No wise business man should rush
into hospitality management. Just because the other guy is excelling in the
business does not guarantee your success too.
FACTS ABOUT HOTEL BUSINESS
1. You
need a nice location, preferably in the heart of the city to attract more
clients. The problem is that getting a land in such area is very expensive. For
instance, in Benin City( Edo State) a 200 by 200 feet land space in Airport
Road or Sapele road runs into over N100
millions.
2. Having
a standard hotel with state-of-the-art facilities is very dear(expensive).
3. You
need many workers to run the hotel smoothly.
4. The
cost of maintenance is very high. In fact, from the start to the finish it is
pretty expensive to own a hotel.
5. The
number of clients you are likely to attract is unpredictable
6. The
rate of repeat patronage is low
7. It
has a very long period of capital recovery
8. The
risk level is high
FACTS ABOUT BAR BUSINESS
1. The
location does not matter so much as for hotel. You attract customers anywhere,
everywhere and at any time provided you have choice drinks and assorted meat.
2. Depending
on your taste, cost of set up is not high. You can even rent a space in the
best strategic location.
3. You
do not need many workers on your pay roll
4. The
cost of maintenance is low.
5. The
rate of repeat patronage is high. One customer could keep coming with his
friends again and again.
6. It
has a short period of capital recovery
7. The
risk level is low
8. It
has a high profit potential especially when you play your cards well.
MY ADVICE
In view of the foregoing, instead
of pumping upwards of 50 million naira into a building a standard hotel with a
rather low turn over rate, go for a bar business where you spend far less but
with a high turn over rate. If you need more information in this regard, feel
free to call 07031384722
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