One of the easiest ways to look at the performance of a bed and breakfast is to check the occupancy rate. This may be a better indicator than revenue alone. The most successful establishments will generally have lots of bookings and be very busy. You should check your rates regularly and keep in mind the time of year and what type of events are on in the local area, as these will have an effect on numbers. A 90% occupancy rate is fantastic at any time of the year, but 60% – 70% means there is work to be done. Continue reading “Maintaining a healthy occupancy rate”
Author: Carol Jones
The importance of establishing B&B purchase feasibility
Statistics released by Smarta Business School show the bed and breakfast sector to be 28% larger than the low cost hotel sector, turning over £2 billion per year. As with many businesses, B&Bs suffered throughout the recession, but the UK tourism industry has now recovered and is one of the largest global sectors with approximately 180,000 businesses worldwide. If you are interested in running a bed and breakfast, or if you have made the decision and are researching your financing options, we can offer you professional advice and help you prepare high quality proposals for presentation to lenders. Continue reading “The importance of establishing B&B purchase feasibility”
Could you run a bed and breakfast?
Large properties can be costly and difficult to maintain as homes. One way to ensure the property is managed to a high standard is to turn it into a bed and breakfast. This could help you to unlock additional funds as well as giving you the extra motivation you need to keep on top of the maintenance. Additionally you’ll get to be your own boss and have the potential to tap into large profits. Continue reading “Could you run a bed and breakfast?”
The importance of online booking facilities
It is fair to say that offering guests the chance to book online is one of the most crucial factors of running a bed and breakfast or any other hospitality business today. The importance of internet bookings, social media and review sites such as Trip Advisor cannot be exaggerated, as the majority of customers head straight to the web when looking for suitable accommodation. The truth is that every B&B business needs an online presence to facilitate success in the thriving yet competitive UK hospitality sector. Over half a million UK travellers book their rooms online, but not before they have consulted Trip Advisor beforehand. Continue reading “The importance of online booking facilities”
Assisting you with the Enterprise Investment Scheme
Bank loans are not always the ideal option when it comes to obtaining hotel, B&B and guest house finance solutions, as they often have to be personally secured and not every business owner is able or willing to do this. Fortunately, they are not the only way. There are many different ways to raise essential funding for your new business, and we are here to help you explore all the different options. Continue reading “Assisting you with the Enterprise Investment Scheme”
Finding pub mortgages designed to suit you
The British pub is etched into the hearts of the nation. Every long running soap opera has a well known public house, and we are known for our love of our local. The pub trade is currently experiencing rejuvenation and there are many new establishments popping up throughout the country. If your ambition has always been to run a pub or you are looking for a change in career, there are a few simple steps you can follow to give your bar the best possible chance of success. Continue reading “Finding pub mortgages designed to suit you”
Choosing the right property for your B&B
If you’re considering purchasing a property with the aim of turning it into a guest house or bed and breakfast, there are many important factors to consider to ensure you make the right choice and buy a building that will be conducive to running a successful business. A property is a major investment, so careful planning is essential if you want to be confident that you are spending your money wisely. Continue reading “Choosing the right property for your B&B”
Know your B&B business before you apply for finance
For many people, opening a bed and breakfast is a lifelong dream. The hospitality sector is thriving throughout the UK, and many people are operating successful businesses in this industry. If you need to secure funding for your new venture, you will require a fully detailed proposal before you approach any lenders. Researching your market is essential in order to devise the right operational strategies for your business and to show lenders the potential of your idea. Continue reading “Know your B&B business before you apply for finance”
The importance of your cash flow forecast
In order to create a good impression on lenders and show them that you are a suitable prospect for funding, we need to create a detailed plan that incorporates several important pieces of information about your company. One of the most important aspects of creating a business plan is your cash flow forecast. This is simply a series of predictions relating to the financial incomings and outgoings of your business, based on a series of different factors. Continue reading “The importance of your cash flow forecast”
Current demand makes hotel investment an attractive prospect
The hospitality sector is an interesting one which can be influenced by a wide range of different factors including political and economic conditions. Even with current concerns in Europe and Asia, the industry remains strong and there is plenty of investment potential, particularly in popular cities which attract huge numbers of visitors each year, such as London, Paris, Rome, Barcelona and Munich. Continue reading “Current demand makes hotel investment an attractive prospect”
