Starting a Business
Starting an Accommodation Reservations Business
It's official. You're going to start an accommodation reservations business. Congratulations! This article can be a useful guide to getting started.
We offer some helpful suggestions on how to start an accommodation reservations business.
Elements of an Accommodation Reservations Company Business Plan
Looking for a one-size-fits-all business plan? Good luck. . . because it doesn't exist. But if it's done right, your accommodation reservations business's plan should contain a handful of sound business plan elements:
- Mission Statement � Your description of your accommodation reservations business's reason for existing.
- Goals & Objectives � A list of mile markers on your accommodation reservations business's road to success.
- Financial, Marketing & Action Plans � More detailed descriptions of how you will carry out your mission and achieve your accommodation reservations business's goals.
Investigate Competitors
Prior to opening an accommodation reservations business in your town, it's a good idea to find out how strong the competition is. Use the link below to get a list of local competitors nearby. Just enter your city, state and zip code to get a list of accommodation reservations businesses in your community.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
After you've evaluated your local competitors, it's essential that you speak with somebody who is already in the business. It's very unlikely that the local competition will talk to you. It'd be crazy for them to teach you the business.
However, a fellow entrepreneur who has started an accommodation reservations business in another town may be willing to share their entrepreneurial wisdom with you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where does one find an accommodation reservations business founder in a different locale who can assist you?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Three Arguments for Buying an Accommodation Reservations Business
At Gaebler, we think it makes a lot of sense to explore an accommodation reservations business purchase before committing to a startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. When you're shopping for an accommodation reservations business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Don't Rule Out Franchising
You should know that your odds of achieving your top business goals greatly improve when you opt to franchise and benefit from the prior work of others and their lessons learned.
If you planning on starting an accommodation reservations business, you ought to determine whether purchasing a franchise might help you on your entrepreneurial journey.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Related Articles on Starting a Company
These additional resources regarding starting a business may be of interest to you.
Coming Up With Good Business Ideas
Buying vs. Starting a Business
Recurring Revenue Business Models
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