Now, you all know that I am not the financial wizard, but I do have a keen instinct of when I see success! Bill and I have done the seminars, spurred many Innkeepers on to buy their viable Inn businesses and seen their happiness with financial successes and satisfactions. Innkeeping challenges you to both enjoy the lifestyle and grow the business into new levels.
Many Innkeepers can build upon their Inn’s potential by building more rooms, raising rates while upscaling amenities and service, and adding new innovative appointments to each room. Some add on by building their own home on the property, then generating new revenues by creating suites where once they had lived in the Inn.
Buying your favorite Inn means visiting the property, seeing what the present owners offer, and making a plan for how you are going to improve on it. Look at the layout of the Inn and see what you could create within the existing space to add your personal touch, unique décor, and elegant comfort. Visualize how you are going to grow the business there; what are you going to add within a span of time that will increase the value of the property substantially?
When your strategy for success increases the value of your Inn, you also have a strong exit strategy when the time comes. Map out your blueprint starting from Day One by visualizing what you can accomplish there, anticipating what it will involve financially, setting up your plan and crisply executing it. The basic fact is that to be successful in buying an Inn, you must buy a viable Inn business, you must make a plan for making it your own, and you must embrace the lifestyle wholeheartedly!
P.S. I assure you that Chocolat and I snowshoe each morning. It has been trying some days, especially the shoveling to the oil and gas tanks and to the bird feeders! But it is our time together in the woods and we see lots of animal tracks that are not ours!