Forums: Discussions for entrepreneurs and small business.

With insurance companies cancelling our residential insurance and the taxes going WAY up, we are looking at not being able to hold on to our beautiful FL waterfront.  Surrounding property is going multi-family residential or commercial and I was thinking of trying to save our place by turning it into a B&B.  There aren`t any others in our area and my husband told me to do the research if I wanted to do this.  We went to one where the owner tried to pass off Red Baron Breakfast Pizzas as his own creation.  I like them but I know I can do better than that.  If I wash sheets and towels and cook anyway - - -.  Any experience out there that you would like to share?

I have no experience nor do I know someone who does with B&Bs, though I`ve stayed in some.  But I wanted to say that I think the B&B dream is as romantic, if not more than the restaurant dream.  It sounds great but my inclination is that it`s a tougher business than most people think.  I urge you to be very real about it, from costs to labor to time.  It`s a 24/7, no holidays off business unless you are in a seasonal locale which Florida is not.  I`m glad you`re posting on here and hopefully someone has some advice.

One thing to do is to talk with other B&B owners.  Call ones in other states or at least different parts of Florida where you won`t be seen as competition.  As recently talked about in another thread, people are so willing to share their stories and advice.

Best of luck!

Great advice from Steve. I like numbers. Have you considered the numbers? If the numbers are good, continue to do research. If the numbers are bad, you might want to reconsider. Or ... you might have to alter your plans.

Also consider whether or not you`re really service oriented.

Hi Youasked,

 

You were hit by the same insurance problems that plague California.  Most insurance carriers in California won’t offer property insurance anymore because of all the fires, earthquakes and floods.  Lloyds of London is about the only company that will write property insurance policies anymore.

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The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.

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Lyn

"Interests are like small sparks waiting to be fanned into fire." - Brett Farmiloe, Pursue The Passion.com