Becoming an Entrepreneur
Starting a Corporate Lodging Business
Here's some helpful information that is ideal for entrepreneurial folks who plan on opening a corporate lodging business. Make sure you consider this advice before you start!
Thinking about opening a corporate lodging business? We tell you what you need to know to get started.
Core Characteristics of Corporate Lodging Company Business Plans
Your corporate lodging company's business plan needs to be tailored to your personal and professional goals while at the same time maintaining a consistency with other business plans, particularly in the critical business plan components that most business experts consider to be essential.
By skipping over time-consuming chapters on marketing, finance and other key business areas, you will jeopardize your business plan's overall effectiveness.
To discuss the external factors that will influence your startup, consider dedicating a section of your business to a PEST (Political, Economic, Social & Technological) analysis.
Consider the Competition
Prior to opening a corporate lodging business within your community, it's a good idea to see how you will fit in the competitive landscape. Try our link below to find competitors in your area. After following the link, enter your city, state and zip code to get a list of corporate lodging businesses in your area.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
After you've evaluated your local competitors, the next step is to learn from folks who are already in business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
However, an entrepreneur who owns a corporate lodging business in a different city may be more than happy to give you a few tips, once they realize that you are not going to directly compete with them in their community. In that case, the business owner may be more than happy to discuss the industry with you. If you are persistent, you can find a business mentor who is willing to help you out.
How do you locate somebody who runs a corporate lodging business on the other side of the country to talk to?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Advice for Acquiring a Corporate Lodging Business
Many entrepreneurs elect to acquire a profitable corporate lodging business instead of navigating the challenges of a business startup.
Yet for many entrepreneurs, financing represents a major hurdle to buying a corporate lodging business. Business acquisitions are easier to finance than business startups, even though the financing process can still be exhausting.
Our Business Acquisition Financing Tips have the information you need to successfully navigate the challenges of financing your new business.
Consider Buying a Franchise
Your chances of achieving the entrepreneurial goal of being a successful business owner go up significantly when you opt to franchise in lieu of doing everything yourself.
If you are thinking about opening a corporate lodging business, a smart move is to check out whether franchising might alleviate your startup process.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
More Advice for Startups
These additional resources regarding starting a business may be of interest to you.
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Additional Resources for Entrepreneurs