Start a Choice Hotel Franchise Business
People will say that the best investment that you will make is through hotel franchising, and what better way to invest your money than in Choice Hotels. This sound business venture will give a businessman the best opportunity to grow in this kind of industry and exceptional experience to help acquire more and more franchise in the coming years.
Before signing a contract with Choice Hotels, here are several things you need to know.
Basic Requirements to Own a Choice Hotel
Do you own a real estate property that can support the construction of a hotel franchise? This is necessary since most of the franchisees of the Choice Hotel own a parcel of land where the franchise was constructed. Even if you don’t have your own real estate, the next question is: Can you acquire it trough bank financing? Owning a piece of land where the hotel will be built mean you can hand down the hotel legacy to your family and the coming generation since this is a long time commitment.
With a wide range of consumer reach, the company expects you to have basic knowledge in running a business. Other requirements that you need to fill out are financial capability and other monetary factors.
How Much a Choice Hotel Costs
To qualify as one of the Choice Hotels Franchisee, you’ll going to need around $1 million to pass the net worth requirement of the company. A Cash liquidity of $500,000 is also required for you to be able to sign a contract deal with Choice Hotels.
What are the Franchise Fees
To start a Choice Hotel Franchise, the company will charge you franchising fee ranging from $10,000 to $120,000. This will already be included in the total investment cost which can reach from $2.5 million to $15.3 million.
How much you can make from a Choice Hotel
The franchise has always been a sure way of doing business. With a 20-year contract deal (renewable), the return of investment will be generated in just 5-years. The Company said that in the past years, the revenue generation of the hotel franchises reaches to more than $2 billion in reservation.
How will Choice Hotel Support and Train your Staff
Where do you get your training? The Company generally offers each of the first-time franchisee a full training support at the company headquarters in a period of one week. Other trainings that the company offers are regional trainings for your employees and managerial training for you and other business partners. This training will make sure that your own branch of Choice Hotel will appeal and be recognized by your clients through your own consumer base approach.
With the best training programs at your disposal, you’re always assured of efficient and profitable business.
How can you Promote your Choice Hotel
The technological advancement of Choice Hotels made it the most common choice among families in the US and other countries, by providing technical online reservation system that directly gives consumers chance to view rooms, service, and locations. The internet marketing also gives the Choice Hotel maximum exposure.
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