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Business founders/entrepreneurs

Running a B&B

8 replies

Isreeh · 16/10/2020 23:54

Hi MN, I’m in my mid 40’s and thinking of dropping my career in marketing and owning/running a B&B. I’ve no kids, divorced so would be single project.
Is there any good/bad advice out there? I’m I living in a fantasy?
Thx

OP posts:
Graphista · 17/10/2020 01:39

Have you any experience whatsoever of the hospitality industry?

Even if you have we're about to head into a GLOBAL recession PLUS Brexit, PLUS further covid lockdowns, the hospitality industry is already on its knees...unless you have substantial funds you're willing to risk losing then no this is not a good idea - to put it mildly!

Daphnesmate02 · 17/10/2020 16:05

I overheard someone say how well their self catering apartment was doing (how booked up it was), here in the UK. Not sure if it is the same countrywide. Sorry nothing to add in terms of a B&B.

Isreeh · 17/10/2020 16:53

@Graphista, thank you and yes everything you say is true. It’s more of a future dream, buy a property on the coast and then work and live in it. I’ve not got any experience in hospitality so I’d be starting from scratch with doing some research etc. As for money, I have some savings but the rest would be mortgage/loans. It’s just an idea but wanted to gage what people thought.

@Daphnesmate02, that’s the plan. Buy somewhere in the UK as I imagine people will not be travelling abroad for a while.

OP posts:
Graphista · 17/10/2020 18:02

You definitely need to research!

I've worked in hospitality in various positions, one place I worked was a b&b but even larger hotels didn't make much if any profit - and that was almost 30 years ago!

Increased regulation in many areas particularly health and safety mean you need to be pretty much independently wealthy to even consider it!

The working hours are LONG the b&b I worked at the owner/manager was up around 4/5am and went to bed around midnight, a b&b I stayed at several years later and chatted with the owners/managers based on my experience several years later had been b&b people all their working lives having initially taken over her parents place when they first married. They worked similar hours.

As with any self employed situation you can't really have time off sick, as you work in the holiday industry that means being open and working when others are on holiday - Christmas is the most profitable time and any b&b owner who closes at this time is foolish to do so and rarely keeps the business going.

Yes you can employ staff but of course that eats into profits, not only wages but sick pay, paid leave etc plus recruitment and training costs, certain roles require certain qualifications or you'll fall foul of regs or at least be difficult or have to pay more to insure the business...

To be honest I'd be VERY surprised if any lender would loan to someone with NO experience or real knowledge of the industry, too risky, it's unlikely you'd be able to repay the debt in the time they require.

Plus things like Airbnb are damaging the industry and making it far less profitable or reliable.

If you are determined I would suggest starting very small more guest house style in buying a max 3 bed place that you live in and rent rooms out via something like Airbnb and build experience and savings slowly.

I fear you have a very unrealistic rose tinted view of exactly what's involved.

I've been a chambermaid (guests can be utterly disgusting - indeed the "posh" ones can be among the worst!), kitchen hand, waitress and receptionist.

Guest expectations are HIGH "because I'm paying" and the work is physically, mentally and emotionally demanding and utterly relentless!

I have the sense you think it's mainly playing "mein host" changing beds and cooking highly praised and appreciated breakfasts...

The reality is constantly cleaning rooms left in a disgusting state, being repeatedly complained to, accused of stealing and ripping guests off, dealing with rowdy even aggressive drunk/high guests...

I'm thinking you've probably watched shows like "four in a bed"? That is extremely tame in terms of how and what guests complain about!

Assuming you're a woman I would not even attempt to run such a place without a confident and assertive man to hand! Shouldn't be like that, but honestly you'd be far safer if that were the case.

Another reason to start small.

Isreeh · 17/10/2020 21:11

@Graphista, wow your advice really hit home with all the negative points and hard work involved in running such a business. Yes you made some good points about my ‘rose tinted’ assumptions and paying for help.
The issue I have is my life has taken an unexpected turn, lost my job due to redundancy because of Covid. I worked for a online travel company so I agree with everything you said about the industry. My soon to be ex husband had an affair so I’m divorcing him (Btw he would have been perfect for the type of strong assertive man required. He works in the fire services so mentally and physically strong) and I guess I just wanted a new lease of life with a job where I make the money and can control the life I want.
I think the idea of starting very small ie renting a room with some services might be the best way to trial it out. It was a idea I had this week and it was playing on my mind if I could run a B&B. In a way I’m a bit fed up for working for other people and want to be my own boss.
Great advice, thank you x

OP posts:
Graphista · 18/10/2020 00:21

I totally get hating working for others, I am hoping at some point to set up self employed myself but a completely different business.

Hospitality is such hard work, I enjoyed it to a point but I was an employee, waged and so finite hours, the hours I saw the owners put in were insane! I was younger and fitter then too! It's very much a physical job a lot of it you really need to be in top shape health wise.

That's why the couple I stayed with took over from her parents, the parents were only in their 50's but no longer able to keep up.

By starting small you give yourself the chance to find out if it's really for you and then if not you haven't risked as much as you would going full pelt!

Plus if you're needing loans you can show a lender proof that you know how it works and what is realistic for expanding your business.

There are so many regs now that alone takes a good 12-18 months to really get your head around.

Isreeh · 18/10/2020 19:35

@Graphista, after reading your advice and thoughts I’m now considering whether it’s something I want to do. I’ll put on hold for now. I do want a business of my own but it’s finding the right thing that I’ll enjoy into my retirement. I teach Indian cooking on the side but with Covid I don’t want to open up my home to groups of people so I’ve stopped that for now.
I guess over time something will come up but no harm in just doing research. Thanks again.

OP posts:
Graphista · 18/10/2020 22:14

You're most welcome. There's a lot of possibilities I'm sure you'll find what's right for you.

Hospitality is a tough industry at the best of times, I feel very concerned for what that industry is going through right now. Several friends/family worked in the industry until very recently, having been made redundant, they're now working in retail, healthcare, even as couriers and these aren't necessarily entry level I'm talking trained chefs, receptionists even management. They're viewing it as temporary for now but there's no telling when the industry will start to recover.

All were working for well established well known large chains and considered themselves in secure jobs.

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