Many bed-and-breakfast operations are sold like a franchise business. In other words, that business is already up and running. All you have to do is take it over and watch the money flow in, right? Not always. Do you have what it takes to run your own bed-and-breakfast inn? Consider the following before you sign on the dotted line:
What’s Included in the Deal?
Buying a B&B is not like buying an empty house. Often, you’ll have all the furnishings included in the bed and breakfast. Get that in writing. You’ll also might “inherit” certain staff members and vendors that know how the operation is run. These folks would be good to hang onto until you get the lay of the land. In those first few weeks of your “shakedown cruise,” you will know what is working and isn’t working. Then you can make changes. Remember this is your business now and you have to run it as you see fit.
Why Are They Selling?
If this is such a good deal, then why are the owners selling? They might want to retire themselves. Nothing wrong with that. However, before you sign on the dotted line, head into the neighborhood and start asking around. Find out what the reputation of this place is. Of course, you’ll be able to examine the books but your business is going to have to get along with other businesses in the community. Make sure it hasn’t alienated anyone.
What Are Reviewers Saying?
If this bed-and-breakfast has been around for any length of time, it is going to have reviews. Next to restaurant goers, travelers are the most frequent posters of reviews. Not only should you pay attention to what past guests had to say but also how the previous owners responded to those comments. If everyone is complaining about drafty rooms and lousy breakfast, then that is something you need to fix.
What Are The Legalities?
Just because a bed and breakfast is up and running doesn’t automatically mean it is in compliance. You need to check on a whole bunch of state and local ordinances and regulations. These cover everything from food service to accessibility to parking. If you hear the words, “We’ve been fighting with the city over that” from the owner, turn and walk away.
Are You Ready For A 24/7 Job?
Owning a B&B sounds charming and it can be but it’s a big undertaking. You are essentially setting yourself up in the hospitality industry. That means making everyone who walks through your door happy. If you’re not a people person, this might not be the business for you. Of course, you don’t have to do this alone. You should build a supportive team that is going to help you along every step of the way. Some of that team can actually be outside help.
For instance, a company like Junk King Denver is perfect independent contractor to call on whenever you need junk hauling or yard waste removal. These are professionals who have been working in this line of business for over 10 years. If you plan on any remodeling, then Junk King Denver can certainly help with the cleanup. You can always count on Junk King Denver to help you keep your bed-and-breakfast inn free of rubbish.