Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$75

$5,536

Total Startup Costs

$6,211

$43,597

Marriott

marriott.com

1,168

Hyatt

hyatt.com

5,762

Trip.com

trip.com

6,443

Four Seasons Hotels and Resorts

fourseasons.com

13,816

The Ritz-Carlton

ritzcarlton.com

14,835

Choice Hotels

choicehotels.com

23,259

Lotte Hotel Rewards

lottehotel.com

31,779

Shangri-La International Hotel Management Ltd.

shangri-la.com

37,294

Reservations.com

reservations.com

38,839

Taj Hotels: Luxury Hotels & Resorts in India

tajhotels.com

41,166

ایران هتل رزرو آنلاین تمامی هتل های ایران با گارانتی بهترین قیمت

iranhotelonline.com

41,883

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Meaningful business connections

You never know who you will meet as a hotel consulting business. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Pick & choose the clients you work with

Hotel Consulting Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!

Control of workload

With starting a hotel consulting business, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you.

Unlimited income potential

With starting a hotel consulting business there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.

Longer Sales Process

A hotel consulting business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Taxes

As a hotel consulting business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Stressful work

This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.

Churn

In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible.

Time commitment

With starting a hotel consulting business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.

Impatient customers

You may offer an engaging user experience for your customer, but customers expect a lot and may be impatient if they aren't pleased with your product or service.