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Hi /biz/ I trust you can give me a few tips/advices on how to

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Hi /biz/

I trust you can give me a few tips/advices on how to deal with my finances and my business so here are the details:

I live in Serbia in semi-capital city(500-600k poupulation) and I have 3 'businesses' from which I 'profit'

I own embroidery factory (income aprox 20-30,000$ a year profit)
>(maximum potential profit can go to 100,000$ a year)

>I own a small 11 room hotel which I opened up in May this year and I can say that it will generate about 35-55,000$ a year profit)
>maximum potential 120,000$ a year

I also own a building that i rent for fix price of 60,000$ a year

My bank account is -350,000$ since I took necessary loans to invest into my businesses.

Considering that two of my businesses are not reaching the maximum I need advice from other businessman preferably people in the same business industry on how to improve my income and therefore pay the loans sooner then expected

I am specifically interested in marketing plans that will help me reach my much needed target group companies that I can cooperate / do business with.

Ask me anything
I will be here all day to discuss anything on or off topics
Discount actions perhaps? High quantity low price>low quantity high price.
Sell those discounts and perhaps you could also do some renovations or unique/cultural decors on your property to attract people, maybe have special events as well or outline the recreational opportunities closeby when staying at your hotel.
As for your business I would say make your liquidity budget for the next 3 years, income statement and decide how profitable it is and how profitable it is to just sell the whole shiz kebab and pay the loan off and walk off with the rest money you sold it for and continue specialized in the hospitality sector.
If you don't want to get rid of the business you should look how to minimize the costs first before looking how to maximize profits. Look at your overhead costs, salary costs and utility costs, maybe look into the logistics section of your businesses and see if there are more cheaper trade partners.
Ok thank you for the reply
I was too thinking of organizing special event for my hotel to attract business people,
No i dont want to sell my businesses i want to keep going with what i have and maybe expand in future also the math of costs is all subjective and relative.

What i need mostly is an idea how to get new business partners since i am aware that there is whole world out there with business people that are possibly my new partners.

Do you have any suggestions on how and what media should i use to market my embroidery textile factory and my hotel to companies that have guests and to comapnies or managers that can give i can make deals to work with/for?
You're saying that you're making 20-40% of what you could be potentially making with slight tweaks, nothing big? How accurate are those numbers? If you could double your income, than there's more than just better business partners.

You mentioned marketing yourself; what do you feel like you really need?
Numbers are 90% accurate,

I need some media that is not used to advertise to general public but at the same time is effective (not email)
My goal is to rise the awareness of the comfort and good price my hotel offers compared to the other 150 hotels in my city
I need to start cooperating with more companies since in this 7 months I succeeded into getting few partners that keep bringing me guests so i need more such partners,

About the embroidery this is where I am very very lost since the companies that I work with are foreign and not local specific example is i work with a German company that is making work suites for the Deutche Post and Firefighters etc so those suites need embroidery.
I am having very hard time reaching up to this business people and since i already have experience quality good price etc. i just need more of this business partners so my profits could rise.
>see post forgot to tag in reply
If you can, watch a few episodes of "hotel impossible".
Sure it's idiotic a lot of the time, but there is some very solid stuff in there.
Maybe you could team up with tourism agencies or with the flight companies to advertise and recommend your hotel.
Thank you for the reply
I will see what this thing is and i have free time no gf no wife no kids etc.

Thank you for your reply

I visited every single tourist agency in my city. they all said they have outgoing tourists but none of them actually has incoming tourists.

The guests in my hotel are either using online booking or are guests that local business people have as their guests but accomodate them in hotel rather then home etc.

As i mentioned hotel is open since May this year and the summer was excellent we had tourists visiting and resting along their trip around europe etc.
even then none of them used any of the local travel agencies.
Well, if it only interests those kind of people then you should specialize in it, make those kind of people even more attracted, make them recommend your hotel to their circle.
Mormon he is asking how to
Kek fgt
Just admit it. You are a stupid one that wants to be smart
Novi Sad?
How did you get the loans in the first place? AFAIK getting business loans in ex-yu is hard unless you already have more net value than your loan.

As for the hotel, make your Internet presence better. High quality images, how to find you, online booking etc. If you have money to spare, invest it in getting your hotel's website to the top of "hotel [city]". You shouldn't have much competition as I most local hotels are too old for that shit. People who come there use Internet exclusively.
Your textile - embroidery seems to be a niche business. Try getting some data about buyers from your local trade body/association. It's a niche which you can sell. Hospitality will be asset heavy and need more capital. Do take a look at the new TPP agreement, it's got a considerable impact on the textile sector.
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