Are you looking for a property that can work for you? A Bed and Breakfast business opportunity is waiting for you in West Virginia!
If you can’t decide between setting up a B&B business and buying an established B&B but you want to get down to business the soonest time possible, choose the latter. You are likely to succeed if your B&B property is located in a prime location!
Why Do People Love B&Bs?
A B&B is a hybrid between a private home and a luxury hotel. One of the main reasons why tourists, business travelers and honeymooners love staying in B&Bs is that they embody the best of both worlds. Because of their homey nature, B&Bs are perfect for people who are looking for a comfortable place to stay.
If hotels typically have at least 50 rooms, B&Bs only have around four to 10 guest rooms. Unlike in hotels where guests do not get to interact with hotel owners, in B&Bs, business owners live on-site and deal with their guests personally. Hence, guests are treated not just as paying room occupants but as invited guests.
Aside from their homey feel, another edge of B&Bs over other types of accommodation is their deluxe treats. Guests in B&Bs usually enjoy free chocolates on their pillows and baskets of beauty products in their Jacuzzi tubs. They also get to taste sumptuous breakfasts especially prepared for them by the owner of the B&B.
What are the Advantages of Owning a B&B?
Owning and running a B&B is probably one of the most underestimated ventures today. If you do things right, you will definitely get the results you are hoping for. You are more likely to succeed if you get yourself prepared before entering the business!
Here are some of the advantages of running a B&B:
- Learning opportunities are endless
Running a B&B means having to deal with people from different cultures. This is what makes being a B&B owner fun! As you meet new people every day, try to speak their language and understand their diet requirements, you get to learn a bit of their culture.
- Less living expenses
I am not an accountant. I am not an attorney. I am not giving you any legal or tax advice so if you have specific questions about the tax implications of setting up your own B&B business, please talk to your accountant.
But I can tell you this: When you run a B&B, you are able to deduct a portion of your living expenses off your income taxes.
One of the hidden benefits of running this business comes in the form of business expenses that can deliver both tax and personal advantages. Because your life gets tied up with your B&B, you may not be able to separate your business expenses from your personal expenses.
As this happens, you get to limit your overall income by the cost of items that are both necessary in running your B&B and in providing your personal needs. Works to your advantage, right?
Some of the areas where you can get personal benefits from running a B&B include the following:
- Landscaping and Gardening
- Kitchen Appliances
- Control over everything
Being a B&B owner gives you control over everything that has to do with your business. You are free to choose who you want as your guests, you can set your own rates and decide on your schedule.
- Family days are FAMILY days
Because you run your own business, you can also plan your time off accordingly. As the business owner, you can always set your business calendar and block off special family days so your customers know that you are not accepting guests on those dates.
- A good investment
A B&B business is a good investment if you know how to run it properly. If one day you decide to exit the business, you can exit the business with a great nest egg.
As you invest in a B&B property and increase its market value, you make it easier for yourself to sell your business assets when it’s finally time to explore other business opportunities. If you do things right, your B&B business will thrive well enough to create a wealth of opportunities for you!
The Profit Factor of Running a B&B
If you are planning to buy and run your own B&B, then your goal is probably to supplement your income and reduce your expenses. You’re doing it right! With B&B, you don’t just make a profit; you also have your property semi-cover many of your personal expenses.
There are quite a lot of things to consider when we talk about the profit factor of owning a B&B. These factors include the number of guest rooms in your property, how aggressive you are in promoting your business, how hard you work to invite more guests, and the seasonal nature of your area.
While it is difficult to achieve full occupancy throughout the year, you can do certain things to attract customers even during the off-season. All you need is some creativity!
And oh, remember that your business location plays a huge role in marketing your B&B business. Is your B&B located in a busy city? Then your target market should be business people. On the other hand, if your property is located in a remote, scenic area, your target customers include individuals and families who want a comfortable place to stay during their getaways.
What Should You Charge?
If you want to profit from your B&B business, make sure that you charge your guests right. Your room rates depend on several factors, including the following:
- The amenities you offer
Ideally, the more luxurious your amenities are, the higher your room rates should be. Some of the special amenities you may offer include fireplaces, whirlpool tubs, private balconies and king-size beds.
- Your B&B’s location
The location of your B&B also determines how much you should charge your guests. You can command higher rates if your B&B is located in a popular tourist or business destination. If it is located in a beach town, remember that properties that are located near the beach typically have higher rates than those located miles off the beach.
- The going rates in your region
Your room rates do not solely depend on the amenities you offer or the desirability of your B&B’s location. Your rates must also be in line with the rates of other B&B’s and other lodgings in your area. If you don’t want to lose your business, make sure that you don’t charge significantly more or less than they charge.
Are You Ready to be a B&B Owner?
Just like in any business, you can’t expect success in the B&B business if you jump into it unprepared. Running a B&B is not just about accepting guests and cooking for them. If you want to be successful, consider asking yourself these three questions before ultimately deciding to be a B&B owner:
- “Do I have the personality of a B&B owner?”
It takes a lot to run a B&B business well, and one of them is having the right personality. On top of the usual cooking, decorating and entertaining guests, you also need to be flexible, maintain your boundaries, and be ready to learn new things as you take on the responsibility of running a B&B.
- Be flexible
Are you the type of person who is capable of giving people personalized attention? Then being a B&B owner might be the right job for you. Guests want personal connections with you and their fellow guests, so make sure that you give them that in a timely and meaningful way.
- Keep your boundaries
In reality, not all guests are nice. There are some who may take advantage of you and your business by making unreasonable demands from you. If you want to protect yourself, you must be able to maintain your boundaries.
- Learn new things
While learning opportunities are endless as you run your B&B business, it is also good to start learning new things before you operate. Learning new things about other people’s culture will help keep you on your toes as you start accepting guests from different parts of the world.
- “Am I ready to run this business?”
Preparing yourself to run a B&B involves more than just learning to cook and interact with different people. You also need to understand a few things to make sure that you are ready to enter this business. Here are some of them:
- Do you already know what your marketplace is like? Do you think your area needs another B&B?
- Are you willing to invest much of your time and money in building your reputation in the B&B industry?
- Are you willing to give up your personal travels during peak seasons? Because that’s when you can expect your B&B to achieve full occupancy.
- “Am I prepared for the amount of work required?”
As a B&B owner, your goal is to ensure that all your guests are having a comfortable stay in your B&B. That may sound easy, but that involves a lot of work. Despite that, you need to stay on top of everything.
To give you an idea, here are three tasks where B&B owners usually spend most of their time on as they run a B&B:
Preparing everything to cleaning everything up usually takes at least three hours, so you need to wake up at least three hours before your guests do to make sure that their breakfast is ready in the morning.
Tidying up a B&B requires a lot of work. Imagine cleaning a house with 10 rooms! Cleaning each room and their respective baths usually takes at least an hour to finish.
- Ensuring all your guest rooms are booked
If you think you are ready to run a B&B business, click this link for more details about a historic home for sale in downtown White Sulphur Springs, West Virginia. Located in a prime spot, you can turn this home into a B&B that can work for you. Call me, Rebecca Gaujot at 304-520-2133 and schedule a showing for your new business!