Hi! My husband and I have been tossing around the idea of purchasing an inn in the next 5-7 years, as we've had several amazing experiences with innkeepers up in Vermont, Maine and Alaska, and we've managed to catch the "I need to be my own boss" bug. I'm currently working on my MBA in the evenings, and as one of my entrepreneurship projects, decided to write a business plan for the type of inn we would like to have one day. However...I'm a little overwhelmed right now and wondering if anyone might be so kind as to offer thoughts on a few things?
- Given the current economy, if we were to purchase an inn, how much cash would we need to come to the table with? 20%? 50%? More?
- I'd like to create an estimated income statement to incorporate into the business plan...are there any recommended resources for setting up the financial aspects of the business (this is what I'm most concerned about, as accounting and finance are not my forte
- Are there any tips to writing a business plan for a B&B? Anything specific we should make sure to include?