In this age of abnormal business ideas, if followed through correctly can attract the most attention (and revenue). Recently I have had a couple wild ideas for both a hotel business and a restaurant business. I would love to get your feedback. Let’s jump right into it.
Business Idea Number 1: Creating a new string of Hotels that will beat all competitors within 5 years
There are quite a few areas of business that are nearly impossible to create a start-up in because the competition is too completely monopolized. The hotel industry being one of them. As far back as I can recall, there are only about 5 different hotels that completely dominate. Now tell me if this idea will not raise that number to 6.
To begin, open up a few hotels whose prices would nearly consider them to be non-profit while providing the best service. While other hotels succeed by incorporating one of the three factors of a successful business: lowest price, best quality, best service, these hotels would incorporate the two easiest, cheapest and most significant of the factors. After all, you can’t complain about quality if the service is the greatest you have ever experienced in an inexpensive hotel business.
Back on subject, with the two factors of low cost and best service being incorporated from the beginning, the hotels would quickly gain attention and a reputation which leads to increased revenue. Also from the start of the business, every customer would be told to keep their key cards which they can show at any other hotel and pay the same price that they originally paid for. Every year, a new key card would be given as the price increases. This is sending the message that there will be expansion and improvements in the near future that will lead to increased prices. The focus is to hit the 3rd factor of business success – quality. As you know, quality costs more money.By notifying customers that the price will go up within a year, it motivates them to visit and pay the minimum amount while they can. This instant increase in customers would provide the money to increase the quality and price for the next year.
Imagine a single room originally cost $45 a night. By the 3rd year of business, it has now increased to $75 dollars. Those who stayed a night at the hotel during the first year of business and kept their card would still only pay $45 dollars a night. All the while, the new customers who have to pay $75 a night will be able to redeem their card next time they stay for the same price. By the fifth year of business, we could be charging the average hotel amount, if not more, for a one night stay.
The difference in revenue with other hotels would be that they have a constant value they can calculate. At this particular hotel, the profit could be within a $100 dollar range. Regardless, I guarantee by using this technique the year-end profit would be much more than a competing hotel.
What do you think?
The Second Business Idea: The Take Home Restaurant
I am sure you can connect with my hatred for taking home food from restaurants. It is never good warmed up. It either tastes different, doesn’t warm up properly or get’s all soggy by the time you warm it up. The majority of take home meals just get thrown away. So what if there was a restaurant that was specialized and based solely on providing food that when taken home can be reheated and taste just the same.
But it doesn’t just stop there.
We all know buying in bulk is cheaper. At this restaurant, any plate you order, I would guarantee you could not finish. Of course, the meal would be free if you could. Being able to buy in bulk would mean that the food could be sold cheaper to the customer as well.
What do you think of this simple restaurant idea that would only serve food that could be taken home, reheated and taste great?
Stay Positive and Criticize Please
Garth E. Beyer