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Many of the terms surrounding the purchase of a hotel business can sound familiar--"franchise," "turn key operation" and "operating results" are all terms that are used in business fields outside of the hospitality industry, so you're likely to have encountered them if you're a business owner. Happily, in the hospitality industry, they generally retain the basic meaning that you're familiar with. More»
Business professionals who are interested in the hotel industry and intend to buy hotel business locations will have many choices to make. You will need to pick the right location for your establishment, decide whether you want an independent hotel or a franchise opportunity and come up with a realistic budget for your purchase. More»
There are simple steps you can follow to make hiring friends and family a smart and profitable decision. The advantages of hiring family and friends may include:
Family-owned businesses can often capitalize on the fact that they are owned and possibly operated by a specific family. Many consumers find this to be an appealing trait in businesses as it may remind them of their family and give the venue an atmosphere of home.
Working with family you often run the risk of infighting. If occurrences of this nature persist it becomes a hassle and bad for business over all. However, in well functioning families this may be avoided and the benefits can be substantial. Family and friends often have a stronger work ethic and feel more connected to the business itself motivating them to actually care about the organization rather than the paycheck.
Family-owned businesses have an instant appeal to most consumers who resent the corporate atmosphere of many modern venues. The care put into the business is a great asset and draws in loyal consumers repeatedly. Review resources for both technical information and information about other family owned businesses. If you are considering the prospect of opening a business with assistance from family members try exploring the links to the left. You fill find online reference materials and further information to help you get started.