Archive for January, 2014
There are many attractive aspects of running a bed and breakfast. The chance to meet travelers from all over the world, have the freedom of running your own business, and making a difference in the life of others are all things that draw people to B&B ownership. While you may dream of opening your own inn someday, not everything about the profession is as glamorous as it seems. Like any small business, bed and breakfasts have a great chance of failure if not managed correctly from the start. When deciding to purchase and open a bed and breakfast, there are many important things to carefully consider.
Can you Afford It?
Opening a bed and breakfast isn’t something you can do on a whim. It requires a significant start-up investment, and it’s important to have a good idea of what your cash flows might look like once you begin operations. Analyze data for your region to see how much tourism there is each year, and take a look at the competition in the area. Is the market already saturated? If the hotels and inns surrounding you never seem to light their “no vacancy” signs, chances are you won’t either.