What was taken outm of tour

Our goal at Richmont’s Airbnb is to foster a community of guests and hosts where genuine
encounters and cross-cultural exchange are prioritized. We are committed to fostering a society
in which everyone can find a place to call home and develop lasting relationships through
extraordinary travel experiences. While offering a safe and practical platform for booking and
hosting, we work to empower hosts to open up their homes and neighbourhoods to visitors. Join
us in our effort to unite the world through individual stays
 Richmont Airbnb will be set up as a limited liability company. After applying for the
Deeds and Commercial Registries Authority, a certification of incorporation will be
received, allowing the business to be acknowledged as a legitimate operation. Being
registered as an LLC will also spate the owner’s personal assets from the business
assets, providing liability protection for the owner in the case of a lawsuit or debt.
While also providing flexibility in terms of management structure and taxation \

Psychographic Segmentation - Using this tactic, the market is segmented according to

consumer personality, values, and interests. Based on the psychographic characteristics of
prospective guests, the market for an Airbnb property in Guyana could be divided. For
instance, the owner of the property might cater to intrepid visitors who enjoy outdoor
pursuits like hiking and kayaking. This tactic is effective because it enables the properthe
ty owner to design a distinctive experience that appeals to particular psychographic
profiles. The owner can design a tailored experience that appeals to their target market by
getting to know the personality traits and values of potential guests.

Revenue and Profitability

Revenue Amount in GYD

Night Rate $ 40,000

Average Occupancy Rate (60% -100%) -

Annual Amount (40,000 x 0.60 x 365) $ 8,760,000

Monthly Revenue $ 300,000

Weekly Revenue $ 70,000

Total Revenue $ 8,760,000

 Profitability (Revenue – Annual Expenses) $ 667, 600

Profit Margin = 8%

The table above represents the projected Amount of Revenue to be earned and the Profitability
Amount

Operational schedule

Pre-arrival (about 2-3 weeks before the guest arrive)

Standard: Clear communication with guests, ensuring they have all the information they need for
their stay (e.g., check-in instructions, house rules, amenities, etc.)

Policy: Email or the messaging feature of Airbnb should be used to send guests a welcome
packet outlining all pertinent (relevant) information for their stay.

Procedure:

 Confirm the reservation and check the guest's profile to ensure a positive experience
 Contact the guest to verify arrival details and ensure all guest questions are answered
 Provide the guest with detailed instructions for check-in and check-out, as well as
directions to the Airbnb
 Verify that the Airbnb is cleaned and properly prepared for the guest's arrival

Arrival day
Standard: Provide a seamless and hassle-free (smooth and simple) check-in experience for guests

Policy: Guests should be able to check in whenever it is convenient for them, without interfering
with the host's schedule.

Procedure:

 When check-in time arrives, meet the guest at the Airbnb or give them self-check-in
instructions.
 Give the guest a tour of the Airbnb and explain how to use any amenities or appliances
  Provide the visitor with your contact information in case of an emergency or other
problems.
 Host is available for any questions, concerns or issues
 Accumulate any additional payments or deposits that may be necessary, such as a
cleaning fee or security deposits

During the stay (Throughout the guest's stay)

Standard: Ensure visitors have a relaxing and enjoyable stay while with respect to their privacy

Policy: Hosts should respect guests' privacy and personal space while also remaining open to
communication about any issues that arise via phone, email, or messaging.

Procedure:

 Regularly check with guests to ensure they have everything they need and to address any
(sudden) concerns.
 Respond as soon as possible to any questions or concerns.
 Respect the guest's privacy and personal space by only entering the Airbnb with their
permission and providing advance notice
 Abide by all local laws and regulations as well as Airbnb rules and regulations

Departure (Check-out day)

Standard: Provide a smooth and efficient check-out experience for guests

Policy: Checkout should be done at any time that is convenient for the guests

Procedure:

 Remind the visitor of any check-out requirements and confirm the check-out time with
them (e.g., taking out the trash, returning keys, etc.)
 Verify the Airbnb with a walk-through to make sure there are no missing or damaged
items from the visitor's stay.
 Any security deposits or other fees should be returned, as appropriate.
 Send the guest a thank you note and request feedback on their experience.
Summary
The Internal Assessment done on Richmont’s Airbnb was conducted to evaluate its
feasibility/performance as a new development in the accommodation sector in Guyana. The
project involved multiple activities including data analysis and market research. The objective
was to establish a clear line of communication between persons who want to market their
property for a profit to connect with potential guests while also creating a cheaper alternative to
expensive hotels, motels, resorts, etc.

The new Airbnb targets millennials and individuals from Generation Z who are looking for
unique and affordable accommodation options. The platform will offer a range of properties,
including private rooms, shared rooms, and entire homes, and uses a commission-based or Post
mates model to earn revenue. Richmont Airbnb will target these guests by using a Psychographic
segmentation strategy that makes use of the guest’s psychographic profile (interests, values, and
personality) to find the perfect property that relates to these interests.

Some strengths were also identified, including a unique value proposition (offers a cheaper
alternative to hotels, motels, etc.) and a user-friendly platform, however, some weaknesses
included limited networking and no established branding. Hotels, motels, Vacation Rental
Platforms, Bread and Breakfasts, Hostels, and Guesthouses were all pinpointed as competitors of
Richmont Airbnb because they have greater visibility and recognition, greater access to
resources, and are more Technologically advanced while also operating in the same sector that
Richmont Airbnb will be operating in.

The Financial plan identified the amount of money needed to set up/ initial expenses for
Richmont Airbnb, which amounted to 54.3 million, and annual expenses to 8.09 million,
Ricmont Airbnb will obtain its finance from Banks (Loans) and Stakeholders/investors
(crowdfunding). The Airbnb will generate an average of 8.76 million if the occupancy rate is
60%, with a profit margin of 8% (667,000). However, the assessment did point out a few areas
for improvement, such as lowering marketing and advertising costs and raising property
occupancy rates. The Dynamic pricing strategy will allow hosts to effectively optimize pricing to
maximize revenue based on market demand, availability, and other factors in real time.
It is recommended that Airbnb should concentrate on expanding its network of hosts and guests
through targeted marketing and clever alliances in order to address the issues raised in the
assessment. The platform should make technology investments to enhance owner and customer
experience.

In conclusion, this internal assessment has provided valuable insights into the performance of the
new Airbnb. By implementing the recommended solutions, the business can address the
challenges identified and improve its overall performance, driving revenue growth and
increasing profitability.

Standard

 Sustainable Tourism: We recognize the importance of sustainable tourism and will take
measures to minimise our environmental effect. We will promote local conservation
initiatives and implement eco-friendly measures such as lowering energy use and waste.
 Hospitality Certificate: Hospitality Certificate: Our Airbnb employees will have
applicable hospitality certificates, demonstrating their skill in areas such as customer
service, housekeeping, and other critical areas. We will also give regular training to
ensure that our employees are up to date on industry trends and best practices.
Procedure

 Check-out protocol: To guarantee a smooth transition for guests upon departure, the host
will have a streamlined check-out method. This includes takin keys, inspecting the
property, and issuing reimbursements as needed.
 Being registered as an LLC will also spate the owner’s personal assets from the business
assets, providing liability protection for the owner in the case of a lawsuit or debt. While
also providing flexibility in terms of management structure and taxation
This product promotes tourism and allows individuals a reliable and relatively easy way to make
money from their property

Dynamic pricing –

Dynamic pricing is a pricing strategy in which prices are adjusted in real-time based on market
demand, availability, and other factors. This also allows hosts to effectively optimize pricing to
maximize revenue and occupancy rates. Dynamic pricing will be implemented using an
automated pricing tool that analyses market conditions and adjusts the pricing accordingly.
These tools take into consideration local demand, availability of similar properties, events,
festivals in the area, and sometimes even weather conditions to determine the optimal price for a
particular time. For example, if a host has High demand for a property during the Summer/
Christmas, the dynamic pricing tool may increase the price to take advantage of the demand and
in contrast, if there is low demand the tool may decrease the price to attract more bookings.
The Internal Assessment done on Richmont’s Airbnb was conducted to evaluate its
feasibility/performance as a new development in the accommodation sector in Guyana. The
project involved multiple activities including data analysis and market research. This entailed
identifying the target market (millennials and Generation Z) and undertaking psychographic
segmentation in order to discover the ideal property that corresponds to visitors' interests, values,
and personality. A competition study was also performed, and hotels, motels, vacation rental
platforms, bed and breakfasts, hostels, and guesthouses were identified as competitors. The
dynamic pricing strategy was suggested to maximize revenue based on market demand,
availability, and other factors in real time. The Airbnb will be established as an Limited Liability
company catering for local and international individual within the accommodation sector. Guests
of all generations such as generation z and millennials are welcome to gain the unique
experience offered by this Caribbean Airbnb. Richmont’s Airbnb will be available on the 23rd
December 2022.

The survey conducted help to establish the target market and evaluate any interest most
customers may have so it can be implemented before the opening. Competitors and the threat
they possess were identified. Airbnb plans on using multiple platforms to distribute and
disseminate information about the business example the use of websites and social media
Policies, Procedure, standards and a timeline were all created to aid in ensuring that all processes
are done seamlessly and without error or delay. And lastly a financial budget was created to
determine the initial expenses, annual expenses, and to identify sources of finance
1. Guest satisfaction: evaluated using feedback from Airbnb guests. In order to keep an eye on
this, hosts should frequently check the reviews of their listings and promptly address any
negative feedback. They can also use feedback tools to obtain direct customer feedback and
pinpoint areas that need improvement. For instance, hosts may need to improve their
cleaning procedures or hire a professional cleaning service if visitors consistently give the
property a low rating for cleanliness. This will help them meet visitors' expectations.
2. analyze the data collected during the monitoring phase and compare it to evaluation criteria
(financial performance, occupancy rates, etc.). This allows for the identification of trends,
patterns, strengths and weaknesses, and areas of improvement and allows for the
development of an action plan to be used.

by offering accommodations that are not available in typical hotels, hostels, and so on.
The target markets will be guests and travellers who may be on a business trip or just visiting and
are looking for a place to rent on their travels, young couples, and families with energetic
youngsters looking for an interactive vacation experience, athletes and sports enthusiasts visiting
Guyana for vacation or track events.

1. , replacing worn-out equipment, and ensuring all electrical systems are up to code.
2. Some banks even offer specialized loans for Airbnb hosts, such as short-term financing or
home equity loans.
3. , including risk management, health and safety, and guest satisfaction,
4. , thereby attracting new consumers and increasing brand awareness.
5. . Due to this, Airbnb may lose some of its appeal to potential customers and gain an
advantage over rivals in the market.
6. Building permit -allows local authorities to review and ensure it meets necessary safety
standards.

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October 5th 2022 A budget/ Financial Plan was created to
determine the initial cost, annual expenses and
possible sources of finance.
October 10th 2022 A Hospitality Training programme was
established/ created for employees.
October 15th 2022 Create a marketing strategy to reach your target
markets
October 18th 2022 Find local vendors and partners to support the
Airbnb
October 20th 2022 Create layout for amenities and decorations that
emphasize Caribbean Hospitality
October 31st 2022 Begin Hiring and Training employees

November 10th 2022 A quality management system was implemented

to fulfil ISO requirements

November 15th 2022 Conducted mock guest visits to test operations

and identify areas for improvement

November 19th , 2022 Decided on which segmentation strategy would

be most effective,

November 23rd 2022 The composition of the market was put together
 while also identifying potential competitors and
the threat they possess
November 31st 2022 Staff completed hospitality training program

December 19th 2022 Created a website and other varities of platforms

eg social media accounts for potential guests to
connect and communicate with hosts
December 23rdst 2023 (Opening Day) The new Airbnb is open so that potential guests
can make reservations to stay for the holidays

January 1st 2023 Explore possibilities for expanding services and

amenities, continue to do market research and
monitor customer feedback to make any
improvements