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Question added to topic Startup BasicsFebruary 2, 2012

How Do I Start a Hotel Business?

I have a unique idea for a specific type of hotel in a specific city. I believe this hotel concept would fulfill a need that is not currently being met by any other hotels in this particular market. What should be my next step? I have absolutely no hospitality industry experience, so am I better off pitching this idea to an existing hotel chain or trying to develop the concept on my own?

First, you'll want to get an idea of the market, its needs and the type of capital needed to launch this idea of yours. To do that, start by talking with people in the industry.

You'd probably be better off looking for a partner with experience and contacts rather than trying to "reinvent the wheel." That said, these types of concepts are usually years in the making, even in big hospitality brands. So, think hard about the true viability of the concept and how long you're willing to wait before you see a return on your investment of time, energy and financial resources.

More due diligence will answer your questions, whether you like the answers or not.

In the end, you may discover a new market or you may be able to adapt your idea to another aspect of the industry. But you most likely won't know until you understand the industry better than you do right now.

Related: Two Weeks to Startup: Research Your Business Idea

Related: How to Build a Stellar Team at a High-Potential Startup

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.

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