Many guesthouse businesses are run by partners and families, which means family conflicts can often arise. So, we have put together some useful tips, or guidelines, to help you avoid the most common family business blunders:
- Keep your guesthouse finance and personal finances and resources separate, which means avoiding the temptation to meet personal and family needs with business resources. Americans would say ‘professionalise’ the business.
- Don’t draw an income for family members if they’re not working in, or making a real contribution to, the business.
- Establish healthy boundaries between family and business. This especially applies to husband and wife/partner teams. Running a business together with your partner is a balancing act and even more so in a guesthouse situation. So, try and set guidelines for business versus personal time together.
- Seek outside professional advice to set business goals and draw up business plans, separately but in the context of personal or family goals. Your business plans should address such issues as ownership structure, management control, family involvement in the business, and the long-term strategic direction of the business.
- If you employ outside staff – be careful not to treat them any differently to family members involved in the business.
- Be careful not to abuse family relationships and take family input for granted.
People often think that running a guesthouse business just means allowing someone to stay in their house and cook them breakfast, but in reality, of course, there is a lot more to it.
If you are thinking of starting up a guesthouse business you will most likely need to look at some sort of guesthouse finance which means putting a business plan together. All that can be quite daunting which is why we thoroughly recommend taking time out to learn more before you take the plunge.
There are a couple of courses we can recommend which cover how to start, run and market a successful guesthouse business. Take a look at:
And don’t forget to check out our very own guides and resources on our blog. We’re also happy to answer any questions or concerns you may have about how to fund your business, so contact us today for friendly guesthouse finance advice.
