Young aspiring innkeepers, where do we start?

[Peytronz]

Good morning/afternoon/evening to any and all of you!

My name is Peyton, my partners name is Ella, and we both have decided that we would like to open a bed and breakfast in our future. Ella has been an innkeeper and working in hospitality for a couple of years now while I have been working on becoming a licensed electrician. We both have a desire to build towards our community with a B&B but are finding the beginning planning stages a bit daunting despite having seen our community support Inns and B&B's as the area is a lively tourist location almost year-round and the local community supportive. We found this amazing forum and decided to reach out to all of you here who all seem so knowledgeable and capable with questions of ours in hopes that we might find solace in starting this path.

Where to start:
I've been taking the time to read up on small business and specifically small motels, inns and B&B's and seem to have found a commonality in a starting position being *Have a business pan* which is a bit of a vague description and where it leaves us stuck is how do we plot a business out without having an idea of a location. What I mean by that is my business idea would almost certainly fluctuate depending on which part of my city the B&B is located due to who might find interest, walkability, affordability, and so on. Are there any tips you can give us on where to start with a solid foundational business plan?

Secondly and the most daunting for me personally is funding. I know this is completely based around my local economy, local government permits and zoning, as well as personal finances but my question at the beginning of thinking about all of this has been - how much money would we need saved to tangibly start looking for property to make this a reality? This ties into my first question as well - we would love to find somewhere with 3-4 rooms and manage the majority if not all of the work ourselves as a couple (the start of the business plan!) but it's all up to when what is being sold. I understand that question has no blanket answer but if you have suggestions on percentages for down payments on commercial property or when to approach banks to move forward it would be very much appreciated.

We have also been curious - is the idea of converting a "Single-family dwelling" into a B&B/Inn a reasonable achievement if the city permits the change of use? It seems many Inn owners purchase older inns and recreate them into what they want them to be. Would you recommend sticking to old Inn's being sold or possibly renovating property for the purpose?

We hope this post doesn't come off as too ignorant, but we truly are and have found this forum incredibly helpful already in just evaluating whether this is the dream we would want to pursue. After reading through countless posts of how much work goes into the craft it hasn't scared us off yet but only made the idea more resolute as the right goal to strive for. Regardless of whether you reply or just read this we appreciate the sentiment!

 

[gillumhouse]

I apologize for the delay in reply. Been busy with both the B & B AND the City.

In Nov 1994 we closed on a house in Shinnston, West Virginia. It was a 1912 Foursquare, meaning 4-up and 4-down. I walked into it and it said, "Stop looking, I am yours!" it was correct. The floorplan was perfect - on the right as we walked in was a sunroom (originally half of the front porch, converted already - destined to be Himself's workshop), a living room (became his art studio), a bedroom & bathroom (owner's quarters). On the left a Library and down the hall a large dining room and the former back porch was the kitchen. Upstairs 4 bedrooms and a bathroom. We opened in 1996 (upgrades done were: electric service from 60 amp to 200 amp, 29 new windows (double pane thermal (better as in good, better, best), and we had these done while we lived in the house as we moved in in Jan. 1995).

Since you are an electrician, you will easily find work to support you while you get started - make no mistake, IF a start-up, it WILL be needed and 3-4 rooms will be doable for 1 with some help on your days/hours off until you get established (AND everything also will depend on YOUR lifestyle - I hate to shop & do not smoke & am a cheapskate for ne personally - not for the B & B). He was the handyman until he could no longer climb stairs & did the dishes (I miss my dishwasher - no room for what others call a dishwasher plus I could not use it for my Fostoria as the heat would cloud my glassware) and the yard and I did everything else. There will be marketing and advertising, bookkeeping, admin duties in addition to being the shopper, housekeeping, cook, host, laundress, etc. I can honestly say it is the hardest job I have ever loved. Just look at it with clear eyes.

Choose where you WANT to live as first priority. I will answer questions - but tight this minute, I have to get things ready for in-coming guests today and a Meet & Greet my Development Authority is doing tomorrow (I am making mini-bagels & roasting coffee for it) - I am City Clerk & on several Boards and organizations here. I have operated solo for the last 7 + years.

You CAN do it if determined!

 

[CSMaine]

In our search for a BnB, after not finding an existing place that fit our checklist (one thing most important to us was our living space), we purchased a large private home and converted into a small inn. It gave us the opportunity to really make it "ours" and make everything fresh. This included the standards, brand, operations, etc. It took several months to reno. It was a bit more on the marketing for a new business, but we didn't have the concern for past reputation or reviews. We quickly gained strong business with repeat guests. Conversely, an existing place, you may be up in running faster and have established business, but probably at a higher price to start. Just food for thought.