joint ventures for hospitality businesses

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.