If you have invested in a hotel in Columbus, Ohio, I have to congratulate you. If I was there and you were reading this, I would pat you on the back. You’re definitely on the right path. If you want to be financially independent, you are definitely thinking the right way because let me tell you, if you own accommodations in the hospitality industry, you are on your way to making a decent amount of money.
I’m not necessarily saying you will be a millionaire. I’m not saying you will be clocking seven figures year in year out. But definitely the track you’re on because it’s all about maximizing the rental value of your hotel. Because, let’s face it, the real estate industry can be quite competitive, but if you are positioned in the right location and you appeal to the right audience.
For example, like traveling salespeople, traveling business people, you could definitely position yourself to earn the lion share of the local hospitality receipts every single year in the Greater Columbus, Ohio area. That’s how the game is played. Think of it like a giant pie and if you pick the right slice, that slice gets bigger year after year after year. But for this to happen, you have to pay attention to your competition.
You have to remember that in any market in the United States, there is a dog eat dog mindset. People are always going to try to undercut you when it comes to pricing. People are always going to try to do a better job when it comes to guest relations and overall customer experience. If you do not have your wits about you and you do not have a plan, chances are that your business is not only going to fail, but you’re going to develop a bad reputation.
Neither of these situations is good. It all boils down to whether you have a plan or not. As the old saying goes, “If you fail to plan, what you are really doing is planning to fail.” This is absolutely true because when it comes to the Columbus real estate market, every bit counts. This is why I suggest that if you are looking to gain some sort of competitive advantage, you need to invest in the right kind of decking.
Now you may be thinking that this is one element of the outdoor look of your hotel. You might want to think again because your decking goes a long way as far as perceived value. You have to remember that perceived value pretty much accounts for people’s willingness to put their dollars in your hands.
If they don’t see the perceived value, then they will look for somebody else. If they believe, even for a second, that the value that you offer is basically indistinguishable from the value offered by the thousands of other competitors, what do you think they will do? That’s right! They will go straight to your competitors because they feel they really have no business doing business with you. They will get the same results anyway so why pay more?
You see how this works? So, do yourself a big favor. Invest in the right decking. Do it now because time is of the essence.