Do you wish to start a hotel business in Nigeria, but don’t know how? Worry no more, as you will get all the answers you seek today!
We will explain every step required in setting up a hotel in Nigeria right here in this article. We’ve got years of experience helping hotels with pre-opening, Management, Restructuring and more. So, be rest assured every information you find here isn’t just theories but born out of expertise and experience.
For you to successfully set up a hotel business in Nigeria, here are the steps you must take:
Carry out a Feasibility Study
You need to conduct a feasibility study for you to better understand the business you are going into. This means you have to research on the location and size of the intended hotel you have in mind. Doing this helps in shaping the decisions you make at the end of the day. You also get to have the right business plan, since virtually everything, including needed funds, facilities, name and scope of business will be factored in. Put simply, a feasibility study allows you to determine if the business will be beneficial or not. Carrying out a feasibility study can be hectic, it’s why there are companies in place who can get it done on your behalf; we are one of them. We’ve got a portfolio of various hospitality businesses that we’ve worked with, and are doing exceptionally well today.
Have a Business Plan
Now that you’ve done your research efficiently, coming up with a business plan will flow easily. A good business plan helps in attracting investors. This is why you must have detailed and well-constructed strategies in place. Your business plan must sell, it must speak for the business. Additionally, a business plan helps you in running your hotel properly.
Register the Business
The Corporate Affairs Commission of Nigeria is the body you have to go through to have your business registered. It is a major requirement for obtaining the certificate of incorporation which will be needed to obtain operating licenses for your hotel. There are also other organizations you have to go through to obtain certain licenses and permits. They include The Nigeria Hotel Association (NHA), Nigerian Tourism Development Corporation (NTDC), and the State Hotel Licensing Authority.
Source for Capital
You need funds to build a hotel. Assuming you don’t have enough to fund this hotel business of yours, then you will have to apply for loans from banks, grantors, or angel investors. However, these things don’t just happen, an excellent business plan must be in place to convince anyone to give you such loans or attract investments.
Build Your Hotel
Ensure your hotel business is structured according to what it stands for. Every part of the building, from the outer layouts to what’s inside, should be well furnished and put together. Thus, it’s essential you hire competent architects and builders for your hotel building project. Note however that building goes beyond the physical structure.
Hire Competent Staffs
This is very integral if you wish to have a successful hotel business. Having the right staff contributes to productivity. Each staff member efficiently doing their jobs is what determines the outcome of the business. Thanks to the hospitality recruitment agency like Rehoboth Recruiters, you won’t have to go through the hassle of recruitment. Apart from recruiting, you can go further to get your staff trained.
Market Your Business
Take advantage of various effective marketing channels to get your hotel out there. Marketing done right, gets your business the visibility it needs, which in turn brings in the customers.