Are you a domestic type of person? Do you enjoy performing household chores such as early rising, cooking, cleaning, shopping, and laundry? Are you an organized person with an eye for details and would enjoy banking, bookkeeping, advertising and marketing, check-ins, reservations, and management? Starting a bed and breakfast may be for you.
Of course, there is a flipside to owning one, you may quit your eight-hour, five-days-a-week job for a twelve-hour, seven-days-a-week job. However, the freedom of starting a bed and breakfast and being your own boss is very rewarding.
Before starting a bed and breakfast, it is a good idea to attend seminars and research information on how other innkeepers began their business.
Visit other bed and breakfasts to gain a greater knowledge of area competition and what services they offer. Take notes on what you like and what you don’t like.
If you don’t already own property before starting a bed and breakfast, hire a real estate agent. Decide if you want to build an inn, purchase a home, or buy an existing inn. Is your target location in or near tourist attraction? You will need to decide how many rooms do you intend to offer.
According to the Professional Association of Innkeepers, bed and breakfast inns with four or fewer guest rooms have a more difficult time being profitable. Some things to consider when purchasing your property are people who stay at bed and breakfast inns want privacy. Make sure each bedroom has its own bathroom. Also, you may have regulations with your kitchen in how many sinks or appliances you must have for city ordinances.
Start-up investment for starting a bed and breakfast ranges from $10,000-$400,000. You need to decide if you want to be open all year round or only during tourist season. This will help in deciding how much money you need to earn to offset the initial cost. Also, decide on how much you wish to charge for each room.