2004
Quick Overview
To many beleaguered office workers, spending the work day in a
historic inn seems like the ideal work environment, not to mention the
ideal job. For many retirees looking for a “second career,” a switch to
bed and breakfast owner seemingly offers a way to combine a home-based
business with the creativity of renovating and developing a B&B
property, as well as preparing gourmet meals. Is owning and operating a
B& B the sweet deal that it appears to be?
Think again. As a future inn owner, consider the following:
- Are you up to socializing with strangers in the early hours of every morning?
- Are you interested in maintaining an exceptionally clean house, with “houseguests” that never seem to leave?
- Can
you financially handle the average minimum investment? The average cost
of purchasing an existing Inn in the Western U.S is $649,000, according
to the 2002 study from the Professional Association of Innkeepers
International. Converting an existing building, could cost you about
$271,000, while buying and then converting an existing building could
cost $480,000.
- How are your marketing skills
and Internet/Web savvy? Most B&B marketing is done on the Internet.
(For a helpful article on this see: http://www.innkeepersonly.com/innkeepernews/November-03/index8.asp)
- Are you willing to work extremely long days while on average grossing $50,000 per year?
- Do
you mind being tied to your business 365 days a year? Although some
innkeepers have the option of closing up in order to take time off,
most do not, and are not able to turn down business.
