Keep an eye on your cash flow Keeping tabs on your expenditure is fundamental to the success of any business.
Legal Aspects of Running a Bed and Breakfast
Do your research When it comes to buying items such as food and drink or bathroom supplies, doing some extensive research into suppliers is an important factor to take into consideration. Save, save, save! Organisation Once the bookings come flooding in, you might start to feel overwhelmed trying to stay on top of them all. Search Trade Secrets Search for:. Read more Trade Secrets articles about Starting Out.
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How to run a successful bed and breakfast
Lau says the biggest drawbacks of the industry are waiting for customers, and the isolation that comes with running a business around the clock. SmartCompany is the leading online publication in Australia for free news, information and resources catering to Australia's entrepreneurs, small and medium business owners and business managers.
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6 tips for running a successful B&B
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All rights reserved. It can be a good source of extra income, but there are a few things to think about before jumping in at the deep end.
Initial costs — If you are going to spend lots of money converting a building or decorating spare rooms, the cost of doing so needs to be weighed up against the money you are likely to make. That means you will need to be able to finance your business until you can generate some revenue.
Where you are located is critical to generating enough business to make it worthwhile. Look at this example, www. For instance, if there is a university nearby, parents visiting students may provide some business for you.