Run an Upscale Bed and Breakfast

This article describes a business idea I have had for almost two years. It’s good to get your ideas out into the world; maybe someone can execute my dream.

My dream business calls for my family to run a fancy bed and breakfast with additional options that set it apart from all other services in the area. But first, let’s start from the beginning.

Start from the top. I read an older book on bed and breakfast inns over a year ago. It is titled “How to Start and Run a Bed and Breakfast.

How to Beat Creator’s Block

I read the second edition, which Carl Glassman published in 2005 (first edition 1992). This book is essential because it focuses on the customer service portion of running an inn. 

A bed and breakfast is different from an Airbnb business. Airbnb is about making the host as invisible as possible, while the Innkeeper is the most crucial part of a bed and breakfast. 

If you are not good with people, you shouldn’t become an innkeeper. I like the idea of my family running an inn; however, this is where my thoughts start to wander from the beaten path.

A solo family inn. Bed and breakfast inns usually make their money by customer volume—meaning they need lots of guests to turn a profit. If you own the property outright, you can turn a profit much quicker. 

Set Your Retirement Requirements

My idea is to open my bed and breakfast to one huge family at a time and only once (maybe twice) a month. Let’s break this down further. 

Here is a home I was looking at in Pensacola, Florida, roughly two years ago. On a side note, when I looked at this home, it was approximately $750,000. It has nearly doubled in two years. 

The home is on five acres of land and has a big pool house in the back. It has seven bedrooms and five bathrooms. I estimate it can hold an extended family of 25 people.

Now for fun. Our bed and breakfast would cater to wealthy families who want to execute a massive family reunion in one area during peak seasons. 

Overcoming Limiting Beliefs #1: Defeating Self-Doubt

Instead of a family trying to rent multiple rooms in hotels across the region, in this case, the Gulf Shores, they would book a costly stay at our bed and breakfast for a week. 

We would offer on-site entertainment and packaged food. We can set up vending machines, arcades, ATMs, and other convenience-store amenities. We can also have alcohol on-site, so they wouldn’t have to drive. 

We would want to avoid having a restaurant on-site because that brings in a host of other health regulations we don’t want to deal with early in the business. 

What separates our bed and breakfast? We can offer services that hotels and Airbnbs cannot afford to implement. Since this will be a family business, we can reduce the cost of high-end services like taxis and food pick-up.

Real Estate Investing in Your 70s

That’s right; we will have a 24-hour driver on-site. These drivers, probably my sons, will be able to ferry people to the beaches, nightclubs, and other attractions. This service allows the guests to enjoy the region fully without worrying about getting lost or having a DUI.

We can also include other services on-site like gear rentals such as snorkeling, golfing, and any other specialized equipment. This prevents the guests from renting with locals or hauling their own equipment across the country. 

We can also partner with other local businesses to offer discounts and unique events like personalized ghost tours. 

How much will this cost? This is going to be a high-end affair. To house 25 people together during peak spending break or summer season will be expensive. 

505 Takeaways from 101 Books

But first, you have to ask yourself how much would it cost the family to set up this adventure on their own? They would have to rent multiple rooms, most likely across various hotels. 

Then there’s the risk of driving all across town and finding places where they can all meet up in the same venue. 

An upscale hotel will cost at least $400/night during July in Pensacola. Let’s say ten rooms for seven nights. That’s $28,000. Then you can add Uber eats, restaurants, rentals, and entertainment.

We can offer everything in one because we learned how to start our own rental car business, property management, and other business concepts. 

Inflation Ate My Paycheck 103

If we offer our service for $2,000/person, it would be a steal. Again, as the Zillow picture above shows, our home mortgage would be about $8,000/month (with a 20% down payment).

Open once a month. If we can make an average of $45,000/month throughout the year, we wouldn’t need to open more than once a month. Maybe twice a month in the slow season. 

That means our family can do other things with the property when we don’t have mega-family reunions on deck. We can Airbnb/house hack the home by the room. 

My sons can live in the home and rent by the room during the peak season—netting a fantastic amount of additional income without too much fuss. 

Overcoming Your Fear of Cryptocurrencies

We can also start hosting luxury vehicle rentals on-site as well. This means renting super vehicles like Teslas, motorcycles, and supercars for an additional charge. 

What if my sons became boat captains and we bought a boat under the company banner? Now, they could drive the family members to the boat, pilot the boat, and bring the family back safely.

Conclusion. The ideas are endless. We could even start our own food truck business to park it on our property and cater to our luxury guests and Airbnb renters. 

Retire by Age 38 in 10 Difficult Steps

That’s the advantage of being an entrepreneur; you control your income. Of course, you would want to start small and slowly grow into all these additional income streams.

You may only want to host ten guests at a time at first to learn the ropes, build word of mouth, and work out the kinks. Then slowly, you can cater to more high-end clientele. 

It’s an exciting idea and one that begs for execution. My wife and I plan on retiring overseas on passive income, so that this idea may be beyond us. 

However, if my sons like this idea, we owe them the opportunity to start on the right path. Do you have a dream or idea that you want to put into motion? Why not write it down and create a plan? What’s the worst that can happen?

  1. PDF of the Month: Don’t Gamble with Retirement 7 (Free 424-Page PDF)
  2. Free PDF Downloads: Download FREE PDF LIST here
  3. Financial Mindset: Become CEO of Yourself 2 (Free 196-Page PDF)
  4. Retirement Planning: Your Retirement Planning Guide 2 (Free 255-Page PDF)
  5. Investing: How We Plan to Retire on Dividends 2 (165-Page Free PDF)
  6. Cryptocurrencies: Counting on Crypto 2 (Free 159-Page PDF)
  7. Real Estate: Financial Independence through Real Estate 2 (Free 123-Page PDF)
  8. Business: Retire Rich, Retire Comfortable with a Business 2 (Free 185-Page PDF)
  9. Latest DGWR: Don’t Gamble with Retirement 6 (Free 409-Page PDF)
  10. Everything!: The Biggest Book on Passive Income Ever 2! (book)(Web Edition)(Art Edition)
  11. I bought a Kindle Oasis: Check it out on Amazon
  12. Read My Books for Free: Free Kindle Books Schedule
  13. Crypto Exchange: My Favorite Crypto Exchange VOYAGER (Join Voyager)
  14. Kindle Unlimited: Why I Finally Subscribed Kindle Unlimited (learn more)
  15. Book Reviews: 505 Takeaways from 101 Books (pdf)
  16. Writing: The Publishing Chronicles (Part 1, Part 2, Part 3, Part 4, Part 5)
  17. Best REIT- Fundrise: REITs vs. Homeownership (Join Fundrise)
  18. Follow us: On our Facebook Page and Join our Facebook Group
  19. Monthly Dividend Tracker (XLSX): Check it out on Etsy
  20. For more detailed analysis, join my Youtube: MFI YouTube Channel

Monthly Dividend Tracker Template: Buy on Etsy

Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it.  I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing


Comments

Leave a Reply