Serviced accommodation is becoming increasingly popular as more people opt for short-term rentals over hotels. This trend has opened up a new avenue for business owners and entrepreneurs to invest in the hospitality industry. One way to invest in this growing market is through owning a serviced accommodation franchise business. In this blog, we’ll explore the 10 benefits of owning a serviced accommodation franchise business versus doing it alone.
1. Established Brand Recognition
- One of the biggest benefits of owning a serviced accommodation franchise business is established brand recognition. A franchise business already has a reputation, and customers are familiar with the brand. This means that you don’t have to spend time and resources building brand recognition from scratch. As a result, you can focus on growing the business and providing high-quality services to customers.
2. Support from Franchisor
- Another significant advantage of owning a serviced accommodation franchise business is the support you receive from the franchisor. Franchise businesses have a proven business model, and the franchisor provides guidance and support to help you set up and run the business successfully. This includes support with marketing, operations, and training, which can save you time and money in the long run.
3. Access to Established Systems and Processes
- A franchise business has established systems and processes that have been tried and tested. This means that you don’t have to spend time developing your own systems and processes, which can be time-consuming and expensive. Instead, you can use the franchisor’s systems and processes, which have been proven to work.
4. Reduced Risk of Failure
- Owning a serviced accommodation franchise business can also reduce the risk of failure. Franchise businesses have a higher success rate than independent businesses, as they have an established brand, systems, and processes. This means that you are less likely to fail if you own a franchise business compared to starting an independent business.
5. Easier Access to Financing
- Financing can be a significant challenge when starting a new business. However, owning a serviced accommodation franchise business can make it easier to access financing. This is because franchise businesses have an established reputation and track record, making it easier to secure financing from lenders.
6. Collaborative Marketing Efforts
- Marketing can be expensive, especially for new businesses. However, owning a serviced accommodation franchise business means that you can benefit from collaborative marketing efforts. Franchise businesses often have a marketing budget that is used to promote the brand, which means that you don’t have to spend as much on marketing.
7. Access to Training and Support
- Owning a serviced accommodation franchise business also means that you have access to training and support. Franchisors provide training on the systems and processes used in the business, as well as ongoing support to ensure that you are successful. This can help you avoid costly mistakes and ensure that you are providing high-quality services to customers.
8. Access to Technology and Software
- The hospitality industry is increasingly reliant on technology and software. Owning a serviced accommodation franchise business means that you have access to the technology and software used by the franchisor. This can include property management software, booking systems, and payment processing systems. Using these systems can save you time and money, as well as improve the customer experience.
9. Increased Purchasing Power
- Franchise businesses have increased purchasing power, which means that they can negotiate better deals with suppliers. This can result in lower costs for inventory, supplies, and equipment, which can improve your bottom line.
10. Opportunity for Growth
- Finally, it provides an opportunity for growth. Franchise businesses have a proven business model, and you can expand your business by opening additional locations or offering additional services. This can help you grow your business and increase your revenue.
Summary
In conclusion, owning a serviced accommodation franchise business offers numerous benefits over doing it alone. Using an established and trusted brand like Luke Stays is your best bet to succeeding in this very competitive industry.
Rely on 4 years of experience, hosting over 150,000 guests in multiple locations around the world.
Find out more about owning your own franchise business today.
