Are you thinking of setting up your own B&B? Not only can this be a fun and rewarding business venture, but there is also the chance for high levels of success when you consider the rise in staycations. This article will outline the key aspects that you need to consider, which will hopefully help you to find success with your new business venture.
First, you need to consider why you want to start a B&B. This might be as a way to supplement your income, a complete career change or a way to earn and stay busy when you retire. While it is completely different to an office-based role, running a B&B is still a lot of hard work so you need to be prepared for this.
There are no qualifications that you need to set up this type of business and this is one of the perks. Despite this, there are various skills that are beneficial so training could be helpful. A few key skills that you need with this type of business include:
- Interior design
- Communication skills
- Business management
Decorating & Furnishing
You need to take your time with decorating and furnishing to create a space that will appeal to your target market, so you need to think about a theme for the rooms and communal spaces. It is important that you have furniture that is practical and stylish, so it is a good idea to source the furniture from hotel furniture suppliers.
What Are You Offering?
You must also consider what you are offering as there are a number of options with this type of business. You might offer a service all-year-round or just in one season of the year and you might offer dinner and lunch and not just breakfast. The key is to consider the type of people that you want to attract to your business and the kind of service that they would want from a B&B.
Budget Planning & Legal Requirements
It is important to establish a budget prior to creating your B&B business and to secure funding whether this is through savings, bank loans or investors. You also need to set competitive prices and use accounting software to keep on top of your business finances. There are also legal requirements that you may need to consider, including planning permission if building, tax threshold, alcohol license, copyright licenses and food and hygiene regulations just as a few examples.
These are a few of the key areas that you will need to focus on if you are planning on starting a B&B business. This can be a fun and rewarding type of business to run and there is the chance for high levels of success, but you also need to focus on the key areas and find ways to make your business stand out.