You arrived at this site to find out about a Bed and Breakfast Business Plan but I hope to give you much more than just that!
Remember that there are over 61,000 business bankruptcies annually in the United States! That's 61,000 plus businesses that started with a dream and plenty of passion! That's 61,000 plus businesses that crashed and burned! Don't be another statistic! Not only do you lose your dream but you become one of the unemployed at the same time!
No matter what the goal is it must first start with a plan! Not just any plan, but a well thought out plan that anticipates the obstacles and overcomes them.
Whether you are planning to climb Mr. Everest, take an NFL team to the Super Bowl, or just going to the grocery store you should have a plan! The better the plan the better the chances are of being successful!
If it's a Bed and Breakfast that you're wanting to start then you better have a great Bed and Breakfast Business Plan that will get you off on the right foot! Don't wait until you invest every dime of your life savings and find out your forgot to plan for oxygen when climbing Mt. Everest!
Let's think through our Bed and Breakfast Business Plan!
What is the most important thing we will need to make your Bed and Breakfast successful?
Although these are all very great and important things to have, they won't matter a bit without this one other most important thing!
If no one ever comes to your amazing Bed and Breakfast then it won't matter what else you do or have!
How are you going to get people to enjoy what you hope to be the very best Bed and Breakfast there is in the area?
This is no time to start guessing!
Just like the Hotel Business a Bed and Breakfast must continually market their establishment to attract new clients! This is a major part of a successful Bed and Breakfast Business Plan!
So how are you going to attract clients?
Let me ask you first what type of Bed and Breakfast are you going to provide?
Is it focused on couples?
Is it focused on business retreats?
Is it focused on families?
Is it focused on hunters?
Once you know the type of Bed and Breakfast you will be providing then you will know what type of person you are trying to attract! Where are these types of people located? How will you get them to your place? Are they close by or will they have to travel great distances?
On top of networking with travel agencies, chamber of commerce's, wedding planners, state and city visitor centers, you may need to look to foreign countries, i.e., Europe, Japan, Israel, etc.
The United States Census Bureau website offers a lot of great information also to locate where your type of client may be in a city, state, or the country. If you're looking for married couples then you can find out where and how many married couples there are in certain locations. Same thing for families! The best thing about the website is that it is free.
Another very important piece of your Bed and Breakfast Business Plan is to understand who your competition is and how are you different!
Once you determine how you are different this will become your sales and marketing plan!
Again, don't guess at what is different make sure you understand exactly why you are different!
This may mean that you stay at your competitions Bed and Breakfast! The best way to beat your competition is to know what you're up against! Stay there with a critical eye so that you know what works and what doesn't!
Again, hotels have sales teams selling rooms and banquet events. You may need to consider having a sales person on your staff. Think of a sales person to a hospitality business like an executive chef is to the restaurant business. A bad executive chef can ruin a business just like a bad sales person can ruin a Bed and Breakfast business. On the other hand, a good or great one can make it enormously successful.
If you're telling yourself that you can't afford one you better reconsider! Don't show up at a gun fight without a gun!
Within your Bed and Breakfast business plan you will need to make many various types of assumptions all dealing with numbers!
This is where it can get interesting!
Don't make the mistake and plug in numbers that make your potential Bed and Breakfast business look like it will blow the socks off your competition!
All your assumptions should be based on reality! If you assume that every room will be filled every night though out the year, you are mistaken! It's nice to dream but you better come back to reality! The best places in the world never realize this! Even an occupancy rate of eight to ninety percent is good!
Have you seriously thought through all your fixed and variable expenses well enough to make some assumptions on them?
What will you pay them?
Have you checked into Workers Compensation?
Will you be laundering the linen or will it be done off site?
Have you considered the poundage of that linen and what size machines you will need?
Have you considered the rate that you will need to replace that linen?
Have you considered the environmental laws (EPA) that may be associated with doing your own laundry?
As you can see there are a lot of things to consider and many assumptions that you must make as you are laying out your Bed and Breakfast Business Plan.
There is one thing for sure and that is that Business Plan Pro is the best business plan software that I know of. In fact, it has been named the best business plan software for more than ten years and has the endorsement of many reputable businesses like the Wall Street Journal. Business Plan Pro is the business plan software that I use and believe in.
What I like about Business Plan Pro is not only does it help you layout your Bed and Breakfast Business Plan in the right format but the financial models are fantastic.
As I mentioned above about assumptions, Business Plan Pro's financial forecasting tools are the best in the business. All the various categories are tied together so that if you change an assumption in one element of your Bed and Breakfast Business Plan it will carry it through the entire plan.
I know that you're excited about getting started but remember that a great plan will keep you going in the long run! A plan that bases its assumptions on merely guessing will fail miserably.
Don't be one of the 61,000 business bankruptcies next year!