The chance to work in an idyllic location; to implement the freshest of marketing ideas – along with the opportunity to really put your front-of-house skills to work: all of this is what’s potentially on offer if you own and run your own bed and breakfast.
B&B is serious business. According to the Bed and Breakfast Association, the industry comprises around 25,000 owner-managed businesses, collectively responsible for a turnover of around £2 billion. It’s pretty resilient too: the ONS points to the fact that expenditure by UK residents on visits to the UK involving at least one overnight stay went up by 18% to £25 billion at the height of the downturn between 2008 and 2012. Whereas expensive foreign holidays fall to the wayside in uncertain economic times, UK consumers seem much less willing to give up their mini-breaks closer to home.
The opportunities are there – but of course, it’s not quite as simple as buying a Victorian villa in a tourist honeypot location, brushing up your full English breakfast skills and opening the doors. Bear in mind the following…
A view from the other side of the check-in desk…
Hospitality can appear deceptively easy when it’s done well – which is why it’s all too easy to underestimate the ‘nitty gritty’ of what’s involved. Your typical working day does not come to an end as soon as the last breakfast dishes have been cleared away. There’s the general maintenance for one thing; i.e. cleaning, laundry and general upkeep of the premises. You’re also likely to have a steady trickle of booking enquiries to deal with throughout the day – even if you’ve got an online booking system in place.
Then there’s dealing with suppliers, budgeting and planning as well as finding time to focus on your marketing efforts: e.g. your website, Facebook page, review sites and external accommodation listing platforms (assuming all of these are part of your strategy). On top of this, you’ll want to make first impressions count when new guests arrive…
All of this is manageable – but do you have the resources to cover it? Are you thinking of a family-based team effort and if so, how are other business commitments likely to fit in? Do you envisage drafting in staff – and if so, what, precisely will you need help with? Especially if your business plan relies on high peak season occupancy, are you prepared for being tied down for a major chunk of the year?
Spotting an opportunity
With rose tinted glasses safely removed – and assuming you are still keen, it’s time to look at specific opportunities. These fall into two broad categories: an ‘off the shelf’, up-and-running B&B business, or else the purchase of a property with a view to converting it. In both situations, research is key. Detailed costings will enable you to assess the viability of specific options and are an imperative if you are seeking finance. Assuming you are going to be living ‘above the shop’, you will also need to consider whether the property ticks all the right boxes as a private home as well as a business – e.g. access to schools and other local amenities.
Where the business is being sold as a going concern, has the issue of goodwill been addressed? This is especially the case where personal rapport between the existing owners and a loyal customer base has been a driving factor in keeping occupancy high.
For a conversion project, are you absolutely sure that the property will stand up to the work involved – especially where you need to integrate properly functioning en-suites into each room? Is there scope to section off a private living area so you and your family can have at least some private downtime? Check the position with planning permissions at the earliest possible stage and don’t skimp on getting a comprehensive survey from a specialist covered by professional indemnity insurance for surveyors.
A lot can also be learned from existing owners in the local area. Are things generally ‘on the up’? What is the seasonal ebb and flow? What’s the typical profile of guests in the area? If they were starting over, would this be their location of choice?
In almost every case, behind the homely face of a well-run B&B lies a well-oiled machine. When considering any business opportunity, certain rules apply – and this niche is no different: consider if you’ve got what it takes to operate successfully in this niche; research your market and don’t take individual opportunities on face value.
Robert Connor says
Spotting a opportunity is easy-taking action is another thing all together!
Robert Connor recently posted…Need Money Fast? Try These Sites
Jayson @ Monster Piggy Bank says
Yeah Pauline! Spotting an opportunity and getting what it needs are what matter for us to succeed.
Jayson @ Monster Piggy Bank recently posted…I’m looking for a website partner
Amos says
I agree with you,Pauline!Spotting an opportunity its all you need to operate in a business successfully.
Amos recently posted…The Best Three Books About Warren Buffett
Jisean@ Band Directory says
Informative and for the real issue I agree with you. Spotting is one of the great opportunity to make yourself succeed. Thanks a lot for sharing. 🙂 I think all the people will like your post because everybody want to be a succeed man.
Jisean@ Band Directory recently posted…How Do You Find a Good Deal on a Bed and Breakfast?