Us Brits have always loved the concept of staying at a home away from home. We love it so much that there are now 25,000 bed and breakfast businesses across the country, according to the B&B Association.
Our love affair with B&Bs has been going on for generations, and it doesn’t look like that’s about to change anytime soon. They are the go-to option for stag and hen dos, romantic getaways and quick business stopovers. Often family run, B&Bs offer their guests a warm and welcoming environment to relax and feel a type of comfort most hotels just can’t offer.
If you’re looking to secure your own little corner of this world and open your home to the public, there are a few things you must consider first.
The B&B – a great British love affair
As with all great British traditions, we like things done in a certain way! When you think of a B&B, the first things that spring to mind are most likely a pot of tea, a full English and a cosy bedroom! The reason you think that is because that’s how we like it. Sometimes getting the basics right can go a long way. Mixing the basics with warm and friendly service and you’re no doubt onto a winner.
That said, the market is modernising. Despite there being than enough room for the traditional B&B in the right area, as the years go on we are seeing more and more B&Bs with a new edge emerging. From floating B&Bs on the Thames, yes – you read that right, to converted police stations with the prisoner cells converted as rooms, there’s a lot out there!
Whatever angle you decide to take when opening your B&B, whether it’s a classic seafront terrace in Brighton or a quirky treehouse B&B in Edinburgh, you’re joining a big part of Britain’s history!
Being financially prepared to adapt and evolve is also a crucial part of any business, not just in the world of bed and breakfasts. There are many options out there available to B&Bs. If you take card payments, for example, you may want to consider a Merchant Cash Advance. A lender may be able to provide you with the funds you need by assessing your monthly card sales volume and lending to you accordingly.
If agreed, you payback the loan for your B&B based on how many card sales you make on that particular month. This can be ideal for a bed and breakfast, because as the seasons change, so might your guest numbers. When you take less, you pay less back. If you are interested in hearing more about what a Merchant Loan Advance can do for your B&B, get in touch with us here.