Do Your Homework

I’m a 28-year-old pre-school teacher with dreams of owning a hotel resort as well as a day spa. I am writing all my ideas down on paper. But how do I go about submitting them to companies?
-A. Robinson, Via the Internet

Your current career and your aspirations share the commonality of providing a service to others. But please be advised that this will be a daunting dream to embark on. Start by researching the hotel and spa industries. Also, look into taking classes in hotel or business management. And it’s good you jot down your ideas, but you’ll need to develop a business plan. Read How to Write a Business Plan by Mike P. McKeever (NOLO;$34.99)

Consider venturing into the world of franchising. Choice Hotels (www.choice hotelsfranchise.com) has several entities to choose from and they have programs for assisting minorities and women with becoming franchise owners. And these business ventures are not for the financially strapped, so having adequate financing is a must. Contact a consulting firm that specializes in spas on how best to begin preparing.

Finally, read Dream Business: The Great Escape (December 2006), which offers information as to what it takes to open a spa, which you can access online at blackenterprise.com.

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