Know your B&B business before you apply for finance

For many people, opening a bed and breakfast is a lifelong dream. The hospitality sector is thriving throughout the UK, and many people are operating successful businesses in this industry. If you need to secure funding for your new venture, you will require a fully detailed proposal before you approach any lenders. Researching your market is essential in order to devise the right operational strategies for your business and to show lenders the potential of your idea.

Once you find the business you wish to take over or the property you wish to secure, you need to think about the kind of business you wish to run and the market you want to target. In the hospitality sector it can be tempting to try to appeal to a wide demographic and secure as much potential business as possible, but by identifying the kind of guests you wish to appeal to you can put your plan into action. Many B&Bs focus on targeting a specific kind of customer as opposed to spreading themselves too thin. Whether you wish to appeal to families, discerning travellers in search of a little luxury, professional business travellers or any other kind of market, you can tailor your services and your marketing campaign to appeal as effectively as possible to your desired customer base.

Once you have settled on the identity of your business you may wish to think about what makes you different from the rest. Concentrate on the qualities that will be important to your ideal guest. Compare yourself to the competition and ensure that you will stand out. Once you have made these initial decisions, you are ready to put your application for finance together. Due to the viability of the industry there are many lenders willing to finance new businesses, and we specialise in helping our clients secure the B&B and hotel finance solutions they need.

It is a fact that industry experience impresses lenders, but it is not compulsory. If you lack experience in the hospitality sector, you can make up for it by presenting a solid business plan containing feasible financial projections, tangible business plans, a definitive brand identity and a target market.

We assist our many clients secure funding for a range of areas in the leisure and hospitality industry. We are experienced brokers with the industry knowledge and experience to ensure your applications have the best possible chance of obtaining the funding you need.