For so many, running a successful bed and breakfast (b&b) sounds like a dream. Living in a gorgeous house, meeting new and exciting people, and making money after its all said and done. Wondering how you can create that lifestyle for yourself? Check out our critical steps to owning and operating a successful b&b.
Making sure it’s right for you
Before running a bed and breakfast, you need to be sure that the lifestyle is right for you. Being flexible, and having a calm and personable demeanor means you’ll make a great first impression on your new guests. Many reviews online include a brief description of the owners, so you want to make sure your personality shines through.
You also need to understand the type of commitment required for the job. Massive profits are available to those that can endure the challenges of starting a new b&b. Being willing to sacrifice weekends and holidays to hosting guests, as well as being on call to handle emergencies requires a high level of commitment, but is an exciting and unique way to make use of your space.
Preparing your home
Ready to open your bed and breakfast? You first need to prepare your house for the constant stream of new guests to your building. Equipping the location for company should be your priority. Try walking through your space from the point of view of a guest, what can be added to make the experience comfortable and enjoyable? Additionally, we strongly suggest safeguarding your valuables and hazard-proofing your home to protect yourself legally and financially. While new guests in your home can be a great chance to meet new people, it is worth taking necessary precaution.
Working with a professional
While its an exciting prospect to enter this business quickly, working with a professional realtor can give you a leg up on the competition and set you on the path to success. As an experienced operator of a successful b&b for 7 years, I can confidently help you navigate the industry every step of the way. From development, marketing strategy, floor plan ideas and menus, we can ensure that your new venture is set to succeed.
Purchasing property
There are two critical paths to consider when buying a property for operating a bed and breakfast:
- Purchasing an active operating b&b: These properties are already running, with a website, marketing plan, and may have a consistent stream of clients already available. Niagara-on-the-Lake requires the buyer to apply for their own license to operate the property.
- Purchasing a residential home to develop a b&b: These properties are purchased with the intent of developing into a bed and breakfast. This purchase decision needs to consider if the location, interior and décor have the potential to turn into a successful asset.
A happy host
Whether you’re looking to purchase a location, or turn your current home into a bed and breakfast, planning is essential. Making sure you and your home are ready for the commitment, as well as talking to a professional can set you up on the path to success. If you have the passion and drive, you can turn your home into a business today!
