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: