“I think I want to have my own B&B”…. oh really?

People regularly tell me they think they want to have their own B&B and I’m asked how to go about it. Just this weekend the subject came up again. As the economy continues to change there are fewer big brother businesses, and we’re individually required to create our own opportunities. I’ve always referred people to the Professional Association of Innkeepers or to a few real estate business consultants who offer workshops to help folks get started.

However, there would appear to be a preliminary need for people to make some choices before they invest their valuable time, energy, and money to explore the business of Innkeeping in earnest. I’m going to break the process down into a five areas of discovery and post them here over the next few weeks. I’ll explore these five areas:
• Lifestyle. This is a century’s old niche business with a very specific lifestyle. We’ll explore the way innkeepers live their lives while taking care of their guests. They are often times sharing the same spaces as their guests, which can lead to some challenges that require a very special disposition.
• Goals. Everyone who considers their own business should consider the specific goals for their business. Is it a primary or secondary income goal? Tax planning, goal? Etc. The answers to those questions and a host of other goal questions will help avoid bad decisions.
• Research. Folks often come to the idea for their business without much research. I’ll explore the type of research that will help you understand the validity of your dream business.
• Due Diligence. What are the questions to ask? The experience to get? The education to have? The “expertise” to trust?
• Plan Development. Writing a full fledged business plan will help anyone considering their dream business solidify their ideas into a road map for success. Does your plan reflect your goals?

Look for these posts each of the five next Mondays. At the end of these five posts, you’ll either decide this business if not for you, or you’ll come away with a clear action plan to further pursue your dreams.