Hotel Franchising Kentucky – Is It a Good Investment Decision?
Can a hotel franchise be a good investment? Though there are both drawbacks and benefits to it, hotel franchising can be a lucrative investment if done right.
Starting and running a hotel business can be a costly affair. Buying the hotel property and managing the operational costs can indeed be very expensive. However, the profits can be equally big as well, and many people have become millionaires in the hotel and travel business.
Let us look at some of the benefits of hotel franchise over running an independent hotel.
Walking On a Proven Path
When you join a franchise you won’t have to walk an unknown path trying to figure out everything all by yourself. For most business owners, walking down an uncertain path is one of their biggest fears, when you don’t know where the road you are walking on will lead to.
When you are running your own business, you have to face all odds and challenges by yourself with no one to guide and advise you. You won’t know which is the right decision to make in a given situation. Any mistake you commit may cost you thousands of dollars in losses or lost revenues. Your competitors, if they are more experienced than you, may try to destroy your business by using their bag of tricks and you won’t know how to handle them.
This is probably a reason why a majority of business startups fail early on, within the first couple of years. For this reason, hotel franchising has been a very popular option for businessmen who wanted to get into this industry and not fail miserably like many others.
By joining a brand you can avail for yourself many experienced mentors and peers. You can ask for advise whenever you are faced with a difficult situation. You won’t be alone to tackle the clever moves of your competitors who want to see you close down your property so that they can capture all the customers in a particular locality.
You will be able to learn from other hoteliers. You can follow in the proven footsteps of other successful franchisees. You can learn from the successes and failures of others and increase the chances of your own success.
Instant Credibility & Recognition
Another big advantage that comes with franchise is you can gain instant credibility. You may even start getting customers from the first day or the first week of opening. In the hospitality industry, customers crave for good experience when they stay at any particular hotel. So people usually choose popular and known brands so that they can feel assured they will have a pleasant and uneventful stay.
If you run an independent hotel, it may take many months or possibly even years before you make a decent name for yourself in the market, so that people start trusting you. In the meantime, your hotel may struggle to get enough customers since you are relatively new and unknown. By joining a brand you can cut down all the time it would have normally taken you to get recognition.
Constant Support
Franchisors usually offer lot of support, guidance and assistance so that your hotel can succeed. After all, it is in the best interests of the franchisor to make sure your hotel succeeds and makes lot of profit. For this reason, franchisors may offer training, technical assitance and year-round support.
The franchisors may even assist in identifying suitable, strategic locations for your hotel property. They may offer historical data to estimate your hotel’s income and expenses at different times of the year based on your location as well as the prevailing market conditions.
Conclusion
Due to all the aforementioned reasons, hotel franchising can be a great choice for new entrepreneurs who don’t want to put all the risk on their own shoulders and would like some form of expert assistance, guidance and also would like to bank on a brand’s goodwill in the market.
Stay Express is one such SBA approved hotel franchising company that has been offering lot of benefits and value to its franchisees. We are a totally transparent, fair-franchising company that has reasonable costs and reasonable PIPs. We have been able to save more than $100,000 to $200,000 annually to our franchise partners. Visit our website and contact us to know more – Join Stay Express
We are looking for expansion in the State of Kentucky and are inviting applications from all the cities including Lexington-Fayette, Fayette, Louisville, Bowling Green, Owensboro, Covington, Richmond, Hopkinsville, Florence, Georgetown, Elizabethtown, Nicholasville, Henderson, Frankfort, Jeffersontown, Pleasure Ridge Park, Independence, Paducah, Valley Station and other cities