Entrepreneur Idea Guide
How to Start a Hotel & Motel Management Business
These tips are written for those of you who are thinking about starting a hotel and motel management business. Make sure you consider this advice before you begin your venture.
Thinking about opening a hotel and motel management business? We tell you what you need to know to get started.
Successful Business Plans for Hotel & Motel Management Businesses
If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.
We'll add one more voice to the chorus – writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.
Here's something else you should know: Business plans help prevent key startup mistakes. Lacking a solid business plan, many startups find themselves rudderless and incapable of executing consistent decision making processes, while committed business planners rely on their plans to guide all of their decision making and short-term planning efforts.
Prior to opening a hotel and motel management business in your town, it's a good idea to find out how you will fit in the competitive landscape. We've provided the link below to help you get a list of local competitors in your city. Just enter your city, state and zip code to get a list of hotel and motel management 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
If you are seriously contemplating launching a hotel and motel management business, the next step is to talk to somebody who is already in the business. It's very unlikely that the local competition will talk to you. Why would they want to educate a future competitor?
Fortunately, somebody who runs a hotel and motel management business in a location that is not competitive to you may be more than happy to give you a few tips, once they realize that you are not going to directly compete with them in their community. Many business owners are happy to give advice to new entrepreneurs 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.
Do you know how to find a hotel and motel management business entrepreneur in another community?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Acquisitions vs. Startups
Unfortunately, many inexperienced hotel and motel management business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Both ownership strategies have their benefits and drawbacks. For first-time business owners, it makes more sense to buy an existing hotel and motel management business than to attempt to build one from the ground up.
An acquired hotel and motel management business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. If you're diligent about finding the right acquisition prospect, you may be able to leverage a business buying strategy to rapidly propel yourself into a position of industry leadership.
Franchising May Be a Better Way to Go
In many cases, a franchise is the shortest route to successful small business ownership. Franchised startups have an edge over other startups because they launch with many resources already in place.
Although franchises are similar to other startups, they offer several advantages for the right entrepreneurs. Click on the link below to access our hotel and motel franchise directory and learn more about exciting franchise opportunities in your area.
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