Franchise Spotlight: Hotel
Analysis shows that the hotel sector greatly benefits from franchising.
Whether it be US citizens looking for a staycation, business trips or a space for events, or tourists visiting from abroad, hotels in America have always been in high demand. This industry is estimated to bring in an incredible $194 billion, in the US, and is one of the fastest-growing businesses in the tourism sector. The hotel industry is an area that really thrives from franchising, offering many great benefits for franchisees.
Hotel industry analysis
One of the huge benefits of becoming a franchisee in this sector is the famous brand names. Hotel franchises promote their brands worldwide and franchisees can reap the rewards of this marketing – the scale of which is near impossible for independent hotels. These famous brand names, however, come with a hefty price tag. Do your research to ensure affordability and get the right one for you and your success.
A background in hospitality is not necessarily required when obtaining a franchise. However, the industry is best suited to those who enjoy working with people and have a good eye for detail.
Certain areas of America have seen a dip in industry revenue, as the pandemic and lockdown has meant that holidays have been cancelled and people have been forced to stay indoors. However, as restrictions ease and international tourism opens up, a boom is predicted, as people will want to travel, gather and celebrate again.
Hotels are part of a long-standing industry and are quite simply not going anywhere. A franchise can be a great model for those looking to run their own hotel business, but without those initial start-up pains.