Good and Bad News

This is a challenging and unique time we're in for aspiring innkeepers. There is good news and bad news.

There are some amazing opportunities to buy an existing property at drastically reduced prices. Sounds great, right? Well, here's the bad news...those b&bs that are a bargain are struggling or are in distress and if you don't have a huge chunk of money to purchase them, the banks are not willing to loan money.

Banks are looking for several things when considering loaning you money for a bed and breakfast:

Do you have experience? If not, get some! You need a substantial amount of hands on time working at a B&B. If you don't have the type of schedule where you can take a part time job at a B&B, then volunteer your time at one. Contact some innkeepers to see if they would be willing to have you intern at their place free. Let them know that you are a serious aspiring innkeeper and really want to see what life as an innkeeper is like. Contact your local/regional/state Bed and Breakfast association and let them help you find an innkeeper that would help you.

Do you have a business plan? This is very important. They need to see and understand that you are approaching this new life as a business. You need to do your research.

Do you have the resources? This is no longer an industry where with a little seed money you can buy a little place and hope it works. It takes a lot of money. Of course how much money you need depends on where and what state you plan on living. We can't stress this enough...save, save, save your money now for not only your down payment, but also you will need money for operating expenses.

Education Whether you choose to attend our seminar or one on one instruction, it is absolutely necessary to truly understand what the life of an innkeeper is like. In later posts, we'll describe our lives in more detail. Both good and bad!

Don't despair! There's a wonderful world of innkeeping out there!