if given an opportunity, will you venture into hotel or resort business?
Answers
Answer:
● According to IbisWorld, there are 74,372 hotels, and the hotel industry generated $166.5 billion in revenue in the United States alone last year. This represents an annual growth rate of 4.7% over the past 5 years. Industry profits were $26.0 billion, and wages paid to hotel employees totaled $42.7 billion.
● Buying a hotel is no small feat. It’s a competitive venture that offers little room for mediocrity, but it can pay out to anyone willing to do the work. In fact, this slice of the hospitality industry is worth over $200 billion in the U.S.
● This is not a life decision to make half-heartedly, so the first question you should be asking yourself before buying a hotel is this: “Am I ready to run my own business?”
If you can confidently answer this question, then you’re well on your way, and frankly, further along than most.
There are a number of reasons why it might make sense to buy a business, rather than building one from the ground up yourself, but either way, you’ll want to make sure you’re prepared for the investment of money, time, and resources needed to run a business that thrives.
Before undertaking what will likely be one of the most significant professional pursuits of your life, you might have a few questions. So, here are the answers to some of the most pressing ones.
Explanation:
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