How to Start a Corporate Housing Business
If you want to start a corporate housing business, you will need a solid plan to ensure success. It is important that you study the market first. Determine the ideal structure of the business since this will require a large capital.
Promote the business online through your own site and of course, locally.
In the 1980s, corporate housing was first introduced in the market. The boom in the industry was due to the increase in the relocation of employees of major corporations. With the nature of the customers, you can only expect temporary lodging. Most employees are willing to stay in corporate housing rather then staying in hotels. In most cases, you can expect the employees to stay around one month, at the minimum. In this type of business, you will be investing on equipped and fully furnished apartments. It already includes linens and house-wares, utilities, and at times, housekeeping.
Starting Your Own Corporate Housing Business
In the recent years, there was a decrease in the surge for corporate housing. With the improvement of the economy, the opportunities are quite promising. Since this will involve purchasing properties, you will need large amount of capital. You will have to decide on the right business structure. Work out on a business plan that you will use during startup. As a sole owner, you will have limited capital but if you opt for other business structures, you might be able to get more money for startup.
Conduct thorough research about the market, especially the real estate. You can consider seeking help from a real estate agent to find the ideal location for corporate housing. The property should be easily accessible and you will need a professional to design the apartments. Contact major companies in your state to promote the business. It would be best if you have a website so that you can reach a wider market area. By doing so, you can expect more clients when the business opens. When the building has been constructed, you will now invest on the furnishing, appliances, and utilities. You have to create an attractive and relaxing atmosphere, to make customers feel at home.
Determine the prevailing rates in your area. You should decide on the monthly rentals and since corporate housing is different from regular apartments, you may also need to determine a weekly price, when needed. In this type of business, it is important that you secure the needed licenses and permits. Operating a legitimate business is very important. You can consult with a lawyer to find out the legal aspects that you must comply with. Promotions can be done online, as well as in the local area. You can even utilize billboards to attract customers. Try to contact the concerned airport personnel, so they can refer potential clients to your business. Use the right strategies and you can benefit greatly.
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