Pros:
– Increased income. Running a B&B can be very profitable, as you are able to charge more than the usual room rate due to providing an additional service with breakfast plus home-cooked meals.
– Flexible working hours and schedule. You can choose when to open and close your business, as well as how many guests you want to accommodate at any one time.
– Variety of services. You can offer additional services such as guided tours, cooking classes or laundry.
Cons:
– High start-up costs. Starting a B&B can be expensive due to the cost of buying or renting a property and purchasing necessary furniture, appliances and supplies.
– Time consuming. Running a B&B can be quite a time consuming endeavor as you will need to take care of guests’ needs 24/7.
– Licensing and regulations. Depending on the country, state or city you are in, there may be certain regulations and laws that need to be adhered to when running a B&B.
– Liability issues. You will also need to ensure that your property insurance covers any potential liability issues that may arise due to guests staying at your establishment.
– Competitiveness. It is important to note that B&B’s are becoming increasingly popular, and you may find yourself competing with other establishments for customers.
– Reputation management. You will need to ensure that your establishment maintains a positive reputation by providing excellent customer service and ensuring that all guests have a pleasant stay.
– Staffing and personnel requirements. You may need to hire additional staff such as cleaners and cooks, in order to ensure that guests have a pleasant stay at your B&B.