It’s a dream for many of us to be our own boss within an industry that we love such as travel. The travel and tourism is the world’s biggest service industry and here in the UK it’s worth a staggering £117 billion and growing! How many times have you stayed in a poorly run hotel and thought…”jeez, I could do a much better job here” or stayed somewhere awesome and thought “I’d love to be part of this!”. Well, you can with franchise opportunities.
As a franchisee, you buy a licence which entitles you to trade under the trade name of the franchisor and gives you access to resources and ongoing support needed to setup and be a successful business. Buying a hotel franchise is a big investment so it’s normal to approach such an opportunity with caution.
There are many advantages in owning a hotel franchise. Head office support helps you select a location and determine which amenities you should provide. Being part of a franchise provides the opportunity to review historic financials, allowing you to reasonably estimate the possibility of income and expenses. With a large selection of hotel chains to choose from, it’s possible to own a small budget hotel or a luxury five star establishment.
If you are going to purchase a hotel, you should partner with a group you know will be capable of providing the level of support you require.
Take the following steps before looking into the possibility of a hotel franchise investment:
Like anything that involves a big investment you need to do your research and market research is vital. Make sure that you thoroughly investigate any franchise opportunity and take time to look at the hotel franchise businesses available. Be aware that when you signup to any franchise, you’re buying someone else’s brand and they will want you to adhere to their systems.
Crunch the numbers and find out realistically what funding you have available or potentially available for a hotel franchise. If you’re looking into the option of raising finance then it’s worth noting that there are three major banks that the BFA (The British Franchise Association) accredits because they understand and specialise in franchising.
If you want to start your own business with a hotel franchise then you next step is to find out more information on a website such as https://www.pointfranchise.co.uk/I-5-hotel-franchise/ where you can look at available hotel franchise opportunities and associated costs.
