{"id":15,"date":"2020-04-23T18:33:08","date_gmt":"2020-04-23T18:33:08","guid":{"rendered":"http:\/\/trustedstay.in\/blog\/?p=15"},"modified":"2020-06-10T03:43:24","modified_gmt":"2020-06-10T03:43:24","slug":"how-to-start-a-service-apartment-business","status":"publish","type":"post","link":"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/how-to-start-a-service-apartment-business\/","title":{"rendered":"How to start a Service Apartment Business in just 60 Days &#8211; Steps &#038; Guidelines"},"content":{"rendered":"<p>Do you want to know the success formula of starting a serviced apartment?<br \/>\n<!--more--><br \/>\n<div class='code-block code-block-2' style='margin: 8px 0; clear: both;'>\n<script type=\"text\/javascript\" language=\"javascript\">\n      var aax_size='728x90';\n      var aax_pubname = 'trustedstay-21';\n      var aax_src='302';\n    <\/script>\n    <script type=\"text\/javascript\" language=\"javascript\" src=\"https:\/\/c.amazon-adsystem.com\/aax2\/assoc.js\"><\/script><\/div>\n<\/p>\n<h2><strong>My Pain:<\/strong><\/h2>\n<p>I was struggling to get every bit of useful info that would help me start a service apartment business. Would scramble to get info on every bit of do\u2019s &amp; Don\u2019t I got. Did you feel the same when you started?<\/p>\n<h2><strong>My experience:<\/strong><\/h2>\n<p>I started with meeting many who were already into the business of serviced apartment.<\/p>\n<p>Their Response &#8211; don\u2019t venture into it at this stage; it\u2019s very competitive; already saturated market.<\/p>\n<p>My conclusion was every business is competitive, but I followed my heart and plunged into it.<\/p>\n<h2><span style=\"text-decoration: underline;\">Here is the step by step guidelines on how to start a Service Apartment Business:<\/span><\/h2>\n<h3><strong>Step 1: Map Potential areas for starting a Service Apartment<\/strong><\/h3>\n<p>Don\u2019t just start a service apartment just because you have a vacant flat or a bungalow in a posh locality in that city.<\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\">First map CBD area, IT Hubs &amp; Industrial hubs in your city. You can also validate by google search serviced apartments in that city e.g. \u201c<a href=\"https:\/\/www.trustedstay.com\/service-apartments-in-bangalore\" target=\"_blank\" rel=\"noopener noreferrer\">Serviced Apartment in Bangalore<\/a>\u201d to make a list of areas where you have clusters of serviced apartments.<\/p>\n<h3><strong>Step 2: Identify area to Start a Service Apartment<\/strong><\/h3>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span lang=\"EN-US\" style=\"color: #0e101a;\">Pick the potential area which is closest to your home and the area which you are more comfortable with eg: I stay in Indiranagar Bangalore and I find the two closest options are either Koramangala or Marathahalli. I preferred Koramangala as its an upmarket residential area.<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span lang=\"EN-US\" style=\"color: #0e101a;\">\u00a0<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span lang=\"EN-US\" style=\"color: #0e101a;\">Google serviced apartment in the identified area where you intend to start: e.g. <a href=\"https:\/\/www.alcove.co.in\/serviced-apartments\/bangalore\/koramangala-3rd-block.html\" target=\"_blank\" rel=\"noopener noreferrer\">Service Apartment in Koramangala<\/a> and make an exhaustive list of all serviced apartments &amp; hotels.<\/span><\/p>\n<h3><strong>Step 3: Visit all the Serviced Apartment in Identified area<\/strong><\/h3>\n<p>Plan a visit to all these serviced apartments:<\/p>\n<p>Prepare your visit questions and try getting answers for following.<\/p>\n<ul>\n<li>Pricing of room Single\/Double occupancy.<\/li>\n<li>Pricing for long stay to understand what discounts they go up to.<\/li>\n<li>Observe their furnishings.<\/li>\n<li>Observe their staff.<\/li>\n<li>Check cleanliness.<\/li>\n<\/ul>\n<h4>Summarise<strong>\u00a0after the visit:<\/strong><\/h4>\n<p>Find out typical pricing of rooms in the identified area.<\/p>\n<p>Make a list of furniture required in the room\/apartment.<\/p>\n<h3><strong>Step 4: Calculate the capital expense required to <a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/setting-up-a-serviced-apartment\/\" target=\"_blank\" rel=\"noopener noreferrer\">set up a Service Apartment<\/a><\/strong><\/h3>\n<ul>\n<li>Deposit required<\/li>\n<li>Estimate cost required to furnish.<\/li>\n<li>Working capital\u00a0etc&#8230;<\/li>\n<\/ul>\n<p>Assuming you are taking a 3 BHK estimate furnishing cost for room, kitchen &amp; living area check online its easy now.<\/p>\n<h3><strong>Step 5: Visit all the potential corporate in the identified area<\/strong><\/h3>\n<p>Google companies\/corporate in identified area, make a list.<\/p>\n<p>Alternately drive down in that area and make a list.<\/p>\n<p>Plan a <a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/cold-visits-technique-to-get-prospects\/\" target=\"_blank\" rel=\"noopener noreferrer\">cold call visit<\/a> to meet Admin &amp; HR:<\/p>\n<p>Just knock at the door and visit.<\/p>\n<p>Find out <a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/customer-retention-strategies-for-serviced-apartments\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer<\/a> expectation (roughly business volume, pricing they expect, type of furnishing and services they expect).<\/p>\n<h3><strong>Step 6: Plan for <a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/manpower-recruitment-retention\/\" target=\"_blank\" rel=\"noopener noreferrer\">Manpower<\/a><\/strong><\/h3>\n<p>Identify manpower:<\/p>\n<p>You will need minimum one cook &amp; a helper to start with if you are taking a 3 BHK.<\/p>\n<h3><strong>Step 7: Fix your room pricing<\/strong><\/h3>\n<p>Based on the competition survey done. You can refer the blog on <a href=\"http:\/\/trustedstay.in\/blog\/serviced-apartments\/how-to-price-a-room\/\" target=\"_blank\" rel=\"noopener noreferrer\">Fixing price of your serviced apartment room made simple.<\/a><\/p>\n<p>Do your room pricing.<\/p>\n<h3>Step 8: Identify, finalise the property &amp; <a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/lease-agreement-contract\/\" target=\"_blank\" rel=\"noopener noreferrer\">sign rental agreement<\/a><\/h3>\n<p>Identify a property: Check out for the following.<\/p>\n<p>Preferably all rooms must have attached toilet else it will become difficult to sell that room.<\/p>\n<p>Start with small inventory say a 3 BHK to kick start but plan to add more in the same block preferably the same building.<\/p>\n<p>Do not get into providing a conference room or a gym; don\u2019t add cost; focus on rooms, food, services.<\/p>\n<p>If you are trying to take in an apartment complex, ensure there is no objection from association.<\/p>\n<p>Find a date for Mahurat<\/p>\n<h2><strong>My Conclusion:<\/strong><\/h2>\n<p>First train your mind that you are plunging into this business with full determination and for 6 months you will not look for any returns. Share any point that you feel I have missed out?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you want to know the successful formula of starting a serviced apartment and get revenue in the very first month?<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15","post","type-post","status-publish","format-standard","hentry","category-serviced-apartments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to start a Service Apartment Business in just 60 Days - Steps &amp; Guidelines | Blog | TrustedStay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/how-to-start-a-service-apartment-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to start a Service Apartment Business in just 60 Days - Steps &amp; 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