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Bed and Breakfast Finances
By: Dawar Qureshi

Thinking about becoming an entrepreneur in the bed and breakfast industry? Starting a business in the hospitality industry is one which many aspire to accomplish, but only few can achieve. Owning a home-based business can not only be convenient but also quite profitable as well due to the opportunity to override travel costs and other expenses related to having to travel to your place of employment. Keep your business and financial goals realistic. Here are some tips which can help you, the prospective Bed and Breakfast Inn owner on your quest to becoming a successful entrepreneur without the hassle and headaches of financial burden.

  • Do the math: Whether it is a new business, a small business, or larger venture, it is important to do the math before you decide to look at the bigger picture. Due to many bed and breakfasts being privately owned arrangements, the characteristics of the industry structure may bring with it many unforeseen issues which could arise financially. For example, the changing lifestyles of your guests could alter the overall look and feel of your once sought ‘small business.’ Even the smallest B and B’s must meet the authorized obligations of fully-licensed lodging business. From the furniture to the food, do all the math first before you decide to jump head first into the hospitality industry because you may be in for a few surprises if you don’t take the time to think things through.

  • Seek Help: A business plan is necessary to make your entrepreneurial dreams a reality. Owning a B and B is a very painstaking process with many hidden costs associated within it. Things such as property taxes and fees, B and B mortgages, to the various types of bed and breakfast ventures, there is more than meets the eye when deciding to become an entrepreneur and throwing your hat into the home business ring. By seeking help from a mortgage bank or business planning professional, one can avoid making mistakes simply by inquiring about how to go about operating and opening a bed and breakfast. We were not all born into the business planning foray, so when finally deciding you want to enter it, make the right decision and seek help, you’ll be glad you did.

  • Be Specific: When compiling a business plan it is important to leave no stone unturned. Include as many specifics and details as you can in order to ensure that you are not skipping out on anything which may cause you some trouble further down the line. From the projected renovation and improvement costs to projected costs of start-ups, include anything and everything you feel will make your bed and breakfast a success. Being as specific as possible will also increase your chances of acquiring a loan from your bank or mortgage broker. Increasing your venture capital will be the all-important asset you will seek to achieve, the more detailed and specific your plan and outlook is, and even how you will achieve it will certainly provide you with a greater opportunity to maximize your full potential.

Financing a bed and breakfast is no easy task. By following these three easy tips, we can ensure that we will decrease hassle and increase happiness and harmony. Owning a bed and breakfast is no easy task and much consideration and careful planning must be used in order to make your decision a delightful one and not one filled with disaster and discontent.

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