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Home > Blogs > Bed and Breakfast Statistics & Trends
Bed and Breakfast Statistics & Trends
By: Carolyn Taylor

When making the shift from guest to innkeeper it is important to look into the statistics and trends which play a considerable role in the way your B&B conducts business. From methods of operations, to realizing the qualifications and qualities it takes to run your own business, statistics and trends are a great place to start when deciding to begin your business. These times of economic turmoil have made it tough to solidify consistent statistics, as all industries are feeling the brunt of the economic downturn. But even with the market in a debilitating state, business must go on as usual if you want your B&B to be as successful as originally planned.

Viewing statistics and trends will become an integral part in finalizing your business plan which should include an industry analysis to prove to the bank, or financial contributor that you have done your homework and know, exactly, what is expected of you. From proper locations to the amount of income and prosperity gained in the B&B industry, statistics and trends will prove just how profitable and how marketable opening up your own business will be. If you are an aspiring innkeeper, a great way to take a peek into the market before you decide to put your hard earned money and time into it is to do some of the following:

  • Quick Survey: If you’ve always wanted to open up a B&B, make up a survey template and a simple-to-navigate website and post your survey on there. Ask prospective clients or even personal friends and family you may know to fill it out, this is a an inexpensive, and simple way to garner some market numbers and could provide you with some excellent ideas when deciding on how to prepare your business plan.

  • Observe: Is there a B&B in your area which garners much of the attention and popularity you crave? Inquire about a possible observation session or sessions with the innkeepers, and explicitly state your intentions as to why you want observe. While this may seem unethical, it is important to get a feel for the trends and statistics of an already functioning business. Don’t be shy to ask questions, after all, you do want to be in the industry!

  • Do your research: A survey and observations are great methods to get an inside look into the industry you want to join. But even though those work well, further research is necessary to gauge opinions and get cold hard facts. Call around, ask around, and shop around. From your local tourism information centre to statistics provided by a research firm, the more research you do, the better.

It is no easy feat to start-up and successfully maintain a B&B operation. Statistics and trends will prove to be an integral part of the way business is conducted and will be the defining line of the overall scope of your venture into the industry. By following those three, albeit short and simple steps, you will have a greater idea of what to expect, how to maximize efficiency and what to look for.

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Comment #1 (Posted by James)
Excellent article. Keep it up.
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