The prospect of setting up your bed and breakfast can be an exciting thought. Whether you plan on transforming a second home or have a spare room or two in your current house, B&Bs can be a great way to generate income.
But with so many upfront costs, how can you make money from your bed and breakfast? This article will highlight five ways you can save and make money from your bed and breakfast.
1. Calculate the costs
Operating a bed and breakfast is about more than just what meets the eye. There are many hidden costs in running a B&B that need to be carefully managed to ensure you are running a profitable business.
It is expected that at some point you will need to invest in redecorating, guest room furniture and furnishings and building maintenance but this is on top of safety tests and regulations, marketing and advertising costs and soaring energy bills.
To ensure your bed and breakfast is making you money, regularly calculate your costs. This means comparing your monthly expenditure to your income to see where and how you can make cuts if necessary.
2. Offer fast wi-fi speeds
It may seem a simple suggestion but living in a digital age means fast-speed internet access is a priority to many. Guests will appreciate good internet speeds during their stay so they can remain connected to friends and family.
If the Wi-Fi password is not immediately obvious, your guests will be sure to ask. Keep things simple by presenting the Wi-Fi name and password to all guests on arrival.
Remember, if you are offering the fastest broadband in your area, this can be reflected in your pricing.
3. Go above and beyond
Word of mouth is one of the most powerful forms of marketing. If your guests feel welcomed, looked after and valued, they are increasingly likely to recommend your bed and breakfast to friends and family. They even leave you a glowing review on TripAdvisor or Google!
An exemplary service can be reflected in the price you charge for a stay at your B&B. By catering to each guest’s needs and requests, you provide a unique experience that can’t be replicated elsewhere.
4. Be spending smart
It may be obvious that you will need to monitor your spending but some purchases that you deem essential may be the total opposite.
For example, if your bed and breakfast has many rooms, each with a different colour palette or theme, it can be tempting to purchase colour-coordinated bed sheets and towels. However, purchasing white bedding and white towels for every room within your B&B can significantly help to cut down the amount of spare bedding required which consequently saves you money.
Similarly, if you serve breakfast, consider cutting costs by offering a limited menu rather than a buffet. This ensures your guests still get to enjoy a well-prepared meal while cutting down on waste.
5. Only accept bookings for multiple nights
In the beginning, you will want to attract as many guests as possible to your bed and breakfast even if they’re only staying for one night. Although this is a great way to generate reviews and ratings, it is a lot of physical work for a limited amount of money.
Between each guest changeover, you will be required to clean the room, wash bedding and towels and meet and greet each set of guests. Over a long period, this can become a costly and tiresome process.
Once established, consider only accepting booking for a minimum of two nights. This gives you more time to create great relationships with your guests and cut down on cleaning, laundry and ironing costs.
At Stewart Hindley, we are proven financial brokers that are proud of what we do. For information about bed and breakfast finance, please get in touch and find out how we can help you.
