Our area has a hole in its game.
There’s shopping galore. Plenty of entertainment choices to keep you active, and enough great local coffee shops to keep you going. There’s fine dining, casual dining, and about a million great pizza places.
Yet there’s one thing that keeps it from being a true destination spot.
There are no B&Bs here. Zero. Sure, there are hotels, but there’s nothing that caters to people looking for local charm.
For someone looking to make an investment in a lifestyle change, this presents an opportunity to bring something new to the community.
Granted, it’s not usually a quick decision, but it’s something that can be rewarding, and not just financially.
“I always say that it’s the best thing I ever did without thinking about it,” says Loretta Breedveld, owner of the Warwick Valley B&B in Warwick, NY. About 30 miles away, Warwick is a bucolic suburban town with wineries, apple picking, a drive-in theater, skiing nearby – all the things you’d associate with a traditional B&B.
Loretta’s choice was simpler. As a real estate agent, she knew the area and properties, as well as the benefits of owning a B&B there. It was a matter of falling in love with a building she’d been showing and making a lifestyle change. What made it easier was that it was already a B&B.
An Investment Into the Unknown
It’s one thing to go into the B&B industry starting with a preexisting business in an area primed for it. It’s another starting from scratch. What are the things that you might need to consider when making this decision?
Do some research
You might want to undertake a feasibility study, do some market research, and consult with attorneys about what’s possible, particularly a land-use attorney. Finding a creatively minded real estate agent will help you find the right property, and an experienced real estate accountant, to help with determining the business structure, insurance, and tax implications (including sales tax for guests). And always incorporate or establish an LLC for liability purposes.
Property considerations
Zoning laws vary from town to town, and most won’t have specific laws for a B&B, so you’ll likely have to request a variance, particularly if it’s mostly residential. Be prepared for any licensing, permits, and local codes that need to be satisfied. And it’s not just about the number of bedrooms anymore – communal bathrooms are a thing of the past, according to Breedveld. “It’s all ensuite now.” A well-appointed kitchen is necessary, but it doesn’t need to be all Viking appliances if you don’t want them – it’s your workspace. Don’t forget about parking.
Branding and marketing
Now it’s time to let your imagination kick into gear. Start thinking about what sort of décor and amenities to offer your guests. Whether it’s a traditional B&B experience (Laura Ashley, colonial, local history, etc.) or something more eclectic (think sleek high-end urban vibes or something niche and personal), now’s your chance to put your stamp on things and let your brand sing. Who are you looking to attract? What’s important to your guests? Once your property is ready, get those pictures up on your new website and tell the world why this should be their destination.
Going live
Whether this is your all-in lifestyle or you’re just setting up the business is an important consideration. Breedveld has made it her life – “it’s my sole source of income” – you might decide to outsource if it’s simply an investment. So you’ll need a reliable staff for breakfast, cleaning, maintenance, and a good assistant innkeeper. You might do it all yourself as she does, but you’ll need someone to count on to back you up should you want to take any time away.
“It’s not something for introverts,” says Breedveld. “You need to be pretty high energy. I’m up at 5:30 most mornings to get breakfast ready, particularly if there are dietary restrictions to accommodate. And no, my day doesn’t end once breakfast is over. That’s when the work really starts!”
The emotional payoff
“I’ve been so blessed by the people who have come through the past 26 years,” she offers. “If I’ve had a bad day, I can just go back and read the reviews we’ve gotten. It’s restorative. I truly love what I do.”
Simply investing in real estate is generally a pretty shrewd financial move. Why not consider something different, that’s missing from the community, and could bring you that much joy?
To see what goes into running a successful B&B, consider booking a weekend at the Warwick Valley B&B (24 Maple Avenue in Warwick, NY). Reach out to Loretta at 845-987-7255.
“I’ve been so blessed by the people who have come through the past 26 years”