One of the businesses that many people approaching retirement dream about starting is a bed and breakfast. The appeal of this business is that it provides couples with a source of income, a business opportunity that they can both participate in and a great way to meet people from all over the world. However, while starting a B&B sounds like a lot of fun it can also be a lot of work. To improve the chances that your B&B will be successful you will need to develop a business plan.
One of the parts of your B&B business plan will be a description of the location of your business. The location description will not only need to describe the features of the real estate property, but it will also need to describe the reasons why you think that this is a good property to use as a B&B. For example, you may want to look at the other lodging options in the area, you may want to describe local attractions that are close to the property and/or you can describe the local tourist industry. Generally you will want to include details that lenders can use to determine if your business is a good investment or if it is doomed to fail.
When you start any type of business you will have to deal with legal red tape. However, while most small businesses will only need to get a local business license and liability insurance, a bed and breakfast is subject to several licensing agencies. For example, you will need the normal business licenses and liability insurance, however, you will also need licenses for serving food to the public and if you will be serving alcohol you may also need a liquor license.
Another aspect of your bed and breakfast business plan will be your marketing profile. Your marketing profile will be made up of several sections. First it will provide information about your competition and their marketing strategies such as product packaging, placement and pricing. Next you will want to profile your own marketing strategies. These strategies will provide information about who you will target with your advertisements, what advertisement venues you plan on using, what your advertising budget is and how you plan to make your B&B stand out from the others. You can also provide information about networking strategies that you plan on implementing, such as joining the local chamber of commerce and utilizing social networking sites to promote your B&B.