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Good Business to Start in a Down Economy? A Bed and Breakfast
A down economy may be a good time to opening a Bed and Breakfast -- real estate prices are down and there are deals to be made in the marketplace.
First off, there’s a massive selection of large homes for sale, and depending on the geographic location, there are also some existing inns that fall into the "good buy range." The ball is in the buyer’s court. Banks holding notes on large homes that can be converted to inns are making deals, some sellers are offering to pay closing costs, and foreclosure properties can be snapped up on the cheap and so on.
Bestselling Personal Finance author Marian Snow says, "In this tumultuous time, most Americans need an alternative to the stock market. And residential real estate -- done the right way -- is that alternative."
Be very clear that investing in real estate well-suited for a bed and breakfast operation most likely won't produce the get-rich-quick results promised by many a late-night infomercial. But for the aspiring innkeeper that is willing to do some homework, jump on the innkeeping learning curve, make a good purchase and properly manage the business, the rewards can be substantial -- both personally and financially.
Buying the property at the right price is just the first step, next comes the task of getting ready to open. Opening a bed and breakfast is like starting any other business -- plenty of prep work must be done before you welcome your first guest.
Author, and former real estate professional, Amelia Painter has helped hundreds of new bed and breakfast owners make decisions and get projects off the ground and operating. "These can be hard times for many" stated Painter, but if you think you're ready to experience the romance and luxury of owning your own bed and breakfast inn - a place you can call your home as well as your business - then my book, "Opening and Operating a Bed & Breakfast in the 21st Century," is a must read.
The entire book is filled with probing questions, and many answers, that all buyers of bed and breakfast real estate must take into consideration, especially in these hard economic times.
Today's real estate market is teeming with opportunities for the potential bed and breakfast buyer. Great values and great "deals" are out there, but do yourself a favor and use a B&B guidebook like Painter's "Opening and Operating a Bed & Breakfast in the 21st Century" to help you separate the romantic notions of owning a bed and breakfast property from the business side of opening a B&B.
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The Iowa Bed & Breakfast Innkeepers Association (IBBIA) publishes travel guides and books to assist anyone desiring to open their own bed and breakfast operation.