Buying a B and B

Here's To Your Profitable Bed And Breakfast Buying a B And B Buying a bed and breakfast can be an incredibly rewarding experience. However, it is also a venture that involves a lot of risk taking. One of the very first things you will have to do is construct a good business plan. This will help you to outline all of the components of buying a bed and breakfast and how you intend to go about it. Planning everything from your menu to your furnishings is important but your first focus should be the financial aspects. If you’re like most of us you aren’t made of money, at least not yet anyway. If you require a loan or investor’s assistance then you will need your business plan polished to a shine. You must make them believe that buying a bed and breakfast is something you know all about. If they see that you have a clear vision and an eye for money management they will be more inclined to work with you. These people get requests and proposals everyday so make yours count. When buying a bed and breakfast there is the option of starting new or taking over one that is already in existence. A new one will take more time and preparation. There are so many things to think about including location and your target market. An already established bed and breakfast might get you started on the right foot by eliminating start up costs. Be sure to find out why the current owner is selling though, you don’t want to become the unfortunate receiver of someone else’s big problem. Many sellers may just be looking to retire or move on and this can be a great way to get your foot in the door.

Unfortunately, there aren't any great college courses on "How To Start A Profitable Bed and Breakfast". (And if there are, they are probably taught by someone who's never owned one!) The statistics don't lie. Most B&B's aren't making a lot of money, and are hard to sell. We became frustrated seeing unsuspecting new owners lose their dreams (and their nest eggs). Sometimes it's just a lack of insider information that causes their operations to not meet their expectations. Especially for an older b&b rookie, this can be devastating in what should be their happy twilight "smell-the-roses" years. We have put together a special quiz so you can test and see whether you current bed and breakfast business knowledge is based on today's industry realities, a romantic notion, or b&b information and training that was valid 20 years ago. (Newsflash: times have REALLY changed!) It is our hope that this quiz, and the answers, might stop the growing statistics of b&b owners losing their dreams. So, before you spend your hard earned money acquiring and opening your B&B, we urge you to try the quiz. Take The B&B industry quiz (click here)! There are very successful bed and breakfast operators. There is a HUGE number of well meaning, hard working rookie owners who simply aren't aware of the "insider secrets" to creating a profitable b&b. If you would like to know what caused us to sit down and write out this information, click here to read that story. The Farnhams (Patricia and Robert) (authors of "Bed and Breakfast Profits) (We LOVE B&B's)

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More Related B&B Reading:
Bed and Breakfast Owner
There are some sources of information that say being a bed and breakfast owner is one of the most satisfying jobs. For the type of person who would prefer a stay at home job this could be right up their alley. Not only does it allow you to stay at home but you also get the experience of being your own boss (read the complete b&b article.)

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Do You Have What It Takes To Become A Successful,
Profitable B&B Owner/Operator!
(click here to find out)

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Readers Comments Thanks Patricia and Rob We were writing an offer for an existing bed and breakfast when we came upon your website. After reading your information we made a complete turn in our business plan. We were able to ask many questions of the seller we wouldn't have asked before. Our agent was unaware of many of the points you mention. As a result, we greatly reduced the price of our offer. If the vendor refuses (which I don't think he will), we'll be fully prepared to find a better deal. Your ebook has already saved us money! You have our thanks Kris and Christopher F.

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