Experts will tell you that buying into a hospitality or accommodation business isn’t for the faint-hearted, but if you’re willing to put in the work and learn the details of the business, you can take advantage of a number of benefits other than profit or pay. Here’s a look at five reasons you might want to consider buying management rights or a motel business.
1. Ability to Run Your Life
Many people talk up owning a business as freedom, but that’s not exactly true — especially in the accommodation sector. A business is a big responsibility, which means you can’t just leave for holiday whenever you like or sleep in without making plans to cover your obligations. Other people — from your staff to your tenants or guests — depend on you.
That being said, owning your own accommodation business does let you run your own life without answering to corporate command chains or a daily supervisor. You can concentrate on the work you’re good at and enjoy and hire others to assist with more tedious tasks — though you can’t usually rid yourself of all the more unpleasant work. Accommodation business owners can also partner with professionals in the industry, who will stand in for you while you take time off or travel on holiday.
2. A Ready-Made Home
Many accommodation businesses come with ready-made living quarters for the owner or manager. By saving money on a separate residence, you reduce personal expenses. This lets many people take an initial pay cut to get into their own business, and if you don’t have to eschew some personal salary perks to run the business, you have extra buying power immediately.
Depending on how your business is set up, any upgrades, repairs or maintenance to your living quarters might also be covered under business expenses. This lets you concentrate on running your motel or management rights business without worrying about whether your own living situation is safe or stable.
3. Utilities, Vehicles and Other Covered Costs
Depending on how your business is set up, you might also save money on other expenses, such as utilities and vehicle payments. When you live on premises, these might be covered by the business, leaving you with less personal obligations to worry about, so you can concentrate on growing your businesses for more freedom in the future. It’s important to note that higher business expenses can mean less profit or pay, so you want to find a good balance between covering your expenses and leaving enough cash flow for functionality.
4. Convenient Amenities
Businesses are often able to support amenities that individual residences cannot. If you own and live in a motel, for example, you might have access to a pool and workout space; onsite cooking, cleaning and laundry services are some other amenities that can make your life easier.
5. Work Is Interesting Every Day
Finally, if you’re looking for work that isn’t boring or constantly the same, accommodations businesses can deliver. While there are tedious tasks associated with ownership — including bookkeeping, maintenance and cleaning — the business also lets you interact with people from a wide variety of backgrounds and can present you with regular cultural, social and business challenges.
If you’re looking for a challenging business that comes with plenty of potential rewards, consider checking out accommodation businesses for sale.
