From “Ask Kit!”:
Q: I have recently become interested in opening a bed and breakfast. hat I am looking for is some information concerning the first steps to opening a bed and breakfast. Right now I have nothing financially so I need to know about what I would need to begin this adventure.
A: The first steps in opening a B&B are to take asses/seminars/workshops, read the books (my suggestions are found on my website’s Reading List (http://www.TheBAndBLady.com/reading.html), staying in B&Bs to find what you do and don’t like about B&Bs, and attending conferences. Participating in this forum is another good step for you.
The second step, relating to your financial situation is to start saving money, pinching every penny you get, and doing what it takes to create a big nest-egg. Getting into the innkeeping world is not inexpensive and takes more money than you might anticipate.
And also think outside the box. If saving sufficient funds seems or is beyond your ability, strongly consider other options like becoming a manager or taking on partners. There are lots of ways to participate in the joys of innkeeping without actually owning one all by yourself.