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. In 2007, there were 32.6 million visits to the UK made by overseas visitors who spent £15.9bn.
Most holiday trips made by UK residents are within the country. In 2007, there were 123 million trips, with a spending of some £21bn.
Although, among other things, threats of terrorism, flooding, and bad summer weather have undoubtedly had an impact on on the UK tourism industry, it's still going strong - 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, from just a few beds to a Las Vegas-style skyscraper, and while beds are a prerequisite, a hotel owner can also choose to incorporate a range of add-on services, such as a restaurant, conference facilities or health and spa amenities.
