One thing that we love about innkeepers is that they love to share. Do some of them share too much? Absolutely! But it is within this hospitable nature that aspiring owners of elegant boutique hotels, charming bed and breakfasts, country inns and mountain lodges can mine great wisdom and avoid some of the pitfalls of those that have come before. Taking the reins of an already established lodging property can be a thrilling and often challenging endeavour, but those that came before you are more than willing to help you as you embark on this journey. We have gathered together a list of helpful advice that will assist any aspiring innkeeper to decide whether this life is for them, what to do when the going gets tough and how preparation today can help lead to less trouble down the line. Come learn from the collective wisdom of this sometimes oversharing, but almost always well intentioned bunch.
Know Before You Buy
There is a great deal of excitement researching properties in new areas of the country (or world) that could become a place you call “work and home.” However, the first step in the process is to be keenly aware of your personal financial capabilities and then conferring with the proper industry and finance experts who can help connect you with the right property. The searching and the visiting can be fun, but your focus should also be on insurance, health and safety standards, permits, local regulations, liability, seasonality, reputation and legal issues. It is imperative that you know have a vision of the brand that you want to build, but also of the brand and property you would be inheriting. You will be amazed at how many resources those above mentioned innkeepers are willing to share with you before you move forward.
Be Prepared for a Constantly Evolving Digital Landscape
A strong online presence is crucial for any business, and the field of hospitality is no different. You need a dynamic and optimized website, captivating professional photos, meticulous reputation management, a rate strategy, compelling content anywhere your brand appears, and a strong social media presence. So once you do that, you set it and forget it, right? Wrong. A strong digital presence means that you need to be constantly adapting to make sure your brand message stays compelling with ever shifting consumer tastes and more importantly, the all-powerful search engines. If guests can’t find you, guests can’t stay with you. One way to stay ahead of the curve is by working with a professional hospitality marketing company that is focused in the field of boutique lodging. They are in your corner to stay on top of that constantly evolving digital landscape, so you can spend more time taking care of your property and valued guests.
Always Remember That You Are Running a Business
Breakfast, check-out time, errands, general maintenance, check-in, unexpected emergency, happy hour, late check-in, breakfast, check-out time, unexpected emergency, no time for errands or general maintenance, check-in, happy hour, late check-in. Rinse and repeat. Rinse and repeat. When every day is spent on property having to wear so many different hats, it is not always easy to make sure you are looking at the big picture instead of the fires that need to be put out today. If you’re lucky at least they are not literal fires! If you have the right team assembled from the start with expert legal advice, insurance providers, operational guidance and seasoned accounting, you will be able to more efficiently and regularly review detailed records of your income and expenses for a reliable grasp on the strength of your business. Make sure that you have crafted a solid business plan, budgeted for both expected and unexpected costs, planned out expansion and capital expenses, and have ample financial cushion for the slower seasons. That way you can enjoy the rinse and repeat!
Make Your Brand Uniquely You
Didn’t you get into this business to create something that spoke to the person that you are and what you feel the word ‘hospitality’ means to you? Does that mean you do this because you think it’s what guests want, or that you do that because that is what the previous owner told you? In the words of me, when someone asks if I am going to stop singing along to Piano Man. I don’t think so. Does that mean you need to completely change your brand the moment the ink dries on the contract? No. You probably bought a lot of goodwill and inherited some quality operational processes. However, that doesn’t mean that you shouldn’t carefully make purposeful updates and changes to make the brand and experience that are more authentic to you, while growing the revenue and improving upon the reputation of the business.
Connected Communities Support Strong Local Business
You should be looking to develop strong community relationships from before you take over the reins of your inn or bed and breakfast. Local restaurants, attractions, activity providers, universities, hospitals, and even funeral homes can become valuable referral sources or partners. You don’t need to provide every service that a guest is looking for on their romantic getaway, family visit or business trip, but you do want to be able to steer them in the right direction. Having strong personal and professional relationships with local partners leads to additional revenue streams through packages, activities and special offers. Not only that, but you will be amazed at how your connected local community and your partners will be integral in helping you with the last piece of advice below…
Remember to Be Hospitable… to Yourself
This piece of advice comes more from our own observations rather than helpful tips direct from innkeepers. While by and large they love to take care of others, we have noticed that property owners sometimes have a hard time taking care of their own needs. Remember that your personal needs and well-being are of the utmost importance when it comes to having the emotional and physical bandwidth to take care of others. Make sure that you create a business plan that considers what YOU want out of the highly rewarding life of being an innkeeper, the owner of your own small business, and oftentimes, a resident of that very same property.
Contact White Stone Brokers today to start assembling the team on your hospitality journey!
