If you’re planning to venture into the hospitality industry, there are certain factors you must consider that can increase your chances of success. Four such simple yet important things you should always remember include:
Get Smart: As with any other business, the smarter you are financially, the more likely you are to succeed in the hospitality industry. It starts with your investment. Don’t invest all your own money. Instead, use a healthy mix of capital, loans, and other financing options. For example, to buy all the equipment, you can choose to rent hotel equipment from reputed rental companies. This will allow you to change equipment at any time by simply canceling the lease and re-leasing a new equipment. So it doesn’t make much sense to waste money on equipment. Likewise, be very careful with your spending. Cut any expenses you feel are unnecessary. But remember to err on the side of caution here and do thorough research to make sure that the expenses you’re cutting are indeed unproductive.
Develop Strong Business Relationships: Form beneficial relationships with other businesses and grow your network. But remember, these arrangements should be mutually beneficial. Otherwise, these business relationships would not last long. For example, you could contact a local store and arrange for them to offer 10% off the price of your restaurant coupon when customers buy anything from their store. In this case, both you and the shop owner benefit in some way. This type of marketing and business relationship is more likely to last than any transaction in which only you ultimately benefit.
Be prepared for emergencies: Unfortunate events can happen at any time. In the hospitality industry, if you are unable to handle such incidents with minimal damage, not only will you suffer pain and loss, you may even have to close your business. For example, if a fire breaks out in your restaurant, then you must ensure that all customers are properly evacuated from the location. For this, you must have taken fire prevention measures, preparing strategic exit points at all important locations. This will ensure that people can leave the place quickly without running wild. Failure to foresee these potential dangers can end up costing you dearly, both financially and in terms of reputation.
Hire the happiest customer relations people: Always hire the happiest people to handle customers. The more they can make their customers feel comfortable and happy, the more your business will grow. It’s that easy. So if you have to pay a higher salary to find the right fit, don’t hesitate to do it.
If you keep the above points in mind, you are sure to taste more success in the industry, whether it is acquiring hotel equipment through leases, anticipating emergencies, or anything else.
Our Hospitality Equipment team has over 10 years of experience helping leading brands finance their fit-out and equipment needs. We provide financing for franchisor-authorized upgrades such as guest room and lobby furniture, televisions, air conditioning units, mattresses, and computer reservation systems.
If your business needs crane equipment, then you’re going to have to figure out how to get it. Rather than trying to tap your business funds or resort to a business loan to purchase equipment, you are better off leasing it. Here are three ways you can benefit from renting crane equipment-
Higher Chances of Getting More Credit: Getting credit is not easy. Creditors look for many factors to ensure they only lend money to trustworthy businesses that they believe will be able to repay their debts in full plus interest. If they don’t think you meet their standards, your chances of getting approved for financing are low. One of the most important criteria a creditor looks for is your existing credit line.
If you’ve accumulated so much debt that your debt-to-asset ratio is skewed, you can forget about getting credit. This is where leasing becomes advantageous. When you acquire your crane equipment through lease, you don’t show the lease as a debt. As a result, your debt-to-asset ratio remains the same and you appear more attractive to creditors. So, if you’re wondering how to finance your crane purchase, consider leasing.
Include soft costs in your financing: When you purchase crane equipment, you are not only spending money on the equipment itself, but also on additional costs such as shipping, installation, modifications, operator training, and more. All of these small costs add up to a large portion of the final acquisition cost. If you are going to buy it with a loan, then you will have to put more money on top of the loan to actually buy the crane. But by using the leasing option, you can forget about all these disadvantages because leasing will cover all the soft costs. So you don’t need to spend a penny to have the machine delivered to your location.
Get the equipment you really want: If you plan to purchase crane equipment with your own funds or through a loan, then you will be limited by cost considerations. For example, you might like a certain piece of gear, but because you don’t have much to spare, you might be forced to give it up and go for a cheaper one. With leasing, you can forget about these things. Since you don’t make any upfront investment, you’re actually free to choose any equipment you want. The only limitation you have to consider is the monthly installments. And as long as you can meet the monthly installment payment, no matter how high the price is, you can buy the equipment you want.
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