Buying and Running Bed and Breakfast
Before buying a bed and breakfast inn, write a business plan. The United States federal government offers guidance to small business owners, including those considering owning a business. This service is free throughSmall Business Development Centers. With the assistance of a SBDC counselor, you can develop a business plan. They'll also help you obtain funding through financial institutions.
Based on the guidelines laid out in your business plan, you can next seeks a bed-and-breakfast within the parameters you've chosen. Having these constraints will enable you to best narrow the field of available business, based on cost to purchase and operate, geographical location, size and other factors.
Just as important is the history of the bed-and-breakfast inns you're considering. How long has it been in business? Are the owners the first, second or third? Why are they selling? Is there a strong client base, and are those clients apt to stay or to depart along with the current owners?
Take a look at financial records - expenditures and income for several years. Ask yourself what pieces of the work will you be handling personally and what will you be paying others to do?
When you're in the market for a used car, you take it to a professional mechanic and have them check for hidden problems. Now that you've covered all the bases regarding buying a bed and breakfast inn, take everything to a lawyer and pay him to check for problems and verify the legality of everything you're doing.
Taking possession...
Congratulations. You followed all the steps and made the decision to purchase a specific B&B. Inspections and paperwork have been completed. You've had the closing. You now have the deed in hand.
To get our bed and breakfast inn up and running, follow these guidelines:
- Make a list of repairs and changes you want to make. Even if you have the expertise, hire professionals to do the work; you can be the general contractor. You'll have enough to do preparing for your opening and then maintaining the inn.
- Market your business. First, contact all former guests and bring them up to date, perhaps offering them a perk - such as a one-time discount - to return. Place advertisements in national or worldwide tourist and travel magazines - hard copy and online websites. Contact nearby parks, stadiums, racetracks and other facilities about supplying them with your brochures and ask them to give you referrals. Network locally by attending meetings and events offered by Chambers of Commerce and service groups such as Rotary.
- Hire your housekeeping, yard and cooking staff. You may plan to take on any or all of these tasks yourself, but leave yourself enough time to interact often with your bed and breakfast guests.
- Decide on your menus. Most bed-and-breakfast inns include a hearty breakfast in the daily fees and offer numerous choices each day. Other than all-day access to beverages, most B&Bs only offer breakfast.
- Remember, the guest is always right. Do everything you can to right any wrongs. In the case of guests who can't be pleased, you can say "Sorry, full house" next time they call.
- Find out the history of your area and specifically of the building your B&B is occupying.
Many guests are entertained with the telling of these stories. Also, stock up on brochures and menus covering your town and the surrounding area.
- Provide several local newspapers and one better-known newspaper. Have computer hook-ups or WiFi access available as part to all guests.
If you're providing a quality "home away from home," guests can't help but feel comfortable and welcome. And, after all, that is your objective. Happy, well-fed, attended-to guests will look forward to future stays, and they'll be bragging you up to all their family, friends and acquaintances.
