{"id":3623,"date":"2013-09-16T09:11:24","date_gmt":"2013-09-16T09:11:24","guid":{"rendered":"http:\/\/www.bedandbreakfast.eu\/blog\/innkeepers\/?p=3623"},"modified":"2024-04-19T08:45:20","modified_gmt":"2024-04-19T08:45:20","slug":"starting-a-bed-breakfast-put-your-financial-things-in-order","status":"publish","type":"post","link":"https:\/\/blog.bedandbreakfast.eu\/innkeepers\/starting-a-bed-breakfast-put-your-financial-things-in-order\/","title":{"rendered":"Starting a Bed &#038; Breakfast: put your financial things in order"},"content":{"rendered":"<div id=\"attachment_3625\" style=\"width: 490px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.bedandbreakfast.eu\/en\/start\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3625\" class=\"size-full wp-image-3625\" title=\"Starting a bed and breakfast\" src=\"https:\/\/blog.bedandbreakfast.eu\/innkeepers\/wp-content\/uploads\/2013\/09\/financial_bed_breakfast.jpg\" alt=\"B&amp;B financial plan\" width=\"480\" height=\"305\" srcset=\"https:\/\/blog.bedandbreakfast.eu\/innkeepers\/wp-content\/uploads\/2013\/09\/financial_bed_breakfast.jpg 480w, https:\/\/blog.bedandbreakfast.eu\/innkeepers\/wp-content\/uploads\/2013\/09\/financial_bed_breakfast-300x190.jpg 300w\" sizes=\"auto, (max-width: 480px) 100vw, 480px\" \/><\/a><p id=\"caption-attachment-3625\" class=\"wp-caption-text\">Investigate the financial and organisational feasibility of your B&amp;B plans before executing them.<\/p><\/div>\n<p>Would you like to <a title=\"Start a bed and breakfast\" href=\"https:\/\/www.bedandbreakfast.eu\/en\/start\">start a bed and breakfast<\/a>? One golden tip: put your financial things in order before you begin. Investigate the financial and organisational feasibility of your B&amp;B plans before executing them. And ask yourself the following questions.<\/p>\n<p><!--more--><\/p>\n<ul>\n<li>What do you want to achieve with your bed &amp; breakfast?<\/li>\n<li>How much money do you want to invest in it?<\/li>\n<li>What do you expect from the income?<\/li>\n<li>Would you like to make a profit or just cover expenses?<\/li>\n<\/ul>\n<div id=\"attachment_3628\" style=\"width: 282px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.bedandbreakfast.eu\/en\/start\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3628\" class=\" wp-image-3628 \" title=\"bed and breakfast money\" src=\"https:\/\/blog.bedandbreakfast.eu\/innkeepers\/wp-content\/uploads\/2013\/09\/money_bed_and_breakfast.jpg\" alt=\"Income from your bed &amp; breakfast\" width=\"272\" height=\"181\" srcset=\"https:\/\/blog.bedandbreakfast.eu\/innkeepers\/wp-content\/uploads\/2013\/09\/money_bed_and_breakfast.jpg 425w, https:\/\/blog.bedandbreakfast.eu\/innkeepers\/wp-content\/uploads\/2013\/09\/money_bed_and_breakfast-300x199.jpg 300w\" sizes=\"auto, (max-width: 272px) 100vw, 272px\" \/><\/a><p id=\"caption-attachment-3628\" class=\"wp-caption-text\">How much money do you need to make?<\/p><\/div>\n<p><strong>Costs of running a bed &amp; breakfast<\/strong><br \/>\nBesides one-time costs (purchase of building and furniture, having a website built) you have to deal with a lot of fixed costs, such as public facilities, insurances, administrative costs and taxes.\u00a0B&amp;B Coach Susan Poole: &#8220;If you should choose to hire help, make sure you include those monies in the budget you have developed. Only you can decide if the amount of money you can make is worth the amount of work required to generate that revenue.&#8221;<\/p>\n<p><strong>Income from your bed and breakfast<br \/>\n<\/strong>If you want your B&amp;B to provide enough money for two persons, you will need six to eight rooms. If one of two partners has a job beside it, you have to think along the line of three to four rooms. During the first year you probably won\u2019t get much income from your B&amp;B so make sure you have a financial bridging.<\/p>\n<p><strong>How much money do you\u00a0<em>need<\/em>\u00a0to make?<br \/>\n<\/strong>&#8220;After you have determined how much money you will require to set-up and run your bed and breakfast, you still need to have money available to maintain the lifestyle you wish to have&#8221;, says B&amp;B Coach Susan Poole.<\/p>\n<p>&#8220;Do you want to travel in the off-season, or help your children with their education costs or purchasing their own home? What do the sports and hobbies that you enjoy cost? Will you have income available from other sources (for example, a pension or income from other employment?)\u00a0Knowing this figure will help you determine where you need to be located, the number of rooms, etc.&#8221;<\/p>\n<p><strong>Beginning a B&amp;B: newsletter<\/strong><br \/>\nWould you like to start a bed and breakfast? Stay up-to-date about the latest start-up news and receive Bedandbreakfast.eu&#8217;s <a title=\"Register: B&amp;B start-up newsletter\" href=\"https:\/\/www.bedandbreakfast.eu\/en\/start\">periodic newsletter<\/a>.\u00a0Or register your new B&amp;B today for an\u00a0<a title=\"Register bed and breakfast on Bedandbreakfast.eu\" href=\"https:\/\/my.bedandbreakfast.eu\/register?lang=en\">enhanced listing<\/a>\u00a0on Bedandbreakfast.eu!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Would you like to start a bed and breakfast? One golden tip: put your financial things in order before you begin. 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