Tips For Running A Financially Successful Bed And Breakfast
Running a bed and breakfast is not all that challenging on a day-to-day basis from the perspective of keeping your customers happy. But from a financial perspective, things can be a bit tougher. Turning a profit with this sort of small business does not always come naturally. However, there are some easy steps you can follow for greater financial success.
Operate more than one unit, if possible
If there is a way to set up more than one unit in the home you have, do so. For example, if you have two spare bedrooms, turn each one of them into a bed and breakfast room, rather than just converting one. This doubles your ability to earn revenue without increasing your operating costs proportionally. You already have the building, and renting out more than one space inside of it won't cause your electricity or water bills to go up more than a little.
Use secondhand and eclectic items
Instead of going out to buy brand-new furniture and decor for your bed and breakfast, shop secondhand. You can find all sorts of cool items at thrift stores and garage sales. Bed and breakfasts often have cozy, homey vibes anyways, so decorating and furnishing with antiques and eclectic things suits this vibe well. Buying secondhand keeps your operating costs down so more of your earnings are pure profit.
Make sure you're charging a competitive rate
Charging less than other bed and breakfasts and hotels in the area can be a good way to draw people in. But you don't want to undercut the competition so much that you don't earn a profit. Consider what your operating costs are, how your unit compares to others, and what other options your guests have. Don't hesitate to charge a little more if you need to do so in order to profit. Setting prices is more involved than just aiming to be the cheapest.
Push multi-day stays
Encourage guests to stay for more than one day, when possible. Offer a discount on the second and third night. Offer nice breakfasts on weekdays to encourage guests to stay past the weekend. Having fewer guests, but guests who stay longer, means less cleaning and less time spent turning the place over. This will reduce your operating costs, thus improving your profits.
With the tips above, you can run a more financially successful bed and breakfast. Take it slow, and make progress as you can. For more tips, contact a bed and breakfast near you.