"SEC-S20W1 | My Business Ideas | (Hotel and Resort Business establishment)

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Every man and woman in adulthood would want to have a business they can use to support themselves financially, businesses that can sustain their 20th generation, a family business, and a business they can partner with others to grow. You can't just wake up one day and say you want to start a business; even with the money you have, you will fall along the line.

As a potential businessman or a businessman on an existing business, you can agree with me that consultations were made, observations done, and ideas manifested to bring up something you can call a lucrative business. Let's talk about my business ideas relative to my region, Nigeria, as I may not know how this is applicable in other regions, specifically.

About your interest in the business area

Question #1- Are you planning to start a business or already in business?

As a student, I don't have an existing business but am a potential businessman. It's just money I need to set up these ideas, and when the money comes, it will be activated. A business I can call a lifetime business, one that can never crash irrespective of how the economy or market is. I just need to invest big to get big based on observations and proven facts. In Nigeria, the cost of living is very high, and this has affected the prices of some basic resources.

Many can't afford to build their own personal houses because of the cost of doing the foundation to finishing. You really need to be on more than 10 million naira to raise a family house structure with the way things are right now, except you'll be making it by creating a little structure for yourself alone.

Even at that, spending the money at a blow to build a house when they don't have sufficient is what they don't buy. Aside from building, you'll need to furnish the house with your own resources. They prefer renting to live or lodging in a hotel that has all this comfort per night.

Most men who travel to Nigeria from other countries won't want to rent a house that has no furniture. They'll prefer lodging hotels for comfort sake. That's why I choose to do this business when I'm financially stable, as it's not easy to start and finish.

This area of owning a hotel business is very lucrative in Nigeria, much more than being a landlord, where you get to receive rents from people. As a hotel owner and manager, I'll make a lot of money from this business, expenses aside. Within 2-5 years, I can recover the money used to build the whole structure and furnish things inside, coupled with expenses made for light and paying of workers.

Hotel business is a business you see payment on a daily basis and not yearly as rent, which is less productive as this.

I want to venture into this business because I have interest in making people have comfortable and luxurious lives to suit their needs. When people are comfortable, they recommend you to others out there, they promote your business, and they see you as one who knows what he's doing.

Also, you get yourself financial freedom after a year of running the business, from which financial stability comes later on. My second aim in this business is to be profitable and have sustainable income to further present and future plans. My plans to make this a reality would be based on statistics.

Like I said, I need a sufficient amount of money to raise a structure that would attract attention and become tourist sites for people from far and near. It would be a high-class hotel, as 70% of men that are wealthy in my country need places they can get luxurious comfort. In my city, there's a 5 star hotel; they do lodge and host meetings because it's an attractive hotel that has the serenity and comfort many are looking for.

This coming bull run season and next, if I can make, by God's grace, $100M from the crypto space, which is approximately 170 billion naira in my country's local currency, I can activate my wildest plans for this hotel, a hotel that would be the heart of a particular state and would get attention from investors, businessmen, travellers, foreigners, etc. I've made a couple of investments that would actualise these hopes.

	A sample on one hotel in my city

These are my statistics and how I plan to build the hotel.Everything here is just an estimated price, and it's possible to get back your money in 2-5 years...... I'll start with building a 300-room hotel.

Let's say I'm to use 50B naira in building the hotel; the least expensive room would be 250k Nigerian Naira, while the most expensive would be 900k per night. If we are doing calculations on how much we get a day from these rooms, I'll use the estimated number of 75 consistent people per night for a start. Multiplying it by 400k, which is a rough estimate of regular payments, I would be getting 10.8 billion naira a year.

Subtracting this from expenses made on the following on a yearly basis as an estimate:

Resources	Value in Naira	Value in Steems
Light	27M	103,846
Payment of workers	Let's assume we have 150 workers and I'm going to pay them 200k a month for services; it would be a total of #360M naira.	1,384,615
Food	50M	192,307
Maintenance	30M	115,384
Miscellaneous	50M	192,307
Total	527M plus or minus 600M for expenses a year.	2,307,292

Surplus would be 10.2B naira: 10,800,000,000-600,000,000

I.e..... I'll be getting 38M steems yearly minus expenses and other inflows.

External inflow from guest spending would be added to me which still makes me close to my capital. In 2 years, i've gotten the money used in building the hotel. Very lucrative compared to renting a house or building an estate.

This is just an estimate if you have 75 people that are consistent in the hotel every night. Talk more of when the hotel booms and you get up to 150 people paying 500k per night...... Luxury.....

	Comfort is what my business will offer

This is my business idea.

Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model?

My business idea for this business model I'm venturing into needing hands and partnership to make it a success. A tree cannot make a forest, as this has to do with a hotel where you'll need workers for cooking services, laundrymen, maintenance services, receptionists, managers of the business in terms of foreseeing the overall well-being of the hotel, and a lot more.

	It's not ideal to run a big hotel business alone

It would be profitable alone, but how possible would it be to run a hotel alone? From the estimated expenses that would be made to pay these workers monthly, I still have a sustainable profit to guide. I'll need business partners who have connections as I'm just starting and someone to foresee the business when I'm not around so it won't fall. So I'll be needing a serious partnership to build this hotel to its peak.

With partnership, you get new ideas and decisions on how the business can grow, you get to leave the business in good hands when travelling out of the country, and you get to render services that are comfortable and attract customers. So if this is a reality for me with my investments, I'll not work alone as a sole proprietor, though I'll be in full control.

Where do you see your business in the next five years from now and your plans in brief?

In the next 5 years, I see my business having a solid 4.8-star rating and getting the official 5-star rating, as I'll place emphasis on advertisement, comfort, balance, services, and other qualities that make a business blossom among others in the market. I see my business having branches in the next 5 years as the popular Sheraton in my city that has branches in 3 states in my country due to its expansion, services, uniqueness, serenity, and comfortability.

Taking the business overseas would also be something worth considering; Management teams would be paramount in masterminding the business.

Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals? Do you think you have enough expertise of your own or plan to hire the experts?

For a hotel business to be thrive and be successful, you need hands and not just your expertise. You may be running it solely on making your decisions blend, but you'll need other areas of specialisation to aid the business. Let's say my business is working or going well. I'll need to employ hands and, if possible, increase their pay per month so they can be efficient in their work.

A good managerial team would be needed starting from where I stop while I foresee the construction or extension of a new brand in a location that would be lucrative. Having a managerial team from different tribes and regions will help improve whatever decisions are made, as a few hands from the same tribe can drain your business.

Financial managers would be needed to foresee the transactions, expenses, and income flowing in the business, and these financial managers would be different from those paying workers and the like. The distribution of labour would help the business thrive, and how well you maintain your labour is how well and how long they'll serve you.

My business idea may differ from yours, as you may have a different taste in income. This is my own taste, and I've analysed it in such a way that it would provide sustainable income to both me and my workers. To those operating on this or having fair knowledge, you can share in the comment section.

I invite @whizzbro4eva, @oleh and @goodybest

All original pictures are mine.