the final part of your boutique business marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Making your storefront extra appealing to attract passing customers
• Social media marketing
• Search engine optimization
• Advertising in local papers and magazines
• Reaching out to local bloggers and websites
• Local radio advertising
• Banner ads at local venues

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your boutique business such as serving customers, procuring inventory, keeping the boutique clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.  

Management Team

To demonstrate your boutique business’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in the boutique business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in boutique businesses and/or successfully running a boutique and small businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 25 customers per day or 100? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $200,000 on building out your boutique business, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, you may need to purchase inventories now that you can’t sell (and get paid for) for several months. During those months, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a boutique business:

• Location build-out including design fees, construction, etc.
• Cost of fixtures
• Cost of initial inventory
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your boutique’s design blueprint or location lease.   Boutique Business Plan Summary Putting together a business plan for your boutique business (or an online boutique business plan) is a worthwhile endeavor. If you follow the boutique business plan example template above, by the time you are done, you will truly be an expert. You will really understand the boutique business, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful boutique store.  

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Home » Hospitality

How to Start a Boutique Hotel [Business Plan]

A boutique hotel is a smaller, upscale, luxury hotel with less than 100 rooms that offers a distinct personality, intimate experience, and personalized service. Generally, boutique hotels tend to be located in trendy neighborhoods in large cities, have luxury amenities, and have unique, modern designs.

The market size of the boutique hotel industry in the United States was forecast to reach 12.39 billion U.S. dollars, following a drop in 2020 due to reductions in travel during the coronavirus pandemic.

According to Fortune Business Insights™, the global luxury hotel market size is projected to reach USD 238.49 billion by 2028, exhibiting a CAGR of 10.4% during the forecast period. The report also states that the market value stood at USD 93.43 billion in 2020.

Steps on How to Start a Boutique Hotel Business

Conduct market research.

Conducting market research before starting any business is key to the success of the business hence you must not start a boutique hotel business without conducting market research. Market research provides critical information about your market and your business landscape.

It can tell you how your business is perceived by the target customers you want to reach. It can help you determine who and where your customers are, and which customers are most likely to do business with you. Thorough market research will help you understand how your target customers think and adapt to their needs to turn them into regular customers and brand advocates.

a. Who is the Target Market for Boutique Hotel Business?

• Celebrities and artists
• Expatriates
• International businessmen and women

b. Is Boutique Hotel Business a Profitable Business?

Yes, the boutique hotel business is quite profitable. In the United States, the industry is projected to be worth $12.39 billion.

c. Are There Existing Niches in the Industry?

No, there are no existing niches when it comes to the boutique hotel business because a boutique hotel is a niche idea in the hotel industry.

d. Who are the Major Competitors?

• The Inn & Club at Harbour Town – The Sea Pines Resort
• The Little Nell
• The Spectator Hotel
• The Jefferson, Washington, DC
• French Quarter Inn
• The Chatwal, a Luxury Collection Hotel, New York City
• Stephanie Inn
• Wentworth Mansion
• The Inn at Little Washington
• Montage Laguna Beach
• The Lowell Hotel New York
• The Inn of the Five Graces
• Williamsburg Inn
• Solage, Auberge Resorts Collection
• The Canyon Suites at The Phoenician, A Luxury Collection
• Mayflower Inn & Spa, Auberge Resorts Collection
• HarbourView Inn
• Hotel Jerome, Auberge Resorts Collection
• Auberge Du Soleil
• The Rittenhouse.

e. Are There County or State Regulations or Zoning Laws for Boutique Hotel Business?

Yes, and zoning laws require boutique hotel operators to follow specific rules and regulations, including some that apply only to players in the industry. Please note that in many communities, zoning laws require boutique hotels to apply for a permit from the city.

This application process allows the city’s zoning department to determine whether the boutique hotel meets the zoning rules for the community. Permits also ensure that all boutique hotels are properly licensed by county or state agencies.

f. Is There a Franchise for Boutique Hotel Business?

Yes, there are franchise opportunities for the boutique hotel business. Here are some of them;

• Curio by Hilton (initial investment of between £2,960,000 and £76,820,500)
• Master Hosts Inns (Initial Investment – $1,376,100)
• Hotel Indigo by IHG (invest between £13,142,000 and £29,388,00)
• Red Roof Inn (Initial Investment – $195,500 – $5,099,000)
• Hilton Garden Inn (Initial Investment – $12,058,450 – $23,182,650)
• Baymont Inn (Initial Investment – $214,679 – $6,918,952)
• Ascend Hotel Collection (Single Unit Total Investment – $133,950.00 to $1,697,199.00)
• Candlewood Suites (Initial Investment – $8,951,340 – $12,256,515)
• Staybridge Suites (Initial Investment – $11,211,090 – $15,396,430)
• Park Inns & Suites (Initial Investment – $1,682,240-$4,753,320)

g. What Do You Need to Start Boutique Hotel Business?

• A Feasibility Report
• Business and Marketing Plans
• Business Licenses and Permits
• A well-designed, well-furnished, well-equipped, and construction facility
• EIN (Employer Identification Number) / Federal Tax ID Number.
• A Corporate Bank Account
• Startup Capital

Choose a Memorable Business Name

When looking to start a business, before you can begin to file the necessary documents with the constituted authorities or start your website, it is necessary that you come up with a name that you will be recognized with. It is essential that the name you come up with can easily be pronounced, is unique and easily memorable.

Some of the catchy business name ideas suitable for a boutique hotel business are;

Creative Boutique Hotel Business Name ideas

• Red Roof® Boutique Hotel, Inc.
• Barrow Villas® Boutique hotel, LLC
• House Top© Boutique Hotel, Inc.
• Grace Inn® Boutique Hotel, Inc.
• Lugard Lodge™ Boutique Hotel, Inc.
• Harmony Lodge™ Boutique Hotel, LLC.
• Sharon Inn© Boutique Hotel, LLC
• Rose and Raul® Boutique Hotel, Inc.
• Lilly Villas© Boutique Hotel, Inc.
• Nevada Inns© Boutique Hotel, Inc.
• Purple by Mack® Boutique Hotel, LLC
• Golden Heritage® Boutique Hotel, LLC
• Tony Martins™ Boutique Hotel, LLC
• Clara Davidson© Boutique Hotel, Inc.
• Rainbow Inn® Boutique Hotel, Inc.
• RR Inn™ Boutique Hotel, Inc.
• Rosette Inn™ Boutique Hotel, Inc.
• Shavonne Inn© Boutique Hotel, Inc.
• Ocean View® Boutique Hotel, LLC
• Mountain View™ Boutique Hotel, Inc.

Register Your Business

A. what type of business structure is best for boutique hotel business.

The truth is that you have several options when it comes to the business structure of a boutique hotel business, but the one that most players in this line of business consider is an LLC. It is common to consider an LLC because providers want to protect themselves from lawsuits.

Please note that an LLC will need an EIN if it has employees or if it will be required to file any of the excise tax forms listed below.

b. Steps to Form an LLC

• Choose a Name for Your LLC.
• File Articles of Organization.
• Choose a registered agent.
• Decide on member vs. manager management.
• Create an LLC operating agreement.
• Comply with other tax and regulatory requirements.
• File annual reports.

c. What Type of License is Needed to Start Boutique Hotel Business?

• General Business License
• Zonal Permits
• Signage Permit
• Operational State Facility Inspections

d. What Type of Certification is Needed to Start Boutique Hotel Business?

In reality, you don’t need any special certification to start a boutique hotel business.

e. What Documents are Needed to Start Boutique Hotel Business?

• Business and liability insurance
• Federal Tax Payer’s ID
• State Permit and Building Approval
• Certificate of Incorporation
• Business License
• Business Plan
• Employment Agreement (offer letters)
• Operating Agreement for LLCs
• Insurance Policy
• Online Terms of Use
• Online Privacy Policy Document
• Contract Document
• Company Bylaws
• Memorandum of Understanding (MoU)

f. Do You Need a Trademark, Copyright, or Patent?

If you are considering starting a boutique hotel business, usually you may not have any need to file for intellectual property protection or trademark. This is so because the nature of the business makes it possible for you to successfully run it without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.

Cost Analysis and Budgeting

A. how much does it cost to start boutique hotel business.

The cost required to start a boutique hotel business may vary significantly, but on average, you can budget over a million dollars to start your boutique hotel business.

b. What are the Costs Involved in Starting a Boutique Hotel Business?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $7,300.
• Marketing, Branding, and Promotions – $5,000.
• Business Consultant Fee – $7,500.
• Insurance – $5,400.
• A well-designed, well-furnished, and well-equipped facility – $3 million
• Other start-up expenses include commercial satellite TV subscriptions, and phone and utility deposits ($2,800).
• Operational Cost (salaries of employees, payments of bills et al) – $60,000
• Start-up inventory – $55,000
• Counter area equipment (countertop, sink, ice machine, etc.) – $29,500
• Store Equipment (cash register, security, ventilation, signage) – $14,750
• Website: $1,500
• Opening party: $10,000
• Miscellaneous: $20,000

c. What Factors Determine the Cost of Starting Boutique Hotel Business?

• The size of the boutique hotel business
• The choice of locations
• The required licenses and permits
• The type of facilities (rental or owned)
• The type of additional services offerings
• The cost of hiring and paying a business consultant and attorney
• The cost for branding, promotion, and marketing of the boutique hotel business
• The cost of furnishing and equipping the boutique hotel
• The cost of insurance policy covers
• The cost of registering the business
• Cost of recruiting and training your staff
• The cost for the purchase and customizing of uniforms
• The cost for the grand opening of the boutique hotel business

d. Do You Need to Build a Facility? If YES, How Much Will It Cost?

Ideally, you build a new facility for your boutique hotel business and it will cost you several million dollars depending on the number of rooms, type of facility, and the location.

e. What are the Ongoing Expenses of Boutique Hotel Business?

• Cost of stocking up supplies such as toiletries, beddings, towels, drinks, water, and food ingredients
• Utility bills (gas, internet, phone bills, signage and sewage et al)
• Maintenance of facility
• Salaries of employees

f. What is the Average Salary of your Staff?

• Chief Executive Officer (Owner) – $75,000 per year
• Hotel Manager – $38,000 per year
• Accountant/Cashier – $35,0000
• Marketing and Sales Officer – $35,000 per year
• Attendants (Staff like House Keepers, Concierge, Cook, and Hostess) (5) – $35,000 per year
• Cleaners – $25,000 per year
• Security Officers – $24,150 per year

g. How Do You Get Funding to Start Boutique Hotel Business?

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Source for soft loans from your family members and friends.

Write a Business Plan

A. executive summary.

House Nation© Boutique Hotel, Inc. is a luxurious home base for leisure travelers. Our lobby is lavish yet homey, complete with a fireplace and cozy furniture, and upon entering, guests are greeted with complimentary champagne.

The spacious guest rooms are equally as comfortable with features such as carved beds, 40-inch flat-screen TVs, Blu-ray DVD players, free wireless internet, and a private veranda (in some rooms). Additionally, House Nation© Boutique Hotel, Inc. offers complimentary breakfast and a variety of free snacks (like a bedtime plate of cookies and milk) throughout the day.

Our accommodations also come equipped with minifridges, coffee makers, complimentary Wi-Fi access, and personal butlers. House Nation© Boutique hotel, Inc. will ensure that all our properties meet international standards.

b. Products and Service

• Spa, salon, and wellness services
• Meals (local delicacies, Chinese cuisines, and intercontinental cuisines et al)
• Drinks (wines, beers, distilled spirits, martinis, beverages, and non–alcoholic drinks)
• Self–service laundry room
• Business center
• Conference room
• Banquet venue
• Shuttle service

c. Mission Statement

Our mission is to establish a boutique hotel business that will provide top-notch and safe luxury lodgings to both individual and corporate clients in the United States.

Vision Statement

Our vision is to establish a standard boutique hotel business that will be become one of the leading brands in the industry in the whole of New York, and also to be amongst the top 20 boutique hotels in the United States of America within the first 20 years of operation.

d. Goals and Objectives

The goals and objectives of a boutique hotel business are to provide a smaller, upscale, luxury hotel that offers a distinct personality, intimate experience, and personalized service to clients.

e. Organizational Structure

• Chief Executive Officer (Owner)
• Hotel Manager
• Accountant/Cashier
• Marketing and Sales Officer
• Attendants (Staff like House Keepers, Concierge, Cook, and Hostess) (5)
• Security Officers

Marketing Plan

A. swot analysis.

• Ideal Location for a boutique hotel
• Highly Experienced and Qualified Employees and Management
• Excellent facility
• Top-notch customer services and experience
• Financial constraints may restrict the business from building new facilities in key cities
• A new business that will be competing with well-established hotels and other players in the industry.
• Inability to retain our highly experienced and qualified employees longer than we want during the teething stage of the business.

Opportunities:

• A rise in the number of travelers
• Unique and customized services will push people to choose boutique hotels over regular hotels
• Online market, new services, new technology, and of course the starting of new markets.
• The arrival of new boutique hotels within our market space
• Low demand during the pandemic will reduce industry profitability.
• Economic uncertainty
• Liability problems
• The government could change its regulatory status and decide to enforce strict regulations that can strangulate new businesses like ours.

b. How Do Boutique Hotels Make Money?

Boutique hotels make money by renting out smaller, upscale, luxury hotel rooms that offer a distinct personality, intimate experience, and personalized service to clients.

c. Payment Options

• Payment via bank transfer
• Payment with cash
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer

d. Sales & Advertising Strategies

• Introduce your boutique hotel business by sending introductory letters alongside your brochure to corporate organizations, travel and tour agencies, and other key stakeholders throughout the city where your boutique hotel business is located.
• Advertise on the internet on blogs and forums, and also on social media like Twitter, Facebook, LinkedIn to get your message across
• Create a basic website for your business to give your business an online presence
• Directly market your boutique hotel
• Advertise our business in travel and tours\ magazines, community-based newspapers, local TV and radio stations
• List your business on yellow pages ads (local directories)
• Encourage the use of word-of-mouth marketing (referrals)

Financial Projection

A. how much should you charge for your product/service.

The amount boutique hotels charge their clients depends on the type of facility, the number of days the client wants to lodge and of course, the services rendered. However, boutique hotels charge between $520 to $2,000 per night.

b. How Much Profit Do Boutique hotel business Owners Make a Year?

It depends, but the available report shows that on average, within the industry, a small to medium-sized boutique hotel business owner can earn anywhere from $60,000 to $200,000 and more in personal income for the boutique hotel business owner.

c. What Factors Determine the Amount of Profit to Be Made?

• The capacity of the boutique hotel business
• The types of additional services offered
• The locations of the boutique hotel business
• The management style of the boutique hotel business
• The business approach of the boutique hotel business
• The advertising and marketing strategies adopted by the boutique hotel business.
• The number of years the boutique hotel is in business

d. What is the Profit Margin of a Boutique Hotel Business Product/Service?

The profit margin of a boutique hotel business is not fixed. It could range from 4.5 percent to 15 percent depending on some unique factors.

e. What is the Sales Forecast?

Below is the sales forecast for a boutique hotel business. It is based on the location of the business and other factors as it relates to such startups in the United States;

• First Fiscal Year (FY1): $1.2 million
• Second Fiscal Year (FY2): $2.4 million
• Third Fiscal Year (FY3): $5.2 million

Set Up your Office

A. how do you choose a perfect location for boutique hotel business.

• The demography of the location especially as it relates to people who travel and lodge regularly
• Accessibility of the location
• The number of boutique hotels and regular hotels in the location
• The local laws and regulations in the community/state
• Traffic, parking and security et al

b. What State and City are Best to Start a Boutique Hotel Business?

• Las Vegas, Nevada
• Los Angeles, California
• Miami, Florida
• Dallas, Texas
• Silver Spring, Maryland
• Rowland Heights, California
• Portland, Oregon
• Oak Lawn, Illinois
• Charleston, South Carolina
• New York City, New York

c. What Equipment is Needed to Operate a Boutique Hotel Business?

• Furniture and Home Appliances
• Gym and Spa Equipment
• Booking software
• Computers and laptops
• Fax machine.

Hire Employees

When it comes to hiring employees for a standard boutique hotel business, you should make plans to hire a competent chief executive officer (you can occupy this position), hotel manager, accountant, attendants (staff like housekeepers, concierge, cook, and hostess), cleaners and security guards.

Launch the Business Proper

In recent times, no boutique hotel business opens its door for business without first organizing an opening party to officially launch the business. You can choose to do a soft opening or you can go for a grand opening party,\. The bottom line is that with a proper launching of the boutique hotel business, you will officially inform people in your city that your boutique hotel is open for business.

a. What Makes Boutique Hotel Business Successful?

• Choose good locations and standard facilities to launch the business
• Make sure your partner with key stakeholders and offer a wide range of services (give your customers options)
• Throw an open house grand party before officially starting the boutique hotel business
• Be deliberate with your marketing sales approach
• Encourage the use of word of mouth to promote your boutique hotel business
• Leverage all available online and offline platforms to promote your boutique hotel business

b. What Happens During a Typical Day at a Boutique Hotel Business?

• The business is open for the day
• All the rooms are cleaned and ready to welcome guests
• Guests are welcomed and ushered to their rooms
• Administrative work is done concurrently
• The cooks and other staff members execute their job description
• Stocking of toiletries, cooking ingredients, and other supplies is done
• Maintenance of the properties is carried out when due
• The facility is administratively closed for the day.

c. What Skills and Experience Do You Need to Build Boutique Hotel Business?

• Excellent facility management skills
• Excellent customer services skills
• Interpersonal skill
• Accounting and bookkeeping skills
• Business management skills
• Bargaining skill
• Work experience in the hotel and resort industry
• Experience in managing people
• Experience in business administration
• Experience in handling different types of booking software.

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Things to Consider Before Writing a Hotel Business Plan

Select a good location.

An accessible and well-located hotel is much more likely to work than one that is situated otherwise. Also, the neighborhood you set up your hotel in matters a lot too. Hence, it is important to choose the right size of land and locality to set up your hotel.

Find good suppliers

From laundry, and housekeeping to the right ingredients for the restaurant,  there are several supplies a hotel needs. And to satisfy your customers, it is essential to get the best of everything. After all, the reputation and image of your hotel matter a lot when it comes to running a hotel business.

Know your financial requirements

A hotel has several financial requirements from location to installation of appliances, furniture, decor, and salaries of employees. This also makes for a complex financial structure. Hence, it is good to figure out and keep an account of all your financial needs before getting started.

Find your USP

In the mass of industry giants and small businesses that exist in the business, it is important to have something that helps you stand apart from everyone else. From theme-based decor to additional services and ventures, your USP can be anything. But make sure that you find one before you get up and running.

Chalking Out your Business Plan

If you are planning to start a new hotel business, the first thing you will need is a business plan. Use our sample hotel business plan created using upmetrics business plan software to start writing your business plan in no time.

Before you start writing a business plan for your new hotel business, spend as much time as you can reading through some samples of hotel and lodging-related business plans .

Reading some sample business plans will give you a good idea of what you’re aiming for, and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample Hotel Business Plan for you to get a good idea about what a perfect hotel business plan should look like and what details you will need to include in your stunning business plan.

Hotel Business Plan Outline

This is the standard hotel business plan outline which will cover all important sections that you should include in your business plan.

• Business Overview
• Mission Statement
• Location and Facility
• Steve Cowan
• Key Advisors to the Company
• Economic Environment
• Geographical/Competitive Environment
• Legal/Political Environment
• Technology Environment
• High Line ($139-$750 per night, depending upon season)
• Motel ($59-$119 per night, depending upon season)
• Bed & Breakfast (B&B)
• Summary of Opportunities and Threats in the Environment
• Competitive Advantage
• Industry Keys to Success
• SWOT Analysis
• Marketing Strategies
• Target Markets – Consumer
• Positioning and Product Strategy
• Distribution Strategy
• Pricing Strategy
• Service and Support Philosophy
• New Business Segment
• Publicity and Public Relations
• Guest Reward Programs
• Advertising
• Marketing and Promotion Budget
• Evaluation & Control Strategies
• Project Funding Summary
• Phase 1 Funding Amounts Sought
• Financial Plan Assumptions
• Income Statement Projections
• Balance Sheet
• Cash Flow Projections

After getting started with Upmetrics , you can copy this sample hotel business plan template into your business plan and modify the required information and download your hotel business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Download a sample hotel business plan

Need help writing your business plan from scratch? Here you go;  download our free hotel business plan pdf  to start.

It’s a modern business plan template specifically designed for your hotel business. Use the example business plan as a guide for writing your own.

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How to Start a Hotel Business

For many people, it is a dream to open their own  boutique hotel or luxury bed and breakfast, but the big question is how to start a hotel business? Opening a boutique hotel business , just like any new company, is more difficult than it might seem at first sight.

Particularly if you have never worked in the international hotel industry, you will be faced with many things you might have not considered or imagined before. The hotel business is highly competitive and achieving good financial results is not as easy as it seems.

In my experience at XOTELS – Hotel Revenue Management Consulting in dealing with entrepreneurs and investors, I have found that there is no shortage of creative ideas for innovative hotel concepts. The challenge, however, lies more in the strategic and organizational areas of the business.

The Hotel Dream… Where it all Starts

Where to get started with opening your own hotel? What kind of hotel should it be? How does location influence my business? How to attract guests? How to control operational costs and run a profitable business? These are all crucial questions that should be dealt with prior to getting into the business.

In this article, we will discuss tips on starting your own hotel:

• What it takes to be a Hotel Manager – Skillset

Experience Vs No Experience

Strategy & execution.

• Hotel Market Size and Opportunities

Hotel Segment Opportunities

External factors in the hotel industry.

• Independent vs Franchise
• 11 Steps for Starting a Boutique Hotel
• Opening a Hotel Business From Start to Finish

What it Takes to be a Hotel Manager – The Skillset

The stereotype is clear: many hours of hard work when everybody else is off…

Everything is true, and even more when you’re in charge of a hotel. So, why might anyone want to open a new hotel? There is only one answer to this question: it is because we love it. It is definitely one of the most rewarding jobs when it comes creating moments that will make people happy.

What does this mean for someone who wants to open a hotel? Although you might not be in direct contact with guests for most of the time (depending on the type hotel you choose), there are certain personality traits that will help you open a hotel business. We consider the following characteristics to be of great help:

• Guest first mentality & proactiveness, meaning always thinking of how the guest feels around your hotel and what can be done about it to improve their experience. Either taking action (according to feedback or your own observance) before service failure occurs will greatly improve guest satisfaction and therefore resulting in higher review scores.
• Open minded to feedback. Becoming a great hotel does not happen overnight. Adapting and evolving according to feedback comes before everything else in this process. Guests can always bring out points of improvement, and acting on it will definitely put you ahead of the game. Just think how many times you have been able to make suggestions to hotel staff/owners, making the real question how effectively you will be dealing with the comments.
• Proactive, taking actions proactively will prevent your hotel and staff performance from getting sidetracked. Of course, following KPIs (key performance indicators) will give you some degree of insight, but stepping beyond and letting your creativity help drive revenue and guest experience will enable your hotel to be successful.
• Perseverance. Hospitality is not always the easiest industry to work in, especially when times get though. However, with the right amount of perseverance you will be able to pull through and enjoy the fruits of your labor.
• Multi-tasking. Being a jack of all trades and a good multitasker definitely helps in following the many different processes happening around the hotel. One second you might be doing administrative work – the other – helping out with housekeeping getting rooms ready for the next arrivals.
• Communication, being able to communicate your goals and how the hotel is performing is crucial to the development of your business. Involving your staff with the right communication puts everyone on the same page: the one for success.

Having hospitality experience prior to opening a hotel can definitely put you a step ahead. The speed and effectiveness with which you will build your concept will likely coincide with the level of your industry know-how. Below we will give you some examples of where you might face challenges.

Skill Sets Explained

General knowledge.

Knowing the service standards might be the most important of general hospitality knowledge. Without this knowledge, it will be difficult to maintain standards and motivate staff to improve their overall performance.

Room Division Experience

Running front of the house can be challenging even for the more seasoned hospitality professionals mainly due to the myriad of processes running all at the same time. Other issues can occur with the alignment of services between other departments such as F&B.

F&B Experience

If you do not have any prior experience in developing and running the F&B side of a hotel, we advise you to be careful with extensive F&B concepts, avoiding risks such as:

• Etiquettes can certainly be learned, but often work differently in practice. Learning what works well and what can be applied can be quite tricky.
• Food and service standards. Running a professional kitchen is totally different from anything you might have seen before. Putting out quality food requires well thought through menus and efficient workflows to ensure speed of service is maintained whilst delivering quality dishes.
• Purchasing, maintaining consistent food quality while keeping food-cost low will be challenging without prior knowledge of handling, preparation, and storage of food in a professional kitchen.
• Concept development covers not only how your hotel will look like, but also how services and facilities align with the operational logistics in the hotel. Making any mistakes here could cost you money, time and loss of operational efficiency.

Revenue Management Experience

Essential to any hotel opening is a solid revenue management strategy. At the core of any successful pre-opening phase are well-thought-through elements of product pricing and positioning such as:

• Room type strategy (e.g. supplement strategy, promoting differentiation between rooms)
• Distribution (e.g. contracting online travel agents, channel mapping in your PMS)
• Competitive positioning (how do you competitively price yourself in the market, evaluating your value-add and weighing it against your competitors)
• Promotions (when and what kind of promotions will you run, including negotiation and contracting of partners)

Consider if you are capable of developing and executing revenue management strategies and operations. Missing any of the above elements of managing revenue will guarantee a loss of revenue opportunities directly impacting your cash flow.

Marketing Experience

Coming up with a marketing strategy might look simple, but coming up with something exceptional is a different story. If you do not have the needed experience you might lack essential points in your marketing plan causing a significant loss of business opportunity . Also, do you have your planning front of mind? Launching a new hotel requires some serious time to plan, with particular activities that should be on the way one or two years ahead of the opening date, such as the website and distribution contracting.

Any of the above gaps in experience can be filled in by outsourcing the development and support of hotel opening and management services. The most important is to understand exactly where you might be lacking background knowledge to reach a solid business plan and execution.

What Does It Take To Open a Hotel Business?

Becoming a great hotel goes beyond just offering great facilities and service. Everything needs to be aimed towards providing guests something special and creating unique experiences.

How to Start a Hotel Business? 5 Steps for Success

First, it is important to settle on the points you really want to stand out. Here it is all about the quality and differentiation of your facilities, staff and service, technological features, and more…

Following the below steps will help you settle on your decision.

Customer Centered Services

Guests crave unique experiences and expectations keep on rising. Offerings should facilitate customer experiences helping you to stand out from the crowd. Think ahead what features and activities can be implemented to excel in your service delivery. Great moments to interact with guests can be simple, such as time for guests to enjoy a complimentary drink and snack on the house.

Another point to consider is how you will be personalizing the way your services are delivered and products are presented through marketing. Customer loyalty is dependent on the way products are marketed towards customers’ needs, with 25% of consumers (Netimperative) indicating to be more loyal to a travel brand that shows an understanding of their needs through marketing.

This is equally important to how services delivery takes place, as customers are open to switching to their choice if they find services better catering to their needs (80% of consumers, Qubit).

We cover this further in our hotel trends article diving deeper into personalization in hospitality.

Tailoring your facilities to the needs and wants of your target group will be essential. A great example of this are business travellers, who require work related amenities to get their job done. Aim to apply the same thought process behind how your hotel’s public areas and rooms can be decked out with essential features ready to be marketed towards this segment.

Where you choose to locate your property has proven to be critical in the way your hotel can be positioned in the market, and how guests can be drawn to book your hotel. Exactly what will be driving your demand?

• Area features: bars, restaurants, shopping districts
• Transportation: connectivity to any major traffic arteries, train stations, airports, subway stations, bicycle routes etc.
• Other demand generators: proximity to a business area, tourist attractions, industrial park, universities

Besides demand driving factors, you should think about:

• How does the location fit your concept / does it complement your idea of what the hotel should radiate to your target audience
• Can I add something new to the market in this location – or – is there already a similar concept next door

Learn everything you need to know on this topic in our article about hotel site selection .

Maximize Your Hotel Revenue

Uncover the hidden revenue potential of your hotel or resort.

Many hoteliers underestimate how much planning and thought should be going into your hotel opening. Making sure you have planned enough time to think everything through, covering every single thing you can possibly think of will give you a competitive advantage.

Developing Your Concept and Design

Coming up with an idea solely relying on your instinct and personal design preference would be a mistake. So what should you consider?

Hotel Market Size & Opportunities

Despite it being a tough year for the hospitality industry, hotel project development and openings continue to unfold all across the globe, with stunning 775 hotels and 147,316 rooms planned to open for the second half of 2020 ( Tophotelprojects, 2020 ).

Opportunities will always continue to linger around the corner. Not knowing when we recover might be a difficult variable to consider, but we know recovery lies somewhere around the road ahead. Considering the significant amount of time it takes to open a hotel, and emerging opportunities due to Covid-19, we think it is still the right time to open a new hotel.

When it comes to favourable circumstances, we could definitely name a few:

• More room in the job market, making it easier to procure qualified staff. Something that before the crises could not be taking for granted
• Closures of competition, sadly, many hotels businesses have had to pull the plug. This means less competition in a market which was previously getting highly competitive in specific markets.
• Subsequently, this means there are real estate deals out there, ready to be picked up for new hotels to step in

Much can be gained when diving thoroughly into opportunities that segmentation provides. Be as specific as possible. You should really want to be aware of which hotel market segments can drive revenue in fine detail as far ahead of opening as possible. With this knowledge, you can focus marketing and sales efforts specifically towards these segments. Without any understanding of these groups, it will be hard to create appealing offers.

With proper hotel segmentation you will be able to:

• Increase attractability across each segment with a focussed approach and initiatives for each group
• Measuring per segment leads to more actionable insights
• More historic data will be available for trend analysis in the future

Hospitality is typically one of the first industries to be impacted by macro economic factors. Considering how the following external factors could be affecting the market is therefore vital:

• Domestic travel, whether larger or smaller markets, domestic travel can contribute highly to your performance. Keep an eye on how your market is performing by looking into pulling data from your municipality as well as market data that can be provided by OTAs .
• The same applies to Non-domestic travel. Be aware of your largest feeder markets/countries of which you will be relying on.
• GDP, historically, hotel demand and GDP go hand in hand showing a strong correlation between the two metrics.
• Consumer Confidence Index, describes the optimism on the economy expressed through activities of savings and spending by consumers.

The best places to find travel statistics are your municipality/regional databases as well as OTAs, which also have an abundance of data at their disposal when it comes to feeder markets.

Independent Hotels vs Franchised Hotels

Perhaps one of the biggest questions to be answered..

We believe in the power of independent hotels, more freedom to create a hotel to your liking, less restrictions, and far lower cost not having to pay to the franchise owner.

Still considering to go for a franchise? Be prepared to add the following fees to your budget:

• Initial fee
• Royalty fees
• Marketing fee
• Sales reservation fees
• Loyalty / frequent traveller programs fees
• Miscellaneous fees

Streamline Your Hotel Operations

We guide hotels and resorts toward unparalleled success, positioning them as market leaders.

Pulling Everything Together: The Hotel Business Plan

Here is a short list of how your hotel business plan should look like. If you would like a more detailed checklist, be sure to check out our free hotel business plan template .

1. Executive summary

This part should include two main parts, one being the mission statement, and the other are your objectives. Keep this part short, concise and grab the attention of the reader.

2. Company Analysis

This is the part where you dive deeper into your company’s USPs (unique selling points). Basically, explaining what the concept entails.

3. Industry Analysis

Investors want to know if you properly understand the market you are going to operate in. This also forms the foundation of which trends and developments you will be building your brand on.

4. Customer Analysis

This part focuses on breaking down your target market. Think of factors such as:

• Geographics
• Demographics
• Socio-economics
• Psycho-graphics
• Behavioral segmentation

Imagine the type of guests which will be likely to visit your hotel. Painting a picture of guest types will give you the insight needed to evaluate how value can be provided to your customers.

5. Competitive Analysis

Of course, studying local competition is essential to highlight your strengths and weaknesses, as well as weighing those of the competition against your own. This can also be defined as a SWOT analysis, which investors use to see how you differentiate and stand out from the crowd.

6. Strategic Plan

The strategic plan consists of three important parts covering marketing, distribution and revenue management. Further down we have listed a time-based planning covering these topics.

7. Operations Plan

This is all about the details when it comes to running your operations smoothly. Do not make the mistake of not diving deep enough here, so make sure to include the following:

• Staff, anyone from lower level staff to managers should all be quantified.
• Operating processes, how/when/what you will be developing manuals for. Make sure to set your service standards.
• Suppliers, which/and what will you be needing suppliers for (linnen, food, drinks, office supplies etc.)
• How will your inventory be managed?

8. Management Team

Who will be running your business, and what makes them unique and capable of creating a great hotel that stands out. Explain your team’s backgrounds will give insight into this.

9. Financial Plan

How much money will be needed to fulfill your needs. Start with the capital investment (start-up costs of the hotel), followed by ongoing business costs and operational expenses:

• Rent and Utilities
• Other Expenses (franchise fees, marketing expenses, maintenance costs etc.)

10. Key Milestones

Setting milestones will increase the likelihood of success. The risk for lenders or investors decreases each time a milestone is achieved, reaching high chances of success once the last milestones are in sight. Important milestones include:

• Location selection
• Permits & Licenses
• Build-out / Construction of the Hotel
• Staffing and Training
• GOP Break-even
• NOI Break-even

11. Appendix

All other content less relevant to getting your important message across belongs in the appendix. Try keeping your plan as concise and straight to the point as possible, referring to the appendix when needed to avoid an over cluttered appearance to the investors.

Do not be Too Late: Start on Time

Beginning on time is not only essential to your success, but it can save you a lot of money. Consider the below timeframes to give you an idea of when to start your business processes.

The Planning: From Start to Finish

0-1 months:.

Grand Opening:

• Do not put your entire marketing budget in the grand opening. This is just one day, and it will be impossible to reach enough potential business to fill your hotel in the long run. View marketing as a constant long term effort instead.

Soft opening:

• Final finetuning and testing for the staff and systems before official opening Great opportunity to take press and industry bloggers on a tour of the hotel without the burden of operational pressure of a full hotel. Reporters really appreciate all the help you can give them with preparing a story on this new hotspot in town. Invite corporate decision makers to test the hotel. Treat them like VIP’s. Wine and dine them, and turn them into ambassadors of your business. Impressing them with an unforgettable experience will start spreading word-of-mouth for you.

Open for sales on your own website and OTAs etc.

Reservations:

• Prior to this it is possible to have staff taking inquiry and answering questions with scheduled callbacks at a later stage once everything is organized. However, from 3 months prior to the opening the reservations call center needs to be up and running.

System selection

• MS, Web Booking Engine, CRS, GDS, Channel Manager, Rate Shopper, CRM. These all need to be selected, purchased and installed between 6 to 3 months prior to the opening.
• Schedule visits daily with decision makers of companies from 9 months prior to the opening trying to win them over from the competition.

Website live

• Websites page/history is a strong factor in ranking on google, so launching your website as earlier as possible would be the best. This will also ensure your website is properly indexed on search engines
• Preferably, 18 months prior, but certainly no later than 12 months prior to the opening. Even if it is with temporary images and content.

Revenue Management

• This might be the point where most hotel owners miss the boat when it comes to maximizing their potential. It starts to get complicated when thinking about using different pricing techniques (covering both opening prices as well as long term rates) across multiple scenarios and room types, as well as setting your mind on payment and cancellation policies.
• Budgets, forecasts, rate strategy, room type strategy, packages, distribution strategy (covering everything from direct sales to promotions)
• Choosing here to outsource revenue management can bring a strategic advantage, both when establishing your business plan and the execution of your plans.

Distribution

• Eventually your rooms will have to be sold somewhere right? Which 3rd party distribution partners will you contract, and what technology will be necessary to facilitate all this.
• On the marketing side, questions such as how you will be attracting customers, how you will be positioning your hotel, what message will be delivered across different segments, and how your website will be planned out when it comes to SEO, SEM, SMM, social media, and blogging. Having the right strategies will help driving direct sales to your hotel
• Sales strategy should be ready to set into action. Think of tools, templates and how you will be executing visits and follow-ups.
• We tend to overestimate how easy it is to find a good management team. Experience has taught owners opening hotels it is not. Moreover finding a highly qualified pre-opening team that has develop, implement and execute your strategies is even more difficult. You will need to start recruiting this team 2 years before the opening to be able to find the right people for the job, and have them start in time.
• Be precise in what their responsibilities are and where they overlap with other departments. Considering the needed experience here is important as well, since it will help make the staff budget and hiring process. Lastly, make a planning according to your pre-opening phases to decide on when everyone should start (think as far ahead as possible).

Promotion/PR

• ‘Coming soon’ Put up a big sign ‘Coming soon’ with some breathtaking images of what you are building to attract the attention of people walking and driving by. This should start the day the first construction is initiated.
• Local media, keep them in the loop on developments (even let them visit your construction site)
• Regular press releases up until the opening (construction progress, interesting anecdotes, mission statements, sneakpeaks from the rooms etc.). Combine everything in a well curated social media that attracts attention. Make anyone feel the need to follow how the final product will look like.

Financial Plan

• Covering this will be the revenue projections for the next five years. Important metrics to follow are your expected occupancy rates, ADR (average daily rate) and RevPAR (revenue per available room). This should give you the outline of how much money will need to be raised, giving you the start of how much will need to be raised (internally or externally) and when you will be needing it (investors need to know when lenders will get paid as well to secure their own return on investment).

Interested in Taking Your Plans to the Next Level?

Think you are ready? Below we have linked to more of our articles providing all the knowledge you need to take your plans to the next level!

• Hotel Business Plan
• Hotel Market Research
• Hotel Feasibility Study
• Common Mistaked made in the Pre-opening Phase of Hotels .

On a last note, it will be extremely important you prepare yourself well, do a lot of research and develop a detailed business plan to ensure success. It is not as simple as ‘If you build it, they will come’, for if you have watched Field of Dreams with Kevin Costner.

Unfortunately, our hotel revenue management consulting experts and I still see too many hotel startups fail due to little planning.

I hope these tips will help fellow entrepreneurs start successful new hotel businesses!

Cheers, Patrick Landman

PS. Any doubts or uncertainties about your ideas and planning? Contact us for hotel revenue management consulting or hotel operator services to help build out your concept and run your business most effectively as possible.

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Hotel Business Plan Template [Updated 2024]

Hotel Business Plan

If you want to start a new hotel business or expand your existing hotel, you need an effective business plan.

The following hotel business plan template gives you the key elements to include in a solid business plan. In addition to this template, a solid plan will also include market research to help you better understand the hospitality industry trends, and how you plan to attract customers. It will also help you craft your mission statement, marketing plan and strong financial projections.

You can download our Hotel Business Plan Template (including a full, customizable financial model) to your computer here.

Sample Business Plan For a Boutique Hotel

Below are links to each of the key sections of a comprehensive business plan for a hotel:

• Executive Summary – The executive summary provides an overview of your business opportunity and summarizes the business plan.
• Company Overview – The company analysis includes information about your hotel concept, the hotel’s services and business structure.
• Industry Analysis – The industry analysis includes market research that supports your business and provides insights into market trends and the hotel industry.
• Customer Analysis – The customer analysis provides an overview of your target market.
• Competitive Analysis – The competitive analysis should identify your local competition (other hotel businesses, Airbnbs, etc.) and highlight your unique selling point.
• Marketing Plan – The marketing plan includes your hotel marketing strategy, pricing strategy and search engine optimization plan.
• Operations Plan – The operations plan includes information on your hotel operations and processes along with your business goals for long-term growth.
• Management Team – The management team section includes a profile of the hotel owner and hotel management team, their experience and job descriptions.
• Financial Plan – The financial plan includes financial projections, a cash flow statement, profit and loss statement and balance sheet.

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Hotel Business Plan Outline

Boutique Business Plan Template

Written by Dave Lavinsky

Boutique Business Plan

You’ve come to the right place to create your Boutique business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Boutiques.

Below is a template to help you create each section of your Boutique business plan.

Executive Summary

Business overview.

Bella Chic Boutique is a startup women’s fashion and accessory boutique located in Dallas, Texas. The company is founded by Terri Jameson, a fashion designer who has created a successful and vibrant business designing fashions for her private customers through word-of-mouth referrals during the past twelve years. Terri is now looking to increase her product line and her sales by opening the boutique that will carry her clothing line to the next level.

In addition to the clothing pieces offered, Terri will curate an assortment of accessories and shoes to accompany the fashions she creates. Her associate, Mari Hodges, who has been her fashion assistant for ten years, has been recruited to be the Manager of the Boutique. Mari will oversee staff and ensure the general atmosphere of the boutique reflects the personal taste and style selections of Terri Jameson.

Product Offering

The following are the products and services that Bella Chic Boutique will provide:

• Curated fashion pieces that are on-trend and relevant to the activities of the Dallas social environment: casual, social, and evening wear
• Exceptional customer service, including customer sizes, needs and preferences on file
• Designer accessories and shoes to accompany the fashion clothing
• Inclusive sizes to fit all women comfortably and appropriately
• Trunk sales to encourage small communities of women
• One-to-one personalized service upon request
• Champagne and petite chocolates for each client upon entering the boutique

Customer Focus

Bella Chic Boutique will target all women of the Dallas area and surrounding communities. They will target current and former clients of Terri Jameson, along with friends and associates of those customers. They will target members of clubs, women’s groups, community associations and businesses who seek to build their wardrobe to the level of excellence and beauty. No matter who the client may be, Bella Chic Boutique will welcome and encourage each new friend to become a member of the Bella Chic Boutique friendship circle.

Management Team

Bella Chic Boutique will be owned and operated by Terri Jameson. Terri Jameson is a fashion designer who has created a successful and vibrant business designing fashions for her private customers through word-of-mouth referrals during the past twelve years.

Terri has a Bachelor’s degree in Fashion Design from the Fashion & Design Institute in Los Angeles, California and has worked in numerous locations around the world, developing her fashion style and assisting fashion designers in building their own businesses.

Terri Jameson has recruited her associate, Mari Hodges, who has been her fashion assistant for ten years, to be the Manager of the Boutique. Mari will oversee staff and ensure the general atmosphere of the boutique reflects the personal taste and style selections of Terri Jameson.

Success Factors

Bella Chic Boutique will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of Bella Chic Boutique
• Comprehensive menu of products and services that will appeal to all women of any size and reflect the personal style of Terri Jameson and her brand.
• Personal one-on-one styling upon client request.
• Trunk shows for small groups to form “communities”
• Champagne and petite chocolates upon entering the boutique
• Bella Chic Boutique understands that most women must work within a budget. In respect of that, the prices are reasonable and, sometimes, negotiable.

Financial Highlights

Bella Chic Boutique is seeking $200,000 in debt financing to launch its Bella Chic Boutique. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the social media marketing strategies and other marketing costs. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph outlines the financial projections for Bella Chic Boutique.

Company Overview

Who is bella chic boutique.

Bella Chic Boutique is a newly established, full-service women’s boutique in Dallas, Texas and surrounding communities. Bella Chic Boutique will offer the most cost-effective fashion designs for every society occasion, including daytime, evening wear, and special events. Bella Chic Boutique will provide a comprehensive selection of clothing, accessories and footware for women of all sizes to wear and enjoy. Their full-service approach includes one-on-one styling service, if requested, and champagne and petite chocolates for each customer who enters the boutique.

  Bella Chic Boutique will be able to sell at retail a full line of fashion designs, accessories and footwear, including sunglasses, handbags, and beauty wraps. The team of professionals are highly qualified and experienced in both fashion and personal fittings to assist clients in looking their best. Bella Chic Boutique removes all headaches and issues of the clothing shopping experience and ensures a lovely exploration for each customer into high-end and beautiful fashion clothing, while Belle Chic Boutique delivers the best in customer service.

Bella Chic Boutique History

Since incorporation, Bella Chic Boutique has achieved the following milestones:

• Registered Bella Chic Boutique, LLC to transact business in the state of Texas.
• Has a contract in place at one of the office buildings. Mari will manage the set up of its office and meeting areas within the 10,000 square foot space.
• Reached out to numerous contacts to include current customers and former customers.
• Began recruiting a staff of four sales representatives and office personnel to work at Bella Chic Boutique.

Bella Chic Boutique Services

The following will be the products and services Bella Chic Boutique will provide:

• Designer accessories and footwear to accompany the fashion clothing

Industry Analysis

The women’s boutique industry is expected to grow over the next five years to over $28 billion. The growth will be driven by the need to maximize the time/results during a shopping experience. The growth will also be driven by the personalized service and special sizes that can be obtained in boutiques. The growth will also be driven by the need to try on clothing rather than order them online. The growth will be driven by customers who like the communities that are created with like-minded clients.

Costs will likely be reduced as clothing supply chains open further and more Asian countries become open to manufacturing upper-end clothing for quality designers. Costs will also be reduced as more women choose the boutique experiences and results, allowing more clothing to be sold and moving the trend forward.

Customer Analysis

Demographic profile of target market.

Bella Chic Boutique will target those women in Dallas, Texas and the surrounding communities. They will target busy professional women who have little time to shop. They will target groups of friends who will enjoy trunk shows. They will target community and business groups to encourage groups to shop together.

Customer Segmentation

Bella Chic Boutique will primarily target the following customer profiles:

• Women who have discretionary income
• Professional women who work near the city center
• Clubs, groups and associations who enjoy meeting at trunk shows
• Women who need personalized services
• Women who need specialty sizes
• Women who enjoy casual social outings
• Women who want footwear and accessories that complete their fashion purchases

Competitive Analysis

Direct and indirect competitors.

Bella Chic Boutique will face competition from other companies with similar business profiles. A description of each competitor company is below.

True Bleu Boutique

True Bleu Boutique provides fashion clothing that is hand-selected and curated for women who enjoy clothes of the 1980s and 1990s. This includes tie-dyed fashion looks, bright solid clothing pieces, harem pants, halter tops and other fun-and-fashionable clothing and accessories.

The message of True Bleu Boutique is to “Find Your Fun in Fashion” and the owners, Marty and Mary Turner design the apparel that fits the brand message. Marty and Mary have been well-known fashion designers in the Dallas and Fort Worth areas for over twenty years. They provide wedding apparel, personalized designer clothing items that are made for one client at a time, and they enjoy large gatherings of customers who can select apparel from a Seasonal Bleu Show four times a year. The current business has garnered millions of dollars in revenue; however, during the pandemic most of the assets were devalued due to lack of business. They now hope to reignite their client base and grow the business once again.

Ecstasy Boutique

The owner of Ecstasy Boutique is focused on gauze and chiffon apparel that can be worn at the beach, in the tropics, during the summer months, or as leisurewear. The looks are flowy, sheer and lightweight, leading to an epiphany of enjoyment while wearing the pieces of Suzanne Stillwell. Established in 2015, the Ecstacy Boutique caters to women aged from 30 to 50 years and has many selections that can be handmade to match children’s dresses and leisurewear in fashionable sets.

Suzanne Stillwell is the owner and operator of Ecstasy Boutique and offers a plethora of choices of chiffon, gauze, sheer and lightweight fashion pieces specifically designed by Suzanne. The apparel is often seen layered over other pieces or crafted to be layered appropriately. There are extensive displays of jewelry items available for purchase, including jewel-toned leather-bound agate stones, light bracelets and necklaces and other simple pieces. There are no footwear items offered. Trunk shows are not offered; however, personalized service is available for a fee.

The 5 & Dime Shop

The 5 & Dime Shop is focused on providing gently used fashion designer clothing for resale. The shop is extremely popular with young women who are working in the central city area of Dallas, where the shop is located. Inside the shop are racks filled with designer clothing, most of it labeled and priced according to the proprietor’s gauge of value and resale value. Judy Compella, an enthusiastic buyer of old clothing, is often seen at The 5 & Dime Shop, either helping customers find something fun to wear or buying clothing from the closets of women within the Dallas area. Although the concept for the shop is strong, Judy’s determination to keep the shop small and friendly has limited the revenue and thus the profits accrued.

Competitive Advantage

Bella Chic Boutique will be able to offer the following advantages over their competition:

• Their pricing structure is the most cost effective compared to the competition.

Marketing Plan

Brand & value proposition.

Bella Chic Boutique will offer the unique value proposition to its clientele:

• Highly-qualified team of skilled employees who are able to provide a complete selection of fashion designer clothing that meets their size and style preferences.
• Trunk shows on a seasonal basis that encourage communities of women
• Accessories and footwear that complement the fashion apparel
• Skilled, personalized service by the fashion designer to ensure perfected looks
• Reasonable pricing and service charges

Promotions Strategy

The promotions strategy for Bella Chic Boutique is as follows:

Word of Mouth/Referrals

Bella Chic Boutique has built up an extensive list of client contacts over the years by providing exceptional service and expertise to the clients of Terri Jameson and Mari Hodges. Bella Chic Boutique clients will follow them to their new company and help spread the word of Bella Chic Boutique.

Professional Associations and Networking

Terri Jameson and Mari Hodges will join and attend professional associations and networking events to bring the Bella Chic Boutique to the minds of each attendee when they or someone they know needs beautifully-crafted clothing for any event.

Print Advertising

Two weeks before launch, a direct mail piece will be sent to each resident within the greater Dallas area to invite clients and visitors to come through the door at Belle Chic Boutique. The direct mail piece will offer a personalized service of 30 minutes in consultation with Terri or Mari and will also offer a 20% discount off everything in the boutique if redeemed within the first two weeks of business.

Website/SEO Marketing

Bella Chic Boutique will utilize social media and their website to announce the launch and build out their clientele in this new company. The website will be well organized, informative, and list all their services that Bella Chic Boutique is able to provide. The website will also list their contact information and demonstrate fashion designs that are available for purchase. The website will contain SEO marketing tactics so that anytime someone types in the Google or Bing search engine “designer boutique” or “boutique near me”, Bella Chic Boutique will be listed at the top of the search results.

The pricing of Bella Chic Boutique will be reasonable and on par with competitors so customers feel they receive excellent value when purchasing their services.

Operations Plan

The following will be the operations plan for Bella Chic Boutique. Operation Functions:

• Terri Jameson will be the Owner and President of the company. She will oversee client relations and product previews, ordering and client relations with both entities.
• Mari Hodges, a current fashion assistant, will be the Manager of the boutique and oversee staff, ensure the general atmosphere reflects Terri’s style, and carry the message of Bella Chic Boutique forward. Mari will oversee staff and ensure the general atmosphere of the boutique reflects the personal taste and style selections of Terri Jameson.

Milestones:

Bella Chic Boutique will have the following milestones completed in the next six months.

• 5/1/202X – Finalize contract to lease office space
• 5/15/202X – Finalize personnel and staff employment contracts for the Bella Chic Boutique
• 6/1/202X – Finalize buyer contracts for Bella Chic Boutique
• 6/15/202X – Begin networking at association events
• 6/22/202X – Begin moving into Bella Chic Boutique office
• 7/1/202X – Bella Chic Boutique opens its office for business

Financial Plan

Key revenue & costs.

The revenue drivers for Bella Chic Boutique are the clothing fees they will charge to the customers for their products and services. .

The cost drivers will be the overhead costs required in order to staff the Bella Chic Boutique. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

Bella Chic Boutique is seeking $200,000 in debt financing to launch its fashion designer boutique. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Customers Per Month: 500
• Average Fees per Month: $62,500
• Office Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, boutique business plan faqs, what is a boutique business plan.

A boutique business plan is a plan to start and/or grow your boutique business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Boutique business plan using our Boutique Business Plan Template here .

What are the Main Types of Boutique Businesses? 

There are a number of different kinds of boutique businesses , some examples include: High-End Fashion, Sports/Athletic Clothing, Lingerie, Maternity, Kids Clothing, Wedding Dresses, Suits, and Hip Hop Clothing.

How Do You Get Funding for Your Boutique Business Plan?

Boutique businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Boutique Business?

Starting a boutique business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Boutique Business Plan - The first step in starting a business is to create a detailed boutique business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your boutique business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your boutique business is in compliance with local laws.

3. Register Your Boutique Business - Once you have chosen a legal structure, the next step is to register your boutique business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your boutique business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Boutique Equipment & Supplies - In order to start your boutique business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your boutique business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful boutique business:

• How to Start a Clothing Boutique

Apelsin Hotel

Noginskoye Shosse 36B, 144008 Elektrostal', Russia – Good location - show map

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Located next to Noginskoye Highway in Electrostal, Apelsin Hotel offers comfortable rooms with free Wi-Fi. Free parking is available. The elegant rooms are air conditioned and feature a flat-screen satellite TV and fridge. The private bathrooms come with a shower, hairdryer and free toiletries. Hotel Apelsin has a café serving Russian cuisine. The 24-hour front desk offers ironing service. Mashinostroitel Train Station is a 10-minute drive away. Domodedovo Airport is 88 km away.

Couples particularly like the location — they rated it 8.0 for a two-person trip.

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• Free parking
• Non-smoking rooms
• Airport shuttle

Property highlights

Free parking available at the hotel

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Hotel surroundings, facilities of apelsin hotel.

• Toilet paper
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• Private bathroom
• Free toiletries
• Refrigerator
• Clothes rack
• Flat-screen TV
• Satellite channels
• Street parking
• Accessible parking
• Invoice provided
• 24-hour front desk
• Daily housekeeping
• Ironing service Additional charge
• Laundry Additional charge
• Fax/photocopying Additional charge
• Meeting/banquet facilities Additional charge
• Fire extinguishers
• CCTV outside property
• CCTV in common areas
• Smoke alarms
• Security alarm
• Key card access
• 24-hour security
• Safety deposit box
• Vending machine (drinks)
• Air conditioning
• Non-smoking throughout
• Wake-up service
• Packed lunches
• Airport shuttle Additional charge
• Wake up service/Alarm clock
• Upper floors accessible by elevator

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Children 16 years and above will be charged as adults at this property.

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The number of extra beds and cots allowed is dependent on the option you choose. Please check your selected option for more information.

All cots and extra beds are subject to availability.

No age restriction

There is no age requirement for check-in

Free! Pets are allowed. No extra charges.

Accepted payment methods

Cash Apelsin Hotel accepts these cards and reserves the right to temporarily hold an amount prior to arrival.

Billing/invoices

Official invoices (for tax/billing purposes) are available at this property for business travellers.

FAQs about Apelsin Hotel

What are the check-in and check-out times at apelsin hotel.

Check-in at Apelsin Hotel is from 14:00, and check-out is until 12:00.

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How far is Apelsin Hotel from the centre of Elektrostal'?

Apelsin Hotel is 1.1 miles from the centre of Elektrostal'. All distances are measured in straight lines. Actual travel distances may vary.

What type of room can I book at Apelsin Hotel?

• Twin/Double

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Yakor Hotel

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