Joint Ventures for Hospitality Businesses

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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.

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Joint Ventures for Hospitality Businesses

  1. 1. JOINT VENTURESFOR HOSPITALITY BUSINESSES
  2. 2. Beneath_B1ue_SkiesMost people know that joint ventures are good for local businesses because they can increase businessrelationships and a sense of good will in the community But!...
  3. 3. Sometimes business owners forget... Yomanimus ...They also can provide a very significant profit!
  4. 4. How?
  5. 5. Lee Coursey A bed and breakfast is struggling tostand out from other nearby lodging options
  6. 6. Rhett MaxwellThe B & B decides to undertake a joint venture with a nearby award winning organic farm
  7. 7. The arrangement is mutually beneficialBig Discount! More Tours!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.
  8. 8. The discount is nice but it doesnt stop there...
  9. 9. JV B&B OrganicThe bed and breakfast decides to advertise the fact they only use hyper-local organic food in all their promotional material
  10. 10. 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.
  11. 11. Specializing helps the bed and breakfast stand out from the crowd. They are now up to 90% capacity and can command much higher prices.
  12. 12. But theres still more the bed andbreakfast can do to get the most out of their joint venture with the local organic farm...
  13. 13. The bed and breakfast could host ticketed dinner banquets featuring the hyper-local produce. They could even have thefarmer give a speech about sustainable farming or another topic of interest in order to increase attendance and press coverage.
  14. 14. The farmer and the bed and breakfast owner could publish a cookbook featuring recipes used at the bed and breakfast or aninformational book about organic farming. The book could be sold at the farm tours as well as at the bed and breakfast.
  15. 15. 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.

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