For aspiring entrepreneurs looking for the next big project or for those who are no longer impressed with their day jobs, owning a Bed and Breakfast can be a dream come true. But there is much to consider, cost being the biggest factor, before taking this route.????
Research indicates that many B&B?s ? most of the time – don?t operate at fill capacity. If you buy a 4-bedroom home, chances are only two of the rooms will be rented out at a time. If you?re counting on monthly rent from each room to pay the mortgage, don?t.????
Other considerations are state and/or municipal regulations, operating expenses, pricing, taxes, and special licensing and zoning approval, if applicable.?
Owning a B&B is a big financial commitment and you should be sure before taking the plunge. One way to test the waters is to become an ?inn sitter?. It?s a good way to judge whether or not it?s for you. When it comes to business investments, nothing is guaranteed. But do as much research as possible to help ensure that your B&B fairytale doesn?t turn into a nightmare.
Read more at the Wall Street Journal.