SEC-S20W1 | My Business Ideas | Hotel And Restaurant

Hi, Steemians:

A new era of Steemit Engagement Challenge has started and there have been some significant changes, but we clearly see the challenge that this is for us and we need to improve and improve more and more. We are trying especially thanks to the Steemit team who organized these best of the best contests and gave us an opportunity for business ideas.

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My interest in the business area

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

I already own a hotel and have been active in this business for many years. This hotel is not only a source of Employment for me but also my dream which I have made a reality with time hard work and determination. The hotel business is a vast and diverse Field that faces new Challenges and opportunities every day.

My Hotel is located in a unique location which is attractive not only to tourists But also to local people. I strive to provide high quality services in my hotel so that my customers are satisfied and want to come back again. The job involves many Responsibilities such as managing the Hotel interacting with Customers providing food and other amenities and above all meeting the expectations of customers.

image take freepik

As a hotel owner I have learned that understanding customer needs and providing service beyond their Expectations is the key to success. Apart from this market research and keeping an eye on new trends is also important so that the hotel services can be adapted to modern requirements.

Better monitoring and management of financial matters is also essential for success in hotel business. Keeping costs under control and maximizing potential revenue streams are fundamental principles for achieving profitability.

In short, running a hotel business successfully requires dedication, commitment, and consistency. This is a field where you face new challenges every moment, but if you move forward with hard work and the right strategy, you can make your business not only successful but also on a path of continuous growth. can proceed.

So, if you ask me whether I am planning to start a business or am already in business, I will say that I am already doing hotel business and constantly trying to develop it. I have been.

Individual business or on a partnership basis

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?

When Starting a business you have two main choices: start it alone or on a partnership basis. Both have Their pros and cons and your choice of business model depends on what your Resources Skills and goals are.

If you start a business alone the biggest advantage is that you have full authority, to make all the decisions Yourself. You do not need to consult with or have the approval of any other person. In addition the entire amount of profit also belongs to you and you dont Have to Share it with anyone. However one of the challenges in Running a business alone is that all financial Administrative and operational Responsibilities fall on you. If you don't have expertise in different areas this load may prove to be difficult for you. Also lack of capital can also be a Major problem in the early stages of a business.

image take freepik

On the other hand the advantage of starting a business on a partnership basis is that you can work with people with expertise in different fields. In this way, the responsibilities of the business are also divided and each participant can provide the best services in his field. Partnerships also reduce the problem of lack of capital as several people can contribute capital together. However the biggest challenge in partnership is that all decisions have to be made in mutual consultation. If differences arise between participants, it can be detrimental to the business.

In my view the most Important thing when choosing a business model is to properly Analyze your Situation. If you consider yourself to be a strong and independent entrepreneur and you have the necessary skills and resources for a Business then starting a solo business may be a good choice. But if you think you'll need people with expertise in different fields or if youre short on capital Starting a business on a Partnership basis may be a better choice.

In both cases hard work, determination And proper planning are essential for a successful business.

Pros and cons of individual or partnership

Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model?

Partnership-based businesses have some important Advantages and disadvantages that must be evaluated so that you can choose a sound business Model.

One of the biggest Advantages in partnerships is that people with expertise in Different fields work together. Each participant Specializes in a specific area such as one in finance, one in marketing, and one in product development. This allows the business to be handled better from different angles, and expert opinion is available for every task. Moreover, raising capital in the form of a partnership is relatively easy as each partner can contribute, thereby solving the problem of initial capital.

image take freepik

But the partnership comes with some challenges. The first problem is That all important decisions have to be made in consultation which consumes time and energy. If there is a difference of opinion between the partners it can hinder the growth of the business. Sometimes a business partnership can also create a conflict of interest which can harm the stability of the business. Another potential problem is that if one partner fails to perform his or her responsibilities well, it affects the entire business.

In my view, when choosing a business model it is important to consider your goals resources and potential challenges. If you are able to work with a Strong and reliable team, and you believe that you can work collaboratively with partners then a partnership-based business can be a great choice.

But at the same Time before starting a business on a partnership basis it is very important to settle all matters between the partners clearly and in writing. It should include a description of the rights, duties, and profit sharing of each partner so that no future disputes arise.

In the end, a successful business depends not only on whether you work alone or in partnership, but on how hard, determined, and professional you plan your business to be.

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

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?

My business is currently growing at a good pace and I am planning For The long term to expand it further. My priority is to consolidate my business not only in the Existing market but also to make a place in new markets. For this I am Following some important Steps and strategies.

First, I have focused on expanding the digital presence of the business. For this I have created a professional website that not only provides easy information to customers but also facilitates online orders and customer service. Apart from this I am also strengthening my presence on social media platforms to reach out to the new generation of consumers.

Another important step is to expand my product line. I researched the market and found out what new products or services could be added that would attract new customers as well as the existing customer base. In this regard, I have started research and design work on a few new products, which will be launched in the market soon.

image take freepik

Now the Question is should I do it all alone or hire professionals? In my view it may be appropriate to Work Alone in the early Stages of a business but when you want to expand your business to a larger level it becomes necessary to hire professionals. I have built a team of experts in various areas of our business, including experts in digital marketing product development, and financial management.

These professionals not only help me improve the business with their expertise But also give me time to focus on bigger decisions. Apart from this, I am also emphasizing on training my staff so that they are able to face new challenges.

My long-term goal is to take my business from the local level to the international level and this Requires consistency hard work and maintaining Professionalism. I believe that working with the right team will give my business the growth I dream of.

i would like to invite @josepha @suboohi @patjewell @sualeha @goodybest to take part in this contest

Here is Engagement challenge link

[Engagement Challenge Organiser](@dove11 @aviral123)

Best Regard @shabbir86