Why B&Bs don’t make money, Part 1

This is Part 1 in a series of 5 where I explore the reasons why most B&Bs are not making money

I’ve been helping a small group of B&B owners recently, and I’ve noticed a few common threads as to why they’re not making the kind of money they deserve,  and so I’m going to share them here on this blog in the hope that if you find yourself thinking “that’s me”, then I’ll be able to give you some tips to get you moving , making more money and having more fun.

So here goes…..

They don’t define their niche.

They take all-comers at whatever price they can get, and then wonder why some people are abusing them and their homes.  Defining our niche means knowing to whom we can add the most value, and offer an unforgettable experience.  And the very best niche to be in is the one we are in.  Let me explain…

If you love fishing, then you’ll love sharing your love with others.  You’ll know all the best places in your area to fish.  You’ll know when to fish and when not to fish.  You’ll know the best places to buy bait, equipment etc. and you’ll be happy to talk about fishing till the cows come home. You’ll know others who love to fish too, maybe even the person who has exclusive fishing rights to a part of the local river.   Fellow fishermen love to come and talk fishing with you, and love having a fishy experience with you and your other fishy guests.   You are the authority on fishing in your area, and could even write a short guide book about it.  That’s your niche!

Think about your area and what you love about it.  Why do guests come to your area?  What are they looking for and how could you provide it for them in your own unique way.  When you can do that, you will have found your niche.

Happy fishing and look out for Part 2 in this series.