CH A P T E R 2
How much are my competitors charging per night? If you are at $250 per night, look for similar comparables.
• Competitor 1—$225 • Competitor 2—$250 • Competitor 3—$300 Using this information, you may decide to drop your prices below $250 to become the cheapest option amongst your competitors and increase your booking rates. Do they offer airport transfers/pick-up service?
• No • Yes, but for a very high price • Yes, and for a reasonable price Do they offer a wide range of amenities in the house?
• No, most don’t even offer Wi-Fi • Yes, some offer basic things like a washing machine and television • Yes, all offer basic amenities and some even include luxury amenities (like a swimming pool or gym)
2.8 Operations Plan The operations plan is a detailed summary of how you are going to run your new business on a day-to-day basis. It will take into consideration things like whether you will be hiring any staff, what standards and policies you will set, how you will keep track of inventory, and other administrative duties. This is going to be one of the most straightforward parts of your business plan, as chances are good you already have most of this planned in your head. Here are just a few helpful prompts and examples in case you get stuck:
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