There are pros and cons to owning a bed and breakfast. Although you are your own boss, you are still paid to perform tasks and keep your customers happy.
Why is owning a bed and breakfast is like owning any other business? Because like any job, you are paid to perform tasks – cooking, cleaning, doing laundry and making people feel welcome when they are in your home. Here are my reasons for loving being in the bed and breakfast business, as well as what I find to be the major pitfalls.
As I see them, the pros to owning your own bed and breakfast business include:
- You are in control of the business – you get to run it the way you want
- You can pick and choose your schedule based on your personal needs and your financial requirements
- You can deduct a portion of your home’s operating and depreciation expenses on your income taxes as business expenses
- The only person who can “fire” you is your customer. I’ve found if you make an error and admit it up front, they are very forgiving
- This is your opportunity to create a money-generating outlet for your unique and creative talents
As with any situation in life, for every pro there is definitely a con!
The consequences of owning a b and b can include:
- If there is a problem, it is up to you to solve it – and you only have yourself to blame
- You won’t necessarily have income coming for long periods of time and when it does come, it may not be predictable
- Generally you require a substantial investment of time and money to get the bed and breakfast up and running\
- You increase your potential for financial and personal liability when people are in your home
- You may feel isolated or alone when you’re running the business; that may make it tough to get motivated sometimes. (Check out my suggestions to help combat this issue using social media in the blog post “Running a bed and breakfast can be a lonely job!)
They don’t call it work for nothing! To find out more details about owning a bed and breakfast, your first step is to get clear on the type of bed and breakfast you want to own. Check out the tools The B&B Coach has to help you decide if it is the right choice for you.