Getting Your B&B Started
One of your first decisions is to decide
if your existing property would be suitable to turn into a bed and
breakfast. Do you have enough rooms? Can you add baths
to the existing rooms? Will parking be a problem? Is your
area of town zoned to allow you to become a B&B? These are
just a few of the questions you will need to ask yourself before
you start. You must calculate the cost of renovations vs.
buy a more suitable property already possessing the amenities you
need.
Bedrooms should have very comfortable
beds/mattresses, as well as comfortable side chairs and pillows.
The B&B industry is all about Mom and Dad getting away from the
kids for a little one-on-one time. Romance is key to getting
people to want to stay at your inn. Remember one thing - in
the B&B industry sex sells like none other.
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Zoning laws. Before going to far
with your plans check your cities zoning laws. If you are
not zoned for such a venture, then you can save yourself
considerable headaches over deciding between renovating vs
buying a new, better suited property.
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Redecorating. If you are fortune
enough to have a large, lovely home already, you may want to
consider redecorating your rooms with individual themes or
styles. Home Centers offer tremendous help in home
decorating, some offer this service free if you are purchasing
their products.
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Adding On/Remodeling. Chances are
you don't have that large lovely house. One major amenity
of staying at a bed and breakfast are the unique bathrooms -
generally private. B&B patrons are looking for spa tubs,
whirlpools, or hot tubs in the rooms.
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Zoning Codes. As B&B's
become more popular, authorities are actually making city codes
directed to this industry. Some may not allow open flames
(or candles) due to fire danger. Other may have additional
taxes that are charged to tourists. Be sure to check for
all this information at your local city or town hall. Talk
to other inn owners to make sure you know as much as you can to
avoid being cited for non-compliance, especially parking
regulations.
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Purchasing an existing B&B. Find
out everything you can about the potential property before you
make an offer or sign any paperwork.
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You need to know what the current
Gross Revenue of the business is. Ask for the owner's
records as far back as they are willing to give, but insist on
at least the past 5 years.
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Have them disclose the occupancy rate.
It can be the most beautiful inn available, but if they don't
people staying there, you need to ask why. Figure in the
occupancy rate when you are calculating your potential
profits.
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Find out about the cost of property
taxes and property insurance. Depending on the location
of your inn, some locations vs others may cost you much more
to insure. Example: is the inn near water - could
there be potential flooding? Hurricanes? Tornados?
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If you are buying an historic property
and plan to make renovations to it - be sure to check with
city officials to make sure they will allow such renovations.
Some historical property owners are restricted from altering
historical properties.
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Check out their website. Do they
have one? Will you be able to take it over with minimal
problems? Is it out of date? Does it need
redesigned? Was the site ever promoted, is ranking well
in searches? If so, be sure to include the cost for this
in your calculations.
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Will they give you their signature
recipes or must you develop your own. Again, this will
be an additional cost for you consider.
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Do you have a
theme in mind for your bed and
breakfast? A theme can be is little as a
family-style inn to as complicated as a full dress colonial
inn. If your theme will require additional funds, then
this too should be added into your calculations.
Kathryn M. Barto,
www.kmb-services.com
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