Things to consider before setting up your own B&B

CoverBuilder
Jul 28, 2017 · 3 min read

In 2014, the B&B sector was recorded to have an annual turnover in the UK of £2billion, topping the low-cost hotel sector by 28% and the general hotel sector by 35%. Even in times of economic downturn, B&Bs tend to fair quite well with many Brits forgoing a foreign holiday in favour of a much more affordable ‘staycation’.

It is clear to see then why so many people are attracted by the lure of giving up the everyday rat race and retreating to the countryside, hosting guests and enjoying a slower pace of life. However, this is a huge decision with long term implications on your lifestyle and income so careful consideration needs to be given before taking the plunge.

Location, location, location

Choosing your location wisely is a vital first step towards running a successful B&B. You need to assess whether your desired location will be popular enough with guests that there will be enough business for you, taking into account any existing guest houses and B&Bs that will provide competition. You could also spend some time researching existing local businesses to check what sort of revenue could be expected and whether your guesthouse dream will be an economically viable one.

What is your unique selling point?

In order to stand out from the crowd in what can be a very competitive market, it is vital to try and provide a unique element to your property that will make guests choose it over the competition. Upsell your property’s particular charm, whether it be a lovingly restored Victorian property that is full of character and period features, or a modern build that is a few hundred metres from beautiful coastline.

Bring your business brain

While many people get caught up in the excitement of the B&B dream, it is important to stay grounded and remember that it is a business you are trying to run and that it should be treated as such. You should set out with a clear financial plan, with a well thought out budget and acceptance of the fact that you are likely to be working fairly hard over long hours (certainly in the beginning as the business takes off).

Staffing — and the issues it brings

A B&B with more than 4 bedrooms is likely to require you to hire at least one member of staff, so if you are thinking of running a larger scale B&B there are some further considerations to make. Employing staff brings with it a whole host of complications, including employer’s liability, pension schemes and the obvious increase in costs, which can substantially eat into your business’ profits.

Decide on your offering and make it clear to your guest

As the name suggests, B&B accommodation usually provides guests with somewhere to sleep and a delicious breakfast to set them up for the day. Lots of B&Bs choose to offer extras such as picnic lunches or afternoon teas but this is completely at your discretion to decide upon. Just be sure to make clear to guests before they book exactly what they can and can’t expect during their stay. This means you are much less likely to run into trouble and much more likely to receive those all important positive reviews.

See more via the CoverBuilder website

CoverBuilder

Written by

We’ve now launched our brand new home insurance service targeting the growing number of people out there who have issues finding cover.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade