Top 3 Hotel Franchises
Owning a hotel franchise is a big investment so it’s normal to approach such an opportunity with caution. But if you’ve done your research you’ll know that when you buy a hotel franchise you’ll have the support of the franchisor every step of the way. After all it’s in the franchisor’s best interests to give you all the backing you need. They’re only profitable if you’re a success, so, although it may seem daunting at times, investing in hotel ownership is well worth considering.
Starting a franchise in this industry has the bonus of a familiar name, and hotel franchise brands are more recognisable than most. But, what does it take to be a hotel franchisee?
Key components of a starting a franchise in the hotel industry
1. Make an informed decision
Every hotel is different and big franchise brands are no exception. Make sure that you read all the franchise information that the franchisor provides. The franchise disclosure document will include the key financial and operating details and should be reviewed carefully.
You’ll also benefit from attending the Discovery Days that many franchise brands hold. These informal meetings are usually held at the company’s headquarters and will give you the chance to find out more about the service that the hotel franchise provides, as well as the training and support that will be on offer for you as a franchisee.
2. Identify the true level of funding needed
Starting a franchise in the hotel industry requires significant investment. Unfortunately, the main reasons many new hotel franchisees fail is because they underestimate the ongoing costs and amount of working capital needed. Be certain that you take into consideration, not only the initial franchise fee, but the total investment cost of funding a hotel franchise before you sign on the dotted line.
3. Understand if you’re right for the job
Running a hotel is a 24/7 job. You never really switch off; with your mind staying at the hotel, even when you’re not. This level of commitment and dedication may not be for everyone. You should gain a full understanding of what will be expected from you before you invest.
You’ll also have to wear many hats as a hotel franchise owner. Not only are you responsible for driving sales and profit, but you’ll also have to manage a team of employees as well as offering exceptional customer service.
Hotel franchise opportunities
If you’re certain that you have what it takes to balance running a successful hotel with following the franchise model, here are some opportunities for you to consider:
Choice Hotels is one of the largest hotel franchisors in the world. The hotel franchise boasts more than 6,400 hotels in over 40 countries.
As expected with a global brand of this size, Choice Hotels offer franchisees many benefits. One of the biggest advantages being the flexibility within the franchise agreement that enables hotels to retain their own brand name. Not only can the brand name be kept, but unlike most franchise opportunities, Choice Hotels will not enforce rigid guidelines regarding the look and feel of your hotel.
This allows your business to keep its uniqueness and characteristics, whilst you enjoy the support and backing of a franchise with global presence. And this support includes a comprehensive training programme held at Choice Hotels headquarters in Silver Spring, Maryland. When you return to the UK, your learning continues with access to ChoiceU.com. This is an online learning resource, which also contains over 100 regional workshops per year. On top of this you’ll be allocated a dedicated Area Director who will be on hand to answer any questions you have at any time.
The Travelodge brand has become synonymous with affordable hotel accommodation. Both business and leisure customers of the economy sector hotel know that they are going to stay in a modern, clean and spacious room at a reasonable price. And with over 500 hotels predominantly across the UK, you can be sure that Travelodge has a presence in all major locations.
Best Western don’t consider themselves to be a chain, but rather a collection of independent hotels. Through franchising, the global brand can help existing hotel owners thrive. With 70 years’ experience in the hotel industry, the brand now represents 4,200 hotels worldwide.
When you join Best Western, your hotel will receive one of the three UK based brand names; Best Western, Best Western Plus and Best Western Premier. With each brand having clearly defined standards and design criteria, you can be certain that your hotel will live up to the expectations of your target audience.
Under your new brand name, you’ll continue to run your hotel your way, but with the advantages of being part of one of the world’s largest collection of hotels. These benefits include, 24-hour customer reservation centres taking 11,000 calls a day, inclusion in national marketing campaigns and dedicated support from experts to help you to grow your business.
Benefits of investing in a hotel franchise
Despite most of the initial planning, financing, and operational steps to becoming a hotel franchise owner being performed by the franchisee, support from an experienced franchisor can be invaluable: Early guidance and consultation Starting a franchise, particularly one in the hotel industry, can be complicated and confusing. For even the most experienced entrepreneurs it can be daunting at times. But once you’ve committed to a franchise, the support, training and advice received from the franchisor and the franchise representatives is invaluable. A plan for launch The most complex part of setting up a hotel franchise is the number of different components that must be in place for launch day. Not only do the obvious things like the fixtures and furnishings need to be right, but operational elements like the telephony and reservation systems need to be working.
The huge advantage of buying a franchise hotel is the support you’ll get with these crucial elements. You’ll be able to open your doors to customers safe in the knowledge that you’re using proven systems. You don’t need to worry about every little part of your business, because someone else has done that for you.
The peace of mind and support that comes with a hotel franchise is more than money can ever buy.
The Editorial Team, Point Franchise ©
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