Wondering how to start an inn? We take you step-by-step from start to success.
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Successful Business Plans for Inns
An effective business plan is your inn's stepping stone to profitability and long-term success.
Although there are a lot of tasks screaming for your attention, cutting corners on your business plan can be a precursor to disaster. Why? Because there are a multitude of reasons why your company can't succeed without a sound business plan.
As a rule, don't exit the business planning process until you are completely satisfied with the scope and content of your business plan.
Evaluate the Competition
Prior to opening an inn within your community, it's essential to determine how strong the competition is. 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 inns in your community.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
If you are seriously contemplating launching an inn, you really ought to learn from folks who are already in business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
But, a person who owns an inn outside of your community will be much more likely to talk with you, after they realize you reside far away from them and won't be stealing their local customers. 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.
Where do you find an owner of an inn on the other side of the country to talk to?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Business Brokerage for Inn Entrepreneurs
Business owners are decision makers. And the first decision you'll need to make is between an inn startup and an acquisition. In most cases, there are compelling financial and practical reasons buying an existing inn.
Although you could navigate a business acquisition on your own, most prospective inn owners enlist the services of a business broker.
By leveraging the skills, expertise and network of a first-rate business broker, you eliminate the hassles commonly associated with the business buying experience.
The odds of achieving your primary goal of avoiding failure in business are much greater if you opt for franchising and benefit from the prior work of others and their lessons learned.
Before you consider starting an inn, it's worthwhile to assess whether there are good franchise opportunities available that might alleviate your startup process.
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.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you came here to learn about selling to inns, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.