Identifying a market with growth potential is key to a successful business. Why not set up in the hotel trade and tap into the burgeoning tourism market?
According to the Office for National Statistics, tourism supports 1.8 million jobs in Britain. From February 2004 to February 2005 there were 28.1 million visits to the UK made by overseas visitors who spent £3.5 billion, according to the Office of National Statistics.
Also, most holiday trips made by UK residents are within the country, it is predicted that there are over 140 million each year with a spending of some £16 billion.
The UK tourism industry is still very strong despite the impact of the foot and mouth crisis, which deterred some foreign visitors to Britain and restricted movement in parts of the country.
So if you enjoy meeting people and have a passion for quality of service, running a hotel could be just the type of business you're looking for.
What is it?
What constitutes a hotel, as opposed to a bed and breakfast (B&B) or guesthouse? "Partly it is down to size, but it is also to do with the facilities offered," explains David Stanbridge, head of quality of the English Tourism Council (ETC). "A B&B would only provide breakfast and it is usually someone's home, whereas a hotel generally offers all meals and is not a residential property. Guesthouses purely provide facilities for their own guests, while hotels can also offer extra services for non-guests."
The crux of the hotel business is, of course, the provision of accommodation. The size of the establishment can vary widely though, from just a few beds to a Las Vegas-style skyscraper. While beds are a prerequisite, hotel owners can also choose to incorporate a range of add-on services, such as a restaurant, conference facilities or health and spa amenities.
