The Bed and Breakfast (B&B) segment has come of age. The B&B business has shown explosive growth from its beginnings in the late seventies when a small number of homestay-style bed-and- breakfasts attracted insiders on a budget, to today's 1.3 billion dollar industry.
Despite the variety of accommodations that bed-and-breakfast inns offer, less than 10 percent of Americans have ever stayed in a B&B, according to Charles A. Hillestad, Denver-based attorney, inn broker, and travel author. That figure compares to about 50 percent of Europeans. But, says Hillestad, the ten percent number itself represents growth "at an astonishing rate." Perhaps more important, "it represents a huge, still almost untapped, expansion market."
There are many places for your potential customers to spend their nights. There are hotels, motels, other bed and breakfasts, hostels, campgrounds, and for many staying with a relative or friend nearby are options. You'll have to make it easier for them to decide to stay with you. There are many reasons (singly or in combination) folks might choose one place over another:
Now, you may not be able to compete with another place in some of these, and you may not want to in others (for instance, very few B&B's compete favorably on price with local motels). You have to pick your strategy to play on your strengths.
I'd strongly recommend that you NOT try to compete with other local B&B's on price. In most cases, the competition among different B&Bs is a friendly one - unless somebody comes along and undercuts the going rates significantly. If every new B&B that opens goes with the average or slightly above, then eventually all B&B owners benefit with better rates. If you make the other B&B owners resentful, there are all sorts of subtle and not-so-subtle ways they can fight back and hurt your business.
If you have a spare bedroom, why not rent it out and bring in some exta money? It will also give you a taste of what a B&B might be like for you. Another way of trying the innkeeping lifestyle out is to inn-sit for an existing Bed and Breakfast. You'll have to volunteer time to get trained, then take over for the innkeeper for a few hours, then a day, then a few days or longer.
To find out the legalities (there are mostly local regulations governiing this business), contact your local city or county planning department.
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