How To Start a Bed And Breakfast Business – Business plan outline
A bed and breakfast (B&B) is a small temporary housing firm that provides overnight accommodation and breakfast, and usually no other meals or facilities. Typically, a bed and breakfast can be opened in a private home which has fewer than 10 bedrooms available for commercial use. B&B’s can be opened as a source of secondary income or as a main occupation as well, depending upon your choice.
You can cook the breakfast yourself, and hence cut down on the charge of labor costs for food and catering. A simple breakfast will usually suffice, as B&B’s are sought after mostly by tourists who are looking around for a night’s stay and go on their touring expedition the next day. There are some kind of B&B’s which are more elaborate and offer a host of rooms and services. You can open consider opening a B&B keeping in mind your budget and furniture expenses for all your rooms. Initial expense will start from one lakh onwards and go up till fifteen lakhs depending upon your choice of B&B
Get approved- first step towards opening a B&B
All B&B has to be approved by the Ministry of Tourism. The Indian government is promoting the concept of B&B for attracting tourism and has classified B&B into 2 categories – Gold & Silver B&B. After getting it approved, you may then categorize it as Gold or Silver based upon the pre-designed criteria.
Get associated with business-friendly people
It is good to think of joining an Association related to the Travel and Hospitality industry, with whom you can strike a deal, so that whenever they are in your vicinity, they typically stay at your B&B. it is a good idea to network with people related to the Hospitality industry, so that they refer people to you.
Make a suitable business plan
Before starting a Bed and Breakfast one should plan all pros and cons. Jot down your plan to initiate the business, cash and amenities required, marketing plan and other legal issues. This step would help you in putting a firm foot in this business.
Finances are important
It is good to understand that your B&B won’t be earning a coin until your B&B is ready to take in guests. And getting up and running takes more than just care, it needs hard cash for renovation. You’ll need to buy brand-new bedding for your B&B guests, along with new mattresses, pillows, towels and more. And even if you run your operation from your existing home instead of buying a fixer, local laws may require you to install new kitchen equipment or fixtures, upgrade the pool to public standards,or add fire safety fixtures. It is only after these many arrangements that you will be able to begin your B&B arrangement.
Remember, B&B is a budget option for travellers; they will be looking for the best deal around—be sure to give it to them. A smile, a personal touch will go a long way in establishing a relationship with travelers and establishing your base. As business grows, you may consider opening a guest house of your own, and invest in bigger lodgings. Watch your business grow from a small home to a huge lodging establishment in a matter of years. Watch the money grow. Word of advice – Invest wisely.
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