7 Easy Tips To Help You Purchase A Hotel Or Motel Franchise Business
7 Easy Tips To Help You Purchase A Hotel Or Motel Franchise Business
1) Stay in the Hotels You’re Looking at
If you’re in the market to start a hotel, chances are you have some experience with the hospitality industry and you’re at least beginning to become acquainted with the franchisor you’re interested in. But knowing how a hotel or motel franchise is supposed to run is far different than knowing what a specific hotel’s daily practices actually look like, so one of the best things you can do is study the business from a guest’s point of view. If you’re curious about Hawthorne Suites, get a room for a week at one of their locations and do some first-hand research. You’ll learn more than a pamphlet can ever teach.
2) Talk to Other Franchisees
This is a good step for someone starting a franchise in any industry. Your interest, as a potential Choice Hotels franchisee for example, is not only in how the business treats its guests, but also it’s franchisees, and the only way to learn that is to go and talk with men and women who have already walked that road. Find some nearby franchises and ask to talk to the owners. Ask them about what they like and would like to change about the way their franchisor relates to them, how the purchase process went, and what kinds of ongoing support the franchisor still provides.
3) Seek Wise Council Early in Negotiations
Experts recommend that a new franchisee never even begin to make high capital franchise deals without finding wise advisors to help influence the decision-making process. There is no shame in getting the help of a whole team of seasoned businesspeople to help you navigate the negotiation process with your franchisor, and if you can do so before the deal term sheet is printed by your franchisor, you’ll have a lot more leverage in the long run.
4) Negotiate Anything and Everything
The most important thing to know when you go to the table with a franchisor is that you are not at their mercy; the two of you are making a mutual agreement, and the agreement needs to be agreeable to both parties. Whatever you have a problem or concern with in the agreement, as it is drawn up, tell the franchisor what it is and what you want. When you’re looking to get into a Wingate by Wyndham franchise, it is as much in their interest that they accommodate you as it is in yours that you accommodate them—and they have more leeway than they let on.
5) When Converting an Old Hotel, Inspect it
It’s a really straightforward recommendation, but if you’re remodeling an old hotel instead of building a new one, be sure to get every nook and cranny inspected. The last thing any franchisee wants is to spend the money for the perfect business only to find that there are structural, sewage, or electrical problems with the facility halfway through the opening year. Save yourself future headaches by being sure the real estate investment is sound.
6) Research the Local Competition
When it comes to choosing the placement of the hotel franchise you’re going to buy, it’s important to know all you can about the area you’re looking at, and competition is a big part of that. Even though Microtel Inns and Suites is the premium name in economy hotels, putting your franchise in an area overly filled with other economy locations is not the wisest of business tactics.
7) Do Your Homework on Local Development
Chances are good that a franchisor is already well aware of what’s going on in any area in which they’re proposing to start a franchise hotel, however, doing your own research can never hurt. For that reason, when looking at a potential location for your business, make a call to the local government agencies in charge of land development and road construction. See what future plans are in store for the highways and roads of the area, whether there will be more access to your location or less, and ask about what the outlook for residential, commercial, and industrial expansion is. Make sure that in a few years, the location will be even more hospitable to your business than it is now.
Hospitality is an excellent industry that has been with us for millennia and has proven profitable for millions, so starting hotel franchises is certainly a good idea. Like all things, though, it just has to be done correctly, and the earlier in the process that a franchisee starts doing things the right way, the better. These helpful tips may not make everything run perfectly, but they can provide a good start and the confidence that a new business owner needs to succeed.
7 Easy Tips To Help You Purchase A Hotel Or Motel Franchise Business - To learn more about this author, visit Candice Clem's Website.
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With the recent slump in the economy, many entrepreneurs are weighing their options very carefully before jumping into a new investment or business opportunity, yet the fact that many are choosing to wait to see what happens to the economy could give the prospective business owner a jump on the competition and the kick-start needed to overcome the struggling economy. One such industry with great potential is hotel and motel franchises. These high capital franchises take quite a bit more to get going than the average small business but the payoff can be exponentially higher and if you follow some of the following tips, you’ll be on your way to starting your new hotel or motel franchise in no time.
1) Stay in the Hotels You’re Looking at
If you’re in the market to start a hotel, chances are you have some experience with the hospitality industry and you’re at least beginning to become acquainted with the franchisor you’re interested in. But knowing how a hotel or motel franchise is supposed to run is far different than knowing what a specific hotel’s daily practices actually look like, so one of the best things you can do is study the business from a guest’s point of view. If you’re curious about Hawthorne Suites, get a room for a week at one of their locations and do some first-hand research. You’ll learn more than a pamphlet can ever teach.
2) Talk to Other Franchisees
This is a good step for someone starting a franchise in any industry. Your interest, as a potential Choice Hotels franchisee for example, is not only in how the business treats its guests, but also it’s franchisees, and the only way to learn that is to go and talk with men and women who have already walked that road. Find some nearby franchises and ask to talk to the owners. Ask them about what they like and would like to change about the way their franchisor relates to them, how the purchase process went, and what kinds of ongoing support the franchisor still provides.
3) Seek Wise Council Early in Negotiations
Experts recommend that a new franchisee never even begin to make high capital franchise deals without finding wise advisors to help influence the decision-making process. There is no shame in getting the help of a whole team of seasoned businesspeople to help you navigate the negotiation process with your franchisor, and if you can do so before the deal term sheet is printed by your franchisor, you’ll have a lot more leverage in the long run.
4) Negotiate Anything and Everything
The most important thing to know when you go to the table with a franchisor is that you are not at their mercy; the two of you are making a mutual agreement, and the agreement needs to be agreeable to both parties. Whatever you have a problem or concern with in the agreement, as it is drawn up, tell the franchisor what it is and what you want. When you’re looking to get into a Wingate by Wyndham franchise, it is as much in their interest that they accommodate you as it is in yours that you accommodate them—and they have more leeway than they let on.
5) When Converting an Old Hotel, Inspect it
It’s a really straightforward recommendation, but if you’re remodeling an old hotel instead of building a new one, be sure to get every nook and cranny inspected. The last thing any franchisee wants is to spend the money for the perfect business only to find that there are structural, sewage, or electrical problems with the facility halfway through the opening year. Save yourself future headaches by being sure the real estate investment is sound.
6) Research the Local Competition
When it comes to choosing the placement of the hotel franchise you’re going to buy, it’s important to know all you can about the area you’re looking at, and competition is a big part of that. Even though Microtel Inns and Suites is the premium name in economy hotels, putting your franchise in an area overly filled with other economy locations is not the wisest of business tactics.
7) Do Your Homework on Local Development
Chances are good that a franchisor is already well aware of what’s going on in any area in which they’re proposing to start a franchise hotel, however, doing your own research can never hurt. For that reason, when looking at a potential location for your business, make a call to the local government agencies in charge of land development and road construction. See what future plans are in store for the highways and roads of the area, whether there will be more access to your location or less, and ask about what the outlook for residential, commercial, and industrial expansion is. Make sure that in a few years, the location will be even more hospitable to your business than it is now.
Hospitality is an excellent industry that has been with us for millennia and has proven profitable for millions, so starting hotel franchises is certainly a good idea. Like all things, though, it just has to be done correctly, and the earlier in the process that a franchisee starts doing things the right way, the better. These helpful tips may not make everything run perfectly, but they can provide a good start and the confidence that a new business owner needs to succeed.
7 Easy Tips To Help You Purchase A Hotel Or Motel Franchise Business - To learn more about this author, visit Candice Clem's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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