She does. Her schedule is pretty flexible and I handle all the daytime chores, marketing, maintenance, check ins, check outs, afternoon refreshment, reservations, fluffs, turns, etc..So does your wife work another job besides innkeeping? Holy cow, how does she do those breakfasts?"I'd be curious for those who did a startup if one partner worked full-time while the other got the business going."I'll start. We bought an existing B&B. Although we had investigated both options over many years, we were far enough away from retirement that we knew we were not buying our final property, and our main source of income was going to be the inn. So we wanted a place with an income stream already in place. We really had no trouble getting financing - our own financial situation was strong, and the bank was very familiar with the property and we were approved in less than 24 hours.
It was not all roses. The previous owner misled us about her revenue from the inn, and the broker we worked with didn't really lead us to the appropriate places to verify the revenue. There was more maintenance work required to bring the inn up to our standards than we thought. We didn't suffer too much financially the first two years but we worked very hard to fix the problems of the business.
We do love the town we're in and the house itself is very much what I pictured for myself in running a B&B. The business has grown dramatically since we bought and our revenue is increased by 50%; we are holding our own in a soft economy due to the proximity to some major metropolitan areas less affected by the recession.
I'd be curious for those who did a startup if one partner worked full-time while the other got the business going..
Oh you mean, she'll get to quit the other full time job at some point? LOL
We investigated and 'seminar'ed for about 15 years before making the leap and one reason that we bought a turnkey was that we couldn't find the right combo of having a job (one of us) and a good B&B business, in a place that we wanted to live. So knowing that the B&B would need to support us after I worked through about six months of part-time contract consulting work, we decided a turnkey was the right choice. It helped that we found a town and an inn that we loved. In the last year, my husband has started to do some contract software work (his 'other' trade besides handyman and bathroom cleaner) to ease the transition when we sell the inn.
We get by and do whatever it takes to make it work.
I've got about a dozen hats that I just keep switching during the day. LOL
Aside from a few times when sudden family illness back in Chicago called her away, the guests have had the consistency and quality of breakfast she's become known for. I did ok, but as I saw mentioned once here, the darn guests kept mining me for day trip advice while I was cooking and a few things got overdone. I'm a pretty good cook, but the way she makes it look so effortless, I'm in constant awe.
One of the biggest drivers of the outside job is the freakin' cost of decent healthcare.
Our third year exceeded our fifth year goal, so we thought we saw the light at the end of the tunnel, but took a step backwards the last year or so.
The thing does pencil out ot be self-sustaining without any outside employment, we just have to get back to where we were in year three.