Bed and Breakfast Business Opportunity in West Virginia

By
Real Estate Agent with Vision Quest Realty WV0026375

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:

 

  1.        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.

 

  1.        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:

 

  •          Food
  •          Repairs
  •          Supplies
  •          Entertainment
  •          Landscaping and Gardening
  •          Transportation
  •          Utilities
  •          Tech
  •          Kitchen Appliances
  •          Laundry

 

  1.        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.

 

  1.        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.

 

  1.        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:

 

  1.        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.

 

  1.        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.

 

  1.        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:

 

  1.        “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.

 

  1.        “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.

 

  1.        “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:

 

  •          Breakfast

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.

 

  •          Cleaning

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!

 

Posted by

Your Real Estate Connection for Lewisburg, WV and the Greenbrier County

 

   

 

If I can assist you in any way with your real estate needs in Lewisburg, WV, Greenbrier County or the surrounding areas, please feel free to contact me by phone at
(304) 520-2133
, email
or visit my website at

www.lewisburgwvhomesforsale.com/

 

 Vision Quest Realty

Martha Hilton, Broker

 

 

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Rainmaker
1,508,540
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Rebecca, you included great information on owning a B&B, very helpful for someone considering owning one. Being able to purchase a business that's already established is a great opportunity.

Jan 25, 2019 06:46 AM #17
Rainmaker
4,796,425
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Rebecca.  I think if I were just a few years younger I would have looked into the possibility of buying and running a Bed and Breakfast.

Jan 25, 2019 06:59 AM #18
Rainmaker
322,322
Karen Rice Madison AL Realtor
Keller Williams Realty Madison - Madison, AL
434-282-7936 Call/Text

Rebecca, This is an exciting business opportunity for someone interested in running a bed and breakfast in West Virginia.

Jan 25, 2019 07:59 AM #19
Rainmaker
1,829,505
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Rebecca - this is a well deserved feature.  You have given plenty of information for people who might think they want to buy a bed and breakfast.  The B&B looks beautiful.  I am sure it is well maintianed.

Jan 25, 2019 08:11 AM #20
Rainmaker
3,492,946
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Rebecca. This is so thorough and complete. I once thought about this but worked in one and decided it was too much.

Jan 25, 2019 08:37 AM #21
Rainmaker
782,379
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

Similarly, one should consider hosting an AirBnB if it makes sense in their area.  With some simple amenities and a great location, and someone to come by and clean, it can be very profitable. 

Jan 25, 2019 09:15 AM #22
Rainmaker
2,944,092
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Rebecca... if I were 20 years younger, this would have great appeal to me. Love the look of this house.

Jan 25, 2019 11:03 AM #23
Rainmaker
312,875
Elisa Uribe Realtor #01427070
Golden Gate Sotheby's International - Oakland, CA
California Homes for Sale in the East Bay

This is very interesting Rebecca! Lots of great information, thanks for sharing!

Jan 25, 2019 02:47 PM #24
Rainmaker
1,156,761
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

You really lay out all the benefits of owning a B&B. I am almost tempted 

Jan 25, 2019 03:52 PM #25
Rainmaker
3,753,859
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good evening Rebecca Gaujot, Realtor® ,

Love your post and so glad to see it's featured! Lots of great opportunities thank you for sharing.

Jan 25, 2019 05:37 PM #26
Rainmaker
1,730,447
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Rebecca -- I really enjoyed reading this thoughtful post. I've known people who have decided to get out of the rat race of the high-tech, high-pressure world and love running their B&B business -- for a while!! It's hard work as you point out.

Good luck with your listing!

Jan 25, 2019 06:38 PM #27
Rainmaker
2,471,948
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Sharon Kowitz - I sure hope so!

Thank you, Richie Alan Naggar 

Brian England - I agree a great opportunity.

Amanda S. Davidson - thanks and I've had a call on this listing already because of this post.

Gabe Sanders - Perhaps if I  was a few years younger, like 40, I would have looked into the possibility of buying and running a Bed and Breakfast. 

 

 

Jan 25, 2019 07:34 PM #28
Rainmaker
2,471,948
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Karen Rice - I agree that this is an exciting business opportunity.

Grant Schneider - so glad it was featured and I've had a call from a California Realtor on the property.

A B&B is not for everyone Sheila Anderson, and not for me at my age.

Kevin Mackessy - we do have several Air B&Bs in Lewisburg and maybe one in White Sulphur Springs.

 Nina Hollander - me too..

Jan 25, 2019 07:39 PM #29
Rainmaker
2,471,948
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Thank you, Elisa Uribe Realtor #01427070, I appreciate you stopping by today.

 Good to hear that you are tempted, Jane Peters...:)

 Thanks, Dorie Dillard CRS GRI ABR, the feature got me a call today on the property.

Lottie Kendall - owning and running a B&B is not for many. I am hoping there's one for this WV B&B.

  

Jan 25, 2019 07:45 PM #30
Rainmaker
1,390,590
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

This is a fantastic overview of the B&B Business. I especially like the questions at the end for prospective B&B owners. 

I wish you a speedy sale for 939 East Main Street!

Jan 26, 2019 03:29 AM #31
Rainmaker
2,471,948
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Thank you, Kat Palmiotti, appreciate you stopping by to read this post on a WV B&B. 

Jan 26, 2019 05:56 AM #32
Rainmaker
1,950,103
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Rebecca Gaujot, Realtor® - Congratulations on a very well-deserved Featured topic that has not been given much coverage here on ActiveRain. Consumers deserve to know that you are the best of the best! West Virginia is a beautiful state to live and work in and quality B&B's are rare to find. Even more scarce are Real Estate Agents who have knowledge, expertise, and experience. Rebecca, you have it all! As you so poignantly illustrated, there is a lot of benefits that come along with ownership. But with those benefits, there is a lot of responsibility because owners are involved in the lives of people daily. It was well written. Very educational. Extremely informative and interesting too! 

I am so proud to know you as a result of ActiveRain. You have many rare qualities that may only be in the top 10% of Real Estate Agents in our country! May you live a life of abundance with many blessings. You really and truly provide caring services to all your buyers and sellers, many whom are repeat clients and long-time friends.

I wish you continued success. 

Jan 26, 2019 12:33 PM #33
Rainmaker
2,471,948
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Patricia Feager, MBA, CRS, GRI,MRP,  once again you made my heart sing with your sweet comments.  Thank you!

Jan 26, 2019 04:35 PM #34
Rainmaker
699,328
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

So much great information packed into one blog post, it definitely makes one think and, perhaps dream about owning a B&B, Rebecca. The property in White Sulphur Springs looks like it was lovingly maintained and would be a wonderful B&B to own, or visit. 

Jan 30, 2019 08:24 AM #35
Rainmaker
2,471,948
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Thank you, Andrea Bedard, this B&B is very well maintained and loved by the  owner. Her dad lives with her now and they both want to move back to Maryland and be closer to family.

Jan 30, 2019 12:16 PM #36
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