Aspiring Innkeepers - what's the biggest hurdle that holding you back?

[Breakfast Diva]

Those of you who are looking, have you considered La nca ster, PA? There are many for sale here...at good prices! The area gets almost 12 million tourists a year. There is a very good CVB, too. If you want more info, message me.
No, I'm not on commission. LOL. I just like to see the old, tired properties brought to life when new innkeepers buy them..

Those of you who are looking, have you considered La nca ster, PA? There are many for sale here...at good prices! The area gets almost 12 million tourists a year. There is a very good CVB, too. If you want more info, message me.
No, I'm not on commission. LOL. I just like to see the old, tired properties brought to life when new innkeepers buy them.

My wife and I are in the process of purchasing one in Lancaster County ... and hope to "bring it to life!"
.

Welcome Bruce! I hope all goes smoothly in what can be a difficult process.

 

[Bruce Mac]

Thanks for the warm welcome ... look forward to interacting with you on this forum ... My wife Karen and I are learning a lot already ... the proverbial baptism of fire ... and the high tuition rates of "challenging" experiences.

 

[Joey Camb]

Thanks for the warm welcome ... look forward to interacting with you on this forum ... My wife Karen and I are learning a lot already ... the proverbial baptism of fire ... and the high tuition rates of "challenging" experiences..

just remember the mantra "they pay they stay they go away!" lol

 

[Lea Ann]

The house we are in the process of purchasing is in a small town (only one stop light). We don't have any tourism, but we have a small college and have some large businesses a few miles away. Though they have a couple of hotels, one is very old and the other is just eh. The only other hotels are close to 30 miles away. So we know we won't be full very often. We also won't be living on the property. My hubby and our partner are thinking about putting a small apartment in so we would at least have some kind of income coming in monthly to offset expenses. Have any of you had any experience with this?
Thanks

 

[Madeleine]

The house we are in the process of purchasing is in a small town (only one stop light). We don't have any tourism, but we have a small college and have some large businesses a few miles away. Though they have a couple of hotels, one is very old and the other is just eh. The only other hotels are close to 30 miles away. So we know we won't be full very often. We also won't be living on the property. My hubby and our partner are thinking about putting a small apartment in so we would at least have some kind of income coming in monthly to offset expenses. Have any of you had any experience with this?
Thanks.

Make sure you can legally operate with no one on premises overnight. Many insurance companies won't write a policy if there is no one there in event of emergency. Many towns/counties/states won't allow an unoccupied B&B to be licensed.

 

[Hospitable Heart]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you.

 

[Arks]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

...I plan to do intense fundraising and capital building in 2014...

Sign me up for some of that.

 

[Hospitable Heart]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

...I plan to do intense fundraising and capital building in 2014...

Sign me up for some of that.
.

Arkansawyer that's my job now (fundraiser) and now I am turning my attention to myself.

 

[Madeleine]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.

 

[Hospitable Heart]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Not really. I needed to ensure that I was not jumping into a dream. I worked as an innkeeper assistant part time for 7 years. During this time, my husband went to culinary school. I have gotten certified in event management as well. I also wanted to learn about livestock and homesteading and have done that as well.
I would rather know more than less. And yes, fundraising is very hard. However, I have raised millions for others, so now I am trying it for myself. I am not starting with $0

 

[Madeleine]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Not really. I needed to ensure that I was not jumping into a dream. I worked as an innkeeper assistant part time for 7 years. During this time, my husband went to culinary school. I have gotten certified in event management as well. I also wanted to learn about livestock and homesteading and have done that as well.
I would rather know more than less. And yes, fundraising is very hard. However, I have raised millions for others, so now I am trying it for myself. I am not starting with $0
.

Good that you got experience during that time. When someone just jumps in here with no intro and says they've been researching for 10 years it doesn't always come across as you've been doing rather than dreaming.
Lots of excellent advice here. Altho, I would guess a lot of folks here did their fund raising by selling a house or raiding a retirement fund.
One very important factor, as you will know from fund raising experience, is to always raise at least 30% more than you think you need. We needed an additional 70k just as a cushion when we started.

 

[Hospitable Heart]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Not really. I needed to ensure that I was not jumping into a dream. I worked as an innkeeper assistant part time for 7 years. During this time, my husband went to culinary school. I have gotten certified in event management as well. I also wanted to learn about livestock and homesteading and have done that as well.
I would rather know more than less. And yes, fundraising is very hard. However, I have raised millions for others, so now I am trying it for myself. I am not starting with $0
.

Good that you got experience during that time. When someone just jumps in here with no intro and says they've been researching for 10 years it doesn't always come across as you've been doing rather than dreaming.
Lots of excellent advice here. Altho, I would guess a lot of folks here did their fund raising by selling a house or raiding a retirement fund.
One very important factor, as you will know from fund raising experience, is to always raise at least 30% more than you think you need. We needed an additional 70k just as a cushion when we started.
.

Thank you for your reply, Madeleine. I got too excited at finding the site and did not see all of the forum categories and just jumped right in. I will find my way to make a proper introduction.
Fundraising seems to be the only avenue for us right now. We both have good credit and live simply and within our means but are not able to get a loan for a B & B. A hotel, yes; a small (micro) business loan- maybe after purchase.

 

[EmptyNest]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Not really. I needed to ensure that I was not jumping into a dream. I worked as an innkeeper assistant part time for 7 years. During this time, my husband went to culinary school. I have gotten certified in event management as well. I also wanted to learn about livestock and homesteading and have done that as well.
I would rather know more than less. And yes, fundraising is very hard. However, I have raised millions for others, so now I am trying it for myself. I am not starting with $0
.

I too had the dream and planned for more than 10 years. I just knew it was something I would do when I retired. To that end, we saved for years so we would have the cash. Fundraising sounds very ominous to me. If you are aiming to get people to invest in your B & B...that is troublesome and you are asking for alot of problems. Unless you are going for a large inn in a prime location which will bring in lots of $$$, you aren't going to make enough money to pay investors back.

 

[Hospitable Heart]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Not really. I needed to ensure that I was not jumping into a dream. I worked as an innkeeper assistant part time for 7 years. During this time, my husband went to culinary school. I have gotten certified in event management as well. I also wanted to learn about livestock and homesteading and have done that as well.
I would rather know more than less. And yes, fundraising is very hard. However, I have raised millions for others, so now I am trying it for myself. I am not starting with $0
.

I too had the dream and planned for more than 10 years. I just knew it was something I would do when I retired. To that end, we saved for years so we would have the cash. Fundraising sounds very ominous to me. If you are aiming to get people to invest in your B & B...that is troublesome and you are asking for alot of problems. Unless you are going for a large inn in a prime location which will bring in lots of $$$, you aren't going to make enough money to pay investors back.
.

Our first attempts at fundraising will be to sell off all possessions. We have saved enough where every penny that we make in 2014 will go towards the B & B. The property we want is 600,000 but it is productive property (besides inn has operating orchard) we have the cost of the property but need more.
Anyhow... I'm going to try!

 

[Skamokawa]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Some time ago, a previous forum member told of planning and preparing for 17 years. Ended up successful. That is sustained determination for sure. I know I had the dream/wish/I can do this part in my head for a good ten years before I was in a place where I could make it real.
A while ago I read a real estate agents comment that if the prospect doesn't buy in three months, they're not serious. We were very serious. just took a long time to make the right purchase. Could simply not afford to make a wrong one.

 

[Skamokawa]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Oops. Pushed save button twice. Wil just add that reading the previous forums plus one from UK that subsequently became private, helped keep the motivation factor up. this forum is aptly named.

 

[Hospitable Heart]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Some time ago, a previous forum member told of planning and preparing for 17 years. Ended up successful. That is sustained determination for sure. I know I had the dream/wish/I can do this part in my head for a good ten years before I was in a place where I could make it real.
A while ago I read a real estate agents comment that if the prospect doesn't buy in three months, they're not serious. We were very serious. just took a long time to make the right purchase. Could simply not afford to make a wrong one.
.

I think time is relative if you have the tenacity. I have gone through much in life an have always kept this dream at the forefront.
I should have used another term, rather than fundraise. My family will be doing everything it takes to make 2014 a savings year so that 2015 can be the purchase year.
We are trying every/any legal method.

 

[Joey Camb]

The only thing stopping me is money. I have been doing research for about 10 years. I have just joined this forum because I plan to do intense fundraising and capital building in 2014 and I look forward to any insights that I may be able to glean from you..

Hate to say it but researching a job for 10 years is a mighty long time. If you don't know for sure what you want after one year it's time to move on to another idea.
'Fund raising' and 'capital building'? You're looking at another 10 years unless you mean to crowd source your nest egg.
Which is an interesting idea.
.

Oops. Pushed save button twice. Wil just add that reading the previous forums plus one from UK that subsequently became private, helped keep the motivation factor up. this forum is aptly named.
.

if it was bedposts this is now private but any B&B owner from anywhere in the world can join or rejoin if they want to - we have just accepted some French members for example.

 

[The Safford Inn]

In my situation, my fear is doing all the research, development, numbers and marketing lists and then being edged out all together since I am not backing capital; I'm the spark plug, worker-bee. Trust that my efforts will not be betrayed is my fear.
If I had the money (and working capital for at least 5 years), I would just go for it. At my age and having had to retire from a vocation (44 years Pro. Domestic Service), that I can't do anymore, this was a dream that feels close but tenuous.

 

[toddburme]

It is getting a bit easier but as a seller we are finding that the biggest hurdle is financing. Yes, it would be nice if everyone did adequate fundraising before they decided to buy but not very realistic.
Like I mentioned though it looks like we have finally seen the light at the end of the financing tunnel in that there is money out there for workable deals.