Hotel franchise opportunity

Is Hotel Franchising Right For You? Before you buy a hotel franchise, or any business, you need to take the time to reflect on and write down your goals. These are questions to discuss among family and trusted colleagues. Don't just give it a cursory review and answer them in an afternoon by yourself.

Understand your situation, needs and goals so you can build a strong foundation from which to select and buy the right franchise business. For more info about hotel franchise click here.

Start at home. Understand your family situation and the impact on them before you start your search for the perfect hotel franchise. What are your quality of life goals? Do you want to have dinner at home each night? Is your family ready for the sacrifices?

After taking stock of your personal situation, turn your attention to your financial goals and resources. You will need to include a full accounting of your cash flow, savings, assets, liabilities and monthly obligations. Know your starting point and your intended destination before you assess whether or not you should buy a hotel franchise. How much do you need to bring in annually to meet your family's basic needs? Do you want income or capital growth? How will you support yourself during the first year or two when the franchise is breaking even or losing money?

Once you are clear on your personal financial situation and goals, then you need to assess whether or not these match both the hospitality industry and the franchising format. Are you good at managing people? Are you good at managing customers? Do you have experience running your own business or working in the hospitality industry? About 65-70% of hotels are part of franchises so this is a major component of the market, but if you are not a good fit, it won't be a success. Are you ready to give up some autonomy to the franchisor to take advantage of the benefits of being part of the franchise?

These are starting point questions in each category. Taking the time to honestly consider them will prepare you to answer the much tougher questions ahead as you select and buy a hotel franchise.