After being in business for 15 years, I can now look back and, with a more realistic perspective, see what I did wrong or could have done better when starting my up my bed and breakfast.
First of all, I should have known more about the type of business I was getting into. I had a very romantic notion of what a bed and breakfast was, although I did do a lot of reading on what was available on the subject.
But, it's what I didn't do that may have made a difference. I did not, but should have: 1. scoped out B&Bs on the internet, 2. talked at length to B&B owners 3. spent the night in several different kinds of B&Bs and 4. gone to a major industry conference or two. 5. found a seasoned B&B owner to me my mentor.
Secondly, I should have talked to a lawyer about the business aspects involved. And, I should have had a business plan.
Thirdly, I should have investigated all the zoning laws, historic, city, health and fire regulations.
Finally, I should have had more money at the onset. Or, at least, sat down with someone knowledgeable about the business and discussed the initial costs involved.
To be perfectly honest, I am a risk taker and, if I had done all of the above, I probably wouldn't have gone into business at all. However, my business turned out to be very successful and I attribute that to pure blood, seat and tears.
focus, business plan, marketing plan these are some of the things you must have, check on my common small business start up mistakes
as an entrepreneur who has successfully started two small businesses of my own and a few for other people.i have had seen a number of pitfalls that can destroy any business; big or small. here are a few as outlined in my hub http://hubpages.com/hub/smart-small-business
• Giving room to frustration:
• Being afraid to delegate:
• Not separating company’s account from owners account:
• Resenting criticisms:
• Keeping your plans to yourself:
• Relying on one source of funding:
• Improper financial record keeping:
Frankly, I'm a host of risk and, if I had you during all the above, it has been running businesses in all. My business was very successful and pure blood, sweat and seat.
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