Saturday, January 25, 2014

B&B's: Ever Thought of Opening One? Here are Some Pros and Cons

I love staying at a Bed and Breakfast. I stay at one whenever I can. We've even found several family friendly ones in our travels. Above is a photo of one of my favorites in Ipswich, MA. The owners actually became like good friends to us since we stayed there often. It's called Kaede, which means maple in Japanese. The ambience of the house combines Japanese and New England Culture (and food). Click on the name if you want more information. I highly recommend it. Tell them Renee sent you.
 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?

1 comment:

Lynn Stevens said...

I've never had the privilege of staying in a B & B but it does sound fun. Not running one though! LOL
Hugs Lynn