Your Bed and Breakfast Business Needs a Plan
A strong business plan is vital for a
successful B&B. The startup costs can be
high (possibly in excess of $100,000), so
it’s important to nail down all of your
facts, figures, strategy and other areas.
You need to define how you’re going to run
your bed and breakfast business, market
yourself, get sales, make a profit and grow.
This can only come about through creating a
watertight business plan. It will help you
get your thinking in order and show your
commitment to your boutique hotel.
You will also need to look at financial
projections for your bed and breakfast
business. What are your expected sales and
revenues? What is your profitability? How
much money will you keep in the business to
grow it? How much will you pay yourself and
others?
If you can, try to plan your revenue for the
next month, three months, year and two years
It’s vital to take into account the cost of
setting up a bed and breakfast business in
the first place, also factoring in
utilities, staffing and other costs.
Business plans do vary slightly, but they
should all cover the following areas: