William Nassikas is a highly successful professional in the hospitality industry. He started his career more than thirty years ago and has successfully started a number of resorts throughout the United States. As the President and Chief Operating Officer of Westroc Hospitality, he is currently involved in the redevelopment of the iconic Mountain Shadows Resort in Arizona. Starting a new resort takes time and knowledge of the industry. Here are key things to consider before starting a new resort.
- Like with any new business, it is important to determine the best location. You don’t want to locate your new resort in an area with heavy competition.
- Make sure you have a plan for raising capital. Opening a new resort will take millions of dollars. If you don’t have this money you will need to seek investors to back your project.
- A business plan is essential when starting any new company. A business plan will not only help you find interested investors, it will also allow you to think through how you will accomplish your goals.
- Take the time to structure a smart pricing strategy. To determine the rates you will charge, you will need to keep in consideration:
- Staffing costs;
- Room category;
- Time and length of stay;
- Maintenance costs;
- Competitor pricing.
- Concentrate on quality management, including employee satisfaction. Happy employees will provide better customer service to your guests.
Starting a new resort can be challenging but very profitable if done correctly. Make sure you take the time to research and plan your project before taking the plunge. William Nassikas has successfully started nine resorts throughout the United States over the last twenty years.