Los Angeles has always been known a destination for those wanting to break into the entertainment industry. . Singers, songwriters, actors, and filmmakers have always sought refuge in the Hollywood Hills and Greater Los Angeles area, hoping to catch their big break. While some may view this as a cliche, the truth of the matter is that it’s actually quite true.

Oddly enough, the illustrious shine of Los Angeles was created by the people that once moved here, as the new locals have created this utopian city where dreams can come true. Because of all the artists that have relocated to LA, it has become a hotspot for both domestic and international visitors. . With the tourism marketplace expanding rapidly, you may want to consider opening a business in the tourism industry. If  you are in need of asset-based lending in Los Angeles to make that happen, we may be able to help you at the Commercial Finance Group.

What Kind of Business Should I Open?

There is plenty of room for you to open a business in the greater Los Angeles tourism marketplace, as unprecedented amounts of people are visiting the state of California. In 2016 alone, 47.3 million people visited Los Angeles County. That is 47.3 million potential customers a year, in one county alone. While the tourism industry can no longer be considered a niche-market, with close to 50 million visitors a year, there are still plenty of consumers that can contribute to tourism-based  businesses.

When deciding what sector of tourism to enter, it is important to weigh all your options carefully and pick one according to your lifestyle. For example, if you are a morning person that gets cranky at 8pm nightly, don’t open a restaurant or entertainment business, because they meet their bottom-line by thriving on night life.

Tourism is one of the largest industries in Los Angeles, simply because of the intrigue and allure of the LA media culture. With this large industry, you may have the ability to grab yourself a piece of the tourism pie by opening your own business. Yes, we know opening a business is not exactly easy , as there are many things you must consider before opening up shop. At the Commercial Finance Group, we have a multitude of business loans that could potentially help you get your foot in the door of the tourism industry. With small business loans, commercial loans, and small business lending and asset-based lending, asset-based loans, and working capital, we have the tools to help you open your Los Angeles business in the tourism industry.  Below, we have outlined a couple sectors of the tourism industry in the hopes that it inspires you to open your new LA business.

Accommodation

Accommodation is one of the safer tourism industries, as people will always need a place to sleep. From opening a small bed and breakfast to opening a larger hotel, you will always appeal to a portion of the 40 million plus visitors a year in Los Angeles County. Within the accommodation sector of tourism, the largest obstacle is often acquiring or building a location for your business. At the Commercial Finance Group, we can help you in acquiring or building your business through asset-based financing or an asset-based loan.

Adventure Tourism & Recreation

Adventure tourism is a little more niche than the accommodation industry, as you must set up your business in a centralized location between where the tourists and  recreation locations are. In Los Angeles, most of the recreational opportunities are closer to the edge of the city rather than being centralized. When you find the perfect business location, contact us at the Commercial Finance Group and ask us for information about our asset-based lending services.

Attractions

Los Angeles County has extremely diverse attractions ranging from the famous hillside Hollywood sign to the narrow streets of Chinatown. With all of these fascinating locations, tourists may need transportation, tours, and direction in order to take in all of the city’s many attractions. The tourism industry allows for some creative “wiggle room,” as you may not even need a physical location. If you’re in the market for a storefront or something closer to the nature of a double-decker bus, we may be able to help you finance it with a small business loan or an asset-based lending program.

Food & Beverage

Similarly to the accommodation industry and sleep, the food and beverage industry is another valuable market.. Nothing is better than sitting down for a nice meal and a cool refreshment after a long day of walking the streets of LA. While restaurants and bars may be a more competitive market than some of the other tourism sectors, with a good business plan and an asset-based lending firm, your future restaurant may be more within reach than you realize

Souvenirs

People are always looking for ways to commemorate their travels, whether it be a silly t-shirt, snowglobe, or shot glass. With this sector of tourism, it might be in your best interest to set up shop in a well-trafficked area close to tourist attractions. If you have the right business plan, all you need is a location and a small business loan to get started. We can help.

Now that we have discussed some of the various ways that you can “make it” in the greater Los Angeles tourism industry, let’s get down to business. By that we mean, let’s discuss how an asset-based lending program can help you successfully begin your new endeavor.

Starting Your Tourism Business With asset-based Lending

asset-based lending is an extremely valuable tool when opening a new business, regardless of the industry. The primary benefits that a potential business owner might see includes financing for growth, employee stock ownership plans, general working capital, and the specialized tailoring that traditional loan programs can’t provide.

An asset-based loan is also preferable to a traditional loan because it can help entrepreneurs avoid debt by allowing them to access the capital when they need it, and pay it back as they can, giving the new business owner access to a renewable source of capital. Because asset-based lending helps new business owners stay out of debt, it drastically increases their opportunity to grow.  When you don’t have to worry about digging yourself out of the hole known as debt, you can proactively focus more on growth!

For all these reasons, and more, asset-based loan programs are extremely beneficial to the entrepreneur and new business owner. If you are interested in an asset-based lending program, or even just have more questions, please don’t hesitate to contact us here at the Commercial Finance Group.

If you are an entrepreneur in the greater Los Angeles area that is looking to open an exciting new business in the tourism industry, we support you, and with one of our asset-based lending programs, small business loans, or commercial loans we think that you could excel.