I've always dreamed of owning a B&B and I suppose many people do dream of it. I mean I love to entertain, I love to meet new people, I love to bake and cook and I love to decorate. However, I do like my privacy and being "on" 24/7 doesn't appeal to me much. A while ago, I had the opportunity to get an inside look at owning one -- I wrote an article for a local magazine and interviewed three owners about the pros and cons. (I also got to tour three incredible places.)
Here is what I discovered:
§ You’re an entrepreneur and you can control your own time (to a point).
§ You get to meet interesting and nice people from all over the world.
§ There are great tax advantages.
§ You can live in a beautiful and expansive home.
§ You can have cleaning people and expense it.
§ To be successful, you have to be flexible and that means you may not be able to travel when you want.
§ The initial financial investment is always more than you project.
§ Your privacy can be invaded even if you try to draw the line with your guests.
§ You are responsible when things go wrong – if your technology doesn’t work, a storm appears, something breaks – you have to take ownership even if it’s not your fault.
Have you ever dreamed of owning a Bed and Breakfast? Or do you own one? If you know of a great one, why not share it in the comments?