Creating additional revenue streams is an important part of effectively managing your hotel. Whether you own a small boutique bed and breakfast or manage a large luxury property, increasing your profitability should be a top priority. The cost of running a hotel is high and the competition continues to increase, making it harder to get the most out of your hotel. Fortunately, there are several ways to increase your profits without sacrificing anything in return. Adding value outside of just providing clean rooms, bathrooms, and meals for guests can result in more profit for your business. Here are three tips on how you can create additional revenue streams with your hotel guests.
Make the most of your existing space and facilities.
There may be areas of your property that are not being fully utilized. Think about ways to maximize their value while they are not in use. Here are some examples:
- Parking: If your property is nearby an airport or any type of transportation hub, you may open the parking to the public and charge for parking.
- Guest laundry: Another way to make use of space is to add guest laundry to your hotel. Guests who travel often like the convenience of doing laundry while they are away from home.
- Meeting space: It would be a waste to leave them unoccupied. Increase your revenue by renting it out for a business conference, celebration or event.
Multi-function Check-in Kiosk
As time goes on, guests will no longer need to queue up at the reception desk to process their check-in or out process. The process is time-consuming and costly. Instead, many hotels are installing self-check-in kiosks in the lobby to save space, manpower, and queue time. A check-in kiosk that can do more than one thing saves money and takes up less space than a traditional counter. group of receptionists with a large reception counter. It can also serve different purposes, such as a vending machine that would be a convenience to the customers as well as generate more income for the hotel.
Lobby-Maximize the value
It’s no surprise that customers spend the majority of their time outside of their rooms in the hotel lobby. It also serves as the first point of contact between guests and the hotel upon their arrival. Because of this, it would be smart to add more functions to the hotel lobby in order to make more money. If there is enough room, you could turn a portion of the lobby into a laundry, a cafe, or even a convenience store. This is especially possible if your check-in/check-out system is like an unstaffed hotel or a self-check-in kiosk, where there are fewer people and a shorter line, giving the lobby more space.
Conclusion
There are several ways to create additional revenue streams with your hotel guests. Before you add any new features or amenities, consider how to make better use of your existing space. From there, you can decide which features are best for your hotel and which will result in the most profit.
