So what do you need to buy a hotel? Money, right? For some eager buyers just entering the hotel industry, landing that initial start-up financing often seems like the toughest challenge.
But in hindsight, getting the funding you need may turn out to be the easy part! This is especially true if you don’t pick your business partners with the kind of extreme care you would take when picking your doctor or your spouse.
Here, learn four tips to select partners that will be assets as you begin your new venture in the hospitality industry
Do You Really Need a Business Partner?
Sure, there is strength and safety in numbers. But what you won’t find is simplicity. The more business partners you bring on board, the more differing operational opinions and leadership styles you will potentially be juggling.
Take some time to sit down and tally up what a business partner will bring to the table. What do you need from a partner that you can’t give your business by going solo? This will help you answer the question of whether pursuing a partnership is the best choice for business success.
Look for Complementary, Not Competing, Skills and Assets.
So you are sold on the idea of going into the hotel business with one or more business partners at your side.
Now it is time to figure out what type of partners will best complement what you have to offer. In other words, where are you strong? Where are you weak? How will the business partner(s) you select fill out your leadership team to give your hotel its best chance of succeeding?
You MUST be Able to Trust Them.
You are putting your personal vision, capital and expertise on the line to enter the hospitality industry. You will be asking your business partner(s) to do the same.
Do you trust them? It is a simple question, and one your gut may be better equipped to answer than your head. If the answer is, “I’m not sure,” or, worse, “I don’t think so,” they are not the right partner for you.
Can You Hear Me Now?
Have you ever been in the middle of a VIC (Very Important Call) when the line suddenly starts cutting in and out? You can hear some but not all of what the other person is saying. They are in the same situation
You are trying harder and harder to communicate with less and less success. Differences of opinion and disagreements are bound to come up as you and your partner(s) launch into the hotel business together. But how do you work through them?
Here, you really want to steer clear of a potential partner who takes everything personally. In business, and especially in a new business, time in decision-making and problem-solving is of the essence. You want to choose a partner who makes communicating through these types of issues easier, not harder.