Welcome back to Part 2 of my mini-series on Starting a capsule hotel. If you haven’t read part 1 of this series, I suggest you do. It has all the details about what a capsule hotel is and why it is a good investment, especially in this modern age.
Things to know before you jump into the idea of starting a capsule hotel:
#1 – Divide your capital:
It’s no secret that starting a capsule hotel is going to be a little pricey. That is why you need a proper plan on how you are going to divide your capital.
- Location – Location plays an important role in the success of your business. So pick a location that fits both your budget and your vision for your hotel.
- Build or buy – Are you going to build your hotel from the ground up, or buy/lease a property and refurbish it to fit your vision?
- The number of beds – Plan out how many beds you are going to offer, and is it going to be single pod or double pods?
- Training your staff – Choosing the number of staff and training them is one of the most crucial aspects of the success of any business. So, finding the right number is important. It should not be less to overburden others and should not be too much that it goes out of your budget.
#2 – Designing:
One of the main reasons for the success of capsule hotels is their design. People visit them for a unique experience. So do your research, get inspiration, and discuss with your architect to map out a design that fits your vision and budget.
#3 – What are the services you are going to offer?
Determine what services you are going to offer and only invest in amenities necessary for that. Do not go overboard and invest in things that you think might be used in the future.
#4 – Pricing:
Now, this is where things get a little tricky. One of the main reasons for the success of capsule hotel is that it is pocket-friendly. But you have invested a lot in the business, and getting a profit is the ultimate goal of any business. So, do your research and fix a price based on the location of your hotel and the services you offer.
#5 – Marketing:
So you have now built an amazing capsule hotel, now what? How are you going to let people know about you and find you? That’s where the marketing comes in. So, make sure to invest a part of your capital in marketing your hotel.
Ask yourself…, are you really ready?
Now, I am not trying to discourage you from starting a business. Capsule hotel is in fact, a great investment. But you will be investing a lot of money into this business. And since this is still uncharted water, you might face some risks during your journey. So, take your time and think before making the decision.