Some guesthouse owners start out full of enthusiasm and optimism, but struggle when they find that their bills are higher than they expected, that the working hours are longer than expected and that key aspects of health and safety policy have been overlooked. Whether you are running a guesthouse or a large hotel, focusing on business planning should be your first consideration.
- Business premises. The building type and location you choose will be fundamental in determining the success of your guest house business. If the premises is too large, small, or remote, profit levels may be affected. Buying out an existing guest house business, rather than starting from scratch will save you time and money.
- Guest house finance. You will also need to think carefully about financing your hotel. Guest house mortgages can be expensive compared with residential mortgages, so itâ€™s speaking to an expert before you apply. You may also need a guest house loan if you are looking to improve or extend your existing guest house, or to re-finance.
- The larger the business, the more money you will need for furnishings, utilities, insurance and staffing. Make sure that you set funds aside for quiet periods.
- Health and safety. It is critical that your hotel is safe and fit for purpose from day one. Make sure you adhere to government regulations in terms of fire exits, smoke alarms, food hygiene and other relevant issues. Failure to do so could lead to fines and even the closure of your hotel.
- Staffing. Some guest house owners try to do everything themselves, which often proves to be too much of a burden. Employing qualified, reliable staff who bolster the brand can make all the difference within a hotel setting.
- Accurate record keeping. You will need to keep accurate records of all financial dealings and ensure that you comply with current tax regulations. It is also important that you keep good employee and health and safety records.
Get expert guest house finance advice
If you need advice about guest house loans or guest house mortgages, Stewart Hindley & Partners is the place to start. Having helped a large number of guest house owners to get off the ground and make their businesses a success, its experienced team has excellent knowledge of the market and knows everything there is to know about guest house finance.
If you would like to know more about the specialist finance options available to you as a guest house, contact Stewart Hindley & Partners today.