We are often asked about the difference between a bed and breakfast, a guest house and a hotel. Broadly speaking, a bed and breakfasts and guest houses are traditionally homes which have been converted into a business, often family run, and the owners will often live there. A guest house tends to be larger than a bed and breakfast. A hotel is usually larger, purpose built, will include more amenities and facilities, and will have a team of employed staff.
Grasping the difference between the three is an important first step for those looking to enter the lucrative market for accommodation services in the UK. Whilst the source of income for all three is essentially the same, the costs and expenditure are considerably different. When constructing a business case to secure funding and mortgages, a full working knowledge of outgoing costs is essential. Mortgage lenders will expect to see a comprehensive breakdown of projected income and expenditure and the proposal to manage them. We can present this case on your behalf, giving you the best chance of securing the funding you require.
Although the UK leisure and accommodation sector is well known as a profitable part of the economy, this doesn’t mean any new business opening up within it will automatically be a success. That old saying “fail to prepare, prepare to fail” is very true here. Our services will help to eliminate potential risks in your planning, and enable you to proactively build a business plan designed for success. We are as knowledgeable in the running of accommodation businesses as we are in financial and accounting practises, which means we know how best to present your business case to lenders.
When you have considered and determined which form of accommodation business best suits your intentions and aspirations, we’re here to help you reach and achieve success. Lenders and mortgage providers are well aware of our proven success rate, and so pay attention when we present the business case for bed and breakfast, hotel or equestrian finance.