From “Ask Kit!”:
Q: We were looking to purchase land and build our own bed and breakfast. This will be over a long period of time for us. It seems that the info we have read is about purchasing established B&Bs. Is it not wise to start from scratch? If it is ok do you have any tips?
A: Convention wisdom is that it’s always better to buy an existing business than start one from scratch. An existing business already has market presence, clients, and cash flow. The challenges or hurdles of starting a business — zoning, renovation, slow business — are past you so you are left with growing the business. The same holds true of bed and breakfasts.
Many of the same guidelines and wisdom of buying an existing apply to building your own B&B. My suggestion is that you pursue your B&B education: take classes, read books, and attend conferences. Build your dream from scratch with solid information so that when it’s time to buy the land for your B&B you do it wisely. And then when it’s time to start designing and building your B&B, you do that wisely.