joint ventures for hospitality businesses
DESCRIPTION
Joint ventures are a great way for restaurants and hotels to connect to other businesses in their community and can also provide an excellent source of income. Find out how any hotel or restaurant can maximize their business partnerships.TRANSCRIPT
JOINT VENTURESFOR HOSPITALITY BUSINESSES
Most people know that joint ventures are good for local businesses because they can increase business
relationships and a sense of good will in the community
But!...
Beneath_B1ue_Skies
Sometimes business owners forget...
...They also can provide a very significant profit!
Yomanimus
How?
Lee Coursey
A bed and breakfast is struggling tostand out from other nearby lodging options
The B & B decides to undertake a joint venture with a nearby award winning organic farm
Rhett Maxwell
Big Discount! More Tours!
The arrangement is mutually beneficial
The bed and breakfast will get a discount on produce if they agree to tell the guest about the paid tours the
farm has available.
The discount is nice but it doesn't stop there...
The bed and breakfast decides to advertise the fact they only use hyper-local organic food in all their promotional material
JV B&B
Organic
Did you here JV B&B only uses organic food from less than five miles away?
The tactic gets travelers interested in eco and foodie tourism talking.
Specializing helps the bed and breakfast stand out from the crowd. They are now up to 90% capacity and can command much higher
prices.
But there's still more the bed and breakfast can do to get the most out
of their joint venture with thelocal organic farm...
The bed and breakfast could host ticketed dinner banquets featuring the hyper-local produce. They could even have the
farmer give a speech about sustainable farming or another topic of interest in order to increase attendance and press coverage.
The farmer and the bed and breakfast owner could publish a cookbook featuring recipes used at the bed and breakfast or an
informational book about organic farming. The book could be sold at the farm tours as well as at the bed and breakfast.
These ideas could represent a very significant secondary stream of income, which over time, will substantially
increase the revenue of the bed and breakfast.
Can you think of other ways you could increase the profits of the bed and breakfast through this joint venture
scenario? Share them on our hospitality marketing blog entry on joint ventures.