How to set up a boutique serviced accommodation business
With the modern ‘gig-economy’ thriving and traditional jobs less and less common as a sole form of income many are choosing to start their own side businesses as a way of earning some extra cash on the side. Here is our introductory guide on how to set up a boutique serviced accommodation business
- Know what you want to get out of the business
This can be a stumbling block many fall over. If you are setting this up alongside your current full-time job take into account that you will not have as much time to invest in the business. Doing a financial risk assessment and working out if you could actually afford to set up and run a boutique serviced apartment is an important first step to make.
- Get your head around the regulatory side of the business
This is a part of the process that must be followed from the start right up to the running of your boutique serviced accommodation. Make sure you have the right documentation and have everything set up well initially to avoid trouble later on.
- Look at the type of clientele you want to market to
Boutique serviced accommodation comes in a variety of different specifications and you need to look at the type of accommodation you want to offer to different segments of the market. Work out which one will be easiest for you to manage whilst also returning the most profit.
- Research the right properties
When you have found the market that you want to target it’s time to look into the properties on the market. Look at property management companies as they can advise you on how to develop your own serviced accommodation.
- Buy the properties and list them on the correct sites
When you have found the properties you think are going to make great serviced accommodation it’s time to purchase. Consider the location, furnishings and the amount of work that will need to be done to get it in the correct condition.
- Prepare them in the model of great existing boutique serviced accommodation
One of the final stages in transforming your new purchase into a boutique serviced apartment is through its furnishings. We recommend you stay in some great examples of serviced accommodation to get a feel for how they should be run the correct way.