The bed and breakfast sector attracts investors for all kinds of reasons and can offer many opportunities for them to meet their goals. Here are just a few of the possible reasons why people would choose to invest in and begin running a B&B.
The most common motivation for getting involved in the industry is that people see the potential to make healthy returns from owning a bed and breakfast. When funds are available, it is always a case of deciding which investment option can provide the biggest potential returns. B&Bs can prove to be long term business opportunities and generally offer excellent security because the property itself and contents will hold value well. If you are successful the enterprise will have fantastic resale value too.
A second motivation is the fact that you have the opportunity to be your own boss and can achieve a great lifestyle with the move. Owning and managing a bed and breakfast is challenging but can be incredibly rewarding. You could find yourself with the opportunity to meet and serve a very diverse array of people. The social element is a big attraction and from a business sense you get the chance to develop your own management style.
Yet another motivation is that people working in the industry may see it is a natural progression of their career. Managers could find themselves imagining the benefits they could gain from investing time, energy and experience in their own venture. They can use everything they learn about the industry and management to help them start their own successful business.
Whatever the motivation, the decision of whether to invest or not always comes down to funding. Owning and operating a B&B can be costly and a good financial plan is important. Fortunately there are several different ways to raise bed and breakfast finance including mortgaging the property, taking out loans or investing existing capital.
At Stewart Hindley and Partners LLP we have helped all kinds of people to purchase, open and run their own bed and breakfast. We have extensive experience and encountered a variety of different motivations, situations and ideas. As a result we are well positioned to help our clients to look at their plans and consider important details such as funding.