Bed & Breakfast Business Opportunity in West Virginia!

Are you in the market for a property that can work for you? We have a Bed and Breakfast business opportunity waiting for you in West Virginia!

If you are torn between setting up a B&B business from scratch and buying an established B&B but you want to be up and running quickly, choose the latter. As long as your B&B property is located in a prime location, your B&B business is on the right track. 

Why are B&Bs and Why Do People Love Them?

Now you might be wondering what makes B&B’s homey and how they are different from hotels.

Well, unlike hotels with at least 50 rooms, B&Bs are smaller establishments with just around four to 10 guest rooms. Owners of B&Bs also live on-site and get to interact with their guests, so travelers who stay in B&B’s feel more like invited guests than just anonymous room occupants. How cool is that?

But that’s not all about it. Another reason why the number of travelers who prefer B&Bs over other types of accommodation has skyrocketed in recent years is that here, they get lots of little deluxe treats! Who wouldn’t want to stay in a place where they get free chocolates on their pillows, or baskets of beauty products set in their Jacuzzi tub?  

And of course, let’s not forget the sumptuous home-cooked breakfast that they get served with each morning in a communal dining room or in their own quarters!

How Does Owning a B&B Benefit You?

One can’t stress enough how great a lifestyle owning a B&B is. If you are prepared for the reality of being a B&B owner and running this business, your expectations will definitely bring you the kind of satisfaction you are hoping for.

Here are the reasons why owning a B&B is one of the greatest lifestyle decisions you’ll make:

1.   You get to learn something new every day

Owning a B&B offers endless opportunities for learning. 

Of course, you are dealing with guests coming from different places, so you get to learn a bit of their language, their special diet requirements and many other aspects of their culture.

2.       You can deduct a portion of your living expenses off your income taxes

I am not an accountant. I am not an attorney. I am not giving you any legal or tax advice so if you have specific questions about the tax implications of setting up your own B&B business, please talk to your accountant.

But this I can assure you: When you run a B&B, you can deduct a portion of your utilities, mortgage, property taxes and other expenses from the revenue that your B&B business generates. Instead of paying income tax, you get your money back from the government!

Yes. One of the hidden benefits of running a B&B comes in the form of business expenses that can deliver both tax and personal advantages.

As a B&B owner, so much of your life gets tied up with the B&B itself that it is often difficult to break apart your business expenses from your personal expenses. As a result, you get to reduce your overall income by the cost of items that are not only necessary in maintaining your B&B but in giving you comfort as well.

Lower reported income means lower taxes!

3.       You are your own boss

Since you are running your own business, you are in control of everything. That means you can choose who you want as your guests, set your own rates and decide when you want to be open for business. You are also responsible for making all the decisions that have to do with your B&B!

4.       You can plan your time off accordingly

Running your own business also means being in control of your own schedule.

At the beginning of each year, you can already set your business calendar to block off special family days so your customers know you can’t accept bookings on those dates.

5.       Anytime you want to exit the business, you know you have a great nest egg

Once you have invested in your property and increased its market value, it will be easier for you to sell your business assets to explore other businesses. A thriving B&B creates a wealth of opportunities for you to have enough money for your future endeavors!

The Profit Factor of Having Your Own B&B

Now let’s talk about what you should expect as a bed and breakfast host in terms of revenue. If you are considering owning a B&B, then most likely, you’re doing it to supplement your income. Keep that up because you’re on the right track. 

The profit factor of having a B&B business depends on several factors, like the number of guest rooms in your property, the seasonal nature of your area, how you promote your B&B business, and how hard you work to attract guests.

Although it is almost impossible for any B&B to be at full occupancy all year round, it doesn’t have to be doom and gloom. Even if your B&B is seasonal, there are a lot of things you can do to generate off-season traffic. It just takes some hard work and creativity to make your B&B a lucrative business!

Remember that the location of your business is a huge plus in your marketing efforts. B&Bs in cities or suburban areas typically attract business people and those attending events in the area. If your B&B is located in a more remote, scenic area, then your target market includes people who are going on weekend getaways and special occasions.

What to Charge

Much of your success as a B&B owner will depend on how much you charge your guests. Of course, running and maintaining this business will cost  you a lot, so you need to charge your guests right to make a profit.

Room rates of B&Bs usually depend on these factors:

1. The amenities offered

If your B&B offers luxury amenities, it is reasonable to have costlier rooms. Some of the luxury features you may offer include fireplaces, whirlpool tubs, private balconies, and king-size beds.

    2. Your location

You can demand higher rates if your B&B is located in a popular tourist or business destination. If your property is in a beach town, remember that a beachfront property can also command higher rates than a property that is a mile or two off the beach.

    3. The going rates in your region

When running a B&B business, you can’t charge your guests too much just because of your upscale amenities or desirable location. When planning your room rates, always remember to keep them in line with the rates of other B&Bs and lodgings in your area. If you charge significantly more or less, you will end up losing your business.

Questions to Ask Yourself Before Running a B&B Business

There is a lot more to owning a B&B than just accepting guests and cooking for them. If you are planning to be a B&B owner, there are questions you need to consider before jumping into this business.

1. “Do I have what it takes to be a good B&B owner?”

One of the biggest success factors any B&B owner can have is the right personality. Aside from the usual cooking, decorating and entertaining guests, you also need to:

• Be flexible

I can never stress enough how important this is when running a B&B business. Guests want personal connections with B&B owners and their fellow guests, so make sure that you are able to provide them that personalized attention in a timely and meaningful way.

• Maintain your boundaries

Knowing your boundaries will help you protect you from guests who may take advantage of you and your business.

• Learn new things

Owning a B&B means having to interact with different people every day. Being ready to learn new things about other people’s culture will keep you on your toes.

     2. “Am I prepared to run this business?”

 Here are the things you need to understand to make sure that you are prepared to be a B&B owner:

• What is the marketplace like? Does it need another B&B?

• Are you willing to invest time and money in building your brand?

• Are you prepared to give up your personal travels during peak seasons?

     3. “Am I prepared for the amount of work required?”

Having to ensure that all your guests are comfortable in your B&B takes a lot of work. Despite that, you need to stay on top of everything.

Here are the tasks you will spend most of your time on as you run the business:

• Breakfast

Preparing everything to cleaning everything up usually takes at least three hours.

• Cleaning

Cleaning each room and their respective baths usually takes at least an hour

• Ensuring that all your rooms are booked

If you are looking for a B&B business opportunity in West Virginia, click this link for more details about a historic home for sale in downtown White Sulphur Springs. The property is located in a prime spot and will definitely make an amazing Bed and Breakfast.

Call me, Rebecca Gaujot at 304-520-2133 and schedule a showing for your new business!