Do you currently work in hospitality and want to make it on your own? Perhaps you’re looking to start a new career in the service industry. If so, you may be wondering if opening a bed and breakfast is right for you.
Like with any business, there are pros and cons to running a B&B. To help you decide, take a look at some of the benefits and considerations below.
Income potential
When running your own business, there’s no limit to the amount of income you can generate. It isn’t like receiving a fixed annual salary – the more successful you are, the more money you can make.
Of course, you’ll have to put in the work and manage your finances well, striving to keep occupancy high and expenses to a minimum. It isn’t always easy to cut running costs, though, particularly with the recent increases in the prices of goods and energy.
To help you figure out your income potential, create a realistic financial plan before you open for business. This should consider room rates, average occupancy, expenses and annual turnover goals.
Flexible schedules
One of the big benefits of running a bed and breakfast is having the freedom to create your own schedule. You can decide if you’d like to take a long holiday or enjoy some time with your nearest and dearest.
Depending on the number of staff you have, you may be able to get cover for some day-to-day tasks – giving you more free time to enjoy hobbies.
What’s more, if you live at your B&B, you’ll get to enjoy the many benefits that working from home brings, such as not having a commute!
That said, if you’re not a fan of staying at home for most of the day or you prefer a job that gets you out and about, you may find running a bed and breakfast slightly trying.
Be your own boss
If you own a B&B, you get to be your own boss. This gives you greater control over decisions that will affect you and your family, including your working hours and time off.
It also gives you immense satisfaction when your business becomes a success. Seeing your company flourish will give you a sense of fulfilment that you’ve achieved your goal through your own hard work and determination.
You also have complete control over the running of the business, which means the buck stops with you. It’s your responsibility to ensure that your B&B adheres to UK rules and regulations, such as fire safety, food hygiene and trading standards. You’ll need to consider the right level of insurance for your B&B as well as the appropriate licences.
There are many pros and cons of running a bed and breakfast. Do you think this career path is right for you?
