Last Updated on April 16, 2021 by Guest
Perhaps it’s always been your entrepreneurial dream to set up your own hotel, bed, and breakfast or hostel, but you’ve been afraid to take the leap.
Or, maybe the pandemic has made you want to take control of your own career and become your own boss, but you’re not sure what sort of business you want to set up.
Whatever reason you’re considering going down this route, it’s actually a great time to set up, or buy, your own holiday property right now, whether it’s a large hotel, cozy country pub, or a B&B on the coast. There are various reasons you should seriously consider going down this route. Find out why in this blog!
1. There’s no better time to start
As COVID restrictions start to lift, many people are booking holidays again. For those who are worried about overseas holidays being canceled, staycations may be on the horizon. The industry saw a huge increase last year when restrictions were relaxed during the summer months. This means many potential customers are starting to look for trips away very soon as we approach the peak holiday season.
Visitors from overseas will also be looking for accommodation options, which is a huge bonus for you again. After more than a year of limited travel options, people from all over the world are looking forward to a well-earned break – these could be your future customers!
2. It’s a good time to consider a career change and be your own boss
Perhaps you were made redundant from a previous role or fancy a career change, which has been the reality for many people during the pandemic. This is a great opportunity to shape your destiny and become your own manager.
Perhaps you’ve always dreamed of opening your own hotel but never had the confidence to do so before. Now you are in the same position as many others who are using this opportunity to walk down their own path, rather than feeling like you are taking a huge risk on your own.
You might be worried about the industry standard to be open 7 days a week, but this doesn’t need to be the case – you may choose to only open over weekends or fewer days in the week. Of course, this will result in less income, but you have that sense of freedom and flexibility difficult to find in other businesses.
3. There can be good money in the business
Yes, you will have busier seasons than others. The hours are long, but depending on your location and price point, you could be taking in up to £70,000 a year – pretty impressive when you consider that most of the time, you don’t need any formal qualifications, which brings us onto our next point…
4. Soft skills are more important than formal qualifications
This is a huge benefit for those looking to change careers but can’t necessarily afford to spend years studying to a certain skill level.
In this field, your communication and people skills are much more important. This is what is going to make or break the customer experience. Greeting customers with a warm smile, helping out as much as you can, even offering recommendations of places to visit can help to turn a good experience into a great one and hopefully bring in some repeat customers.
Dissatisfied customers may leave bad reviews online, which will instantly put off anyone searching for places to stay in the area. Avoid this as much as you can by providing a positive experience.
5. You get to work from home ALL the time – if that’s your thing
Some people dislike working from home because of the isolation aspect, but this career merges the best of both worlds. If you choose to live on the premises, not only do you wave goodbye to a stressful commute, but you also get the chance to socialize with new people every day.
6. You can use your previous bad experience staying in B&Bs to your advantage
You may have some horror stories about bad hotels or B&Bs you have stayed in previously. You can use these to your advantage! Was it the slow service, poor communication, or hygiene that was their downfall? Make sure you avoid the same mistakes – you could sweep up some of their previous unhappy visitors.
Perhaps the breakfast options were limited or not very vegetarian or vegan friendly. The breakfast options are another major factor that can make or break your customers’ experience, so make sure you nail it and offer great quality food fit for various dietary requirements.
7. You can save an existing business from liquidation
It’s a sad fact that many hotels and B&Bs who were not doing so well before COVID took an especially hard hit – many who have not already gone out of business may be well on their way to liquidation. You could save a business from facing that fate.
Buying an existing business, rather than setting one up from scratch, also comes with a variety of benefits, including:
- May already come with furniture, fixtures, and fittings, saving you a lot of time and money that would delay a new opening.
- It comes with staff who know the business inside and out, so you don’t need to spend time recruiting and training.
- It likely already has repeat customers.
- It probably already comes with an existing website, again saving you time and money.
- Licenses and insurance are already sorted out.
Setting up or buying a hotel, B&B, or country house can be a fantastic way to be your own boss, meet people from all walks of life and make a decent income. Hopefully, you’re now more inspired to learn more about the buying process and see what is out there.
Why not browse through Hilton Smythe’s database of hotels and guest houses available to buy in the UK? You never know. You might stumble across your dream B&B!