Entrepreneurs face several challenges in the lodging industry:
Seasonality: Demand can fluctuate based on seasons, requiring effective financial management and marketing strategies. Competition: High competition necessitates continuous innovation and customer satisfaction. Operational Costs: Managing operational costs, including maintenance, utilities, and staffing, can be challenging. Regulations: Staying compliant with changing regulations and standards is crucial. Customer Expectations: Meeting and exceeding customer expectations in a digital age where reviews and ratings can significantly impact your business.