SeeBen21 said:
I always here LOCATION is important, and I understand it in general. But what is LOCATION in detail. How to choose the right location?
Location is important to me because I don't have the money to pay for large advertising. It was important to me to be where the tourists are going TO. They will not travel somewhere that has nothing but a B&B. You need something to entertain them - shopping, beach, historic, something or they will not come to your inn.
Location is important because once you are busy you need your time for your life. If there is nothing to do where you are located, you will have to create something for your people to do and that can become tiring.
Location is important as the first thing people ask when they arrive is "what is there to do here?"
Right now with the recession traveling people are looking for getting the MOST vacation for their money. If they don't see things to do where you are located, they will NOT COME.
Example here in Charlottesville, Virginia - the inns that are having problems are inns that are more than 15 minutes drive away from town. Here in town there is a lot to do.
Imagine you are an inn that is more than 30 minutes drive from Munich. How many guests do they book than those who are in Munich or a short tram or train ride away?
The best thing to do is to go to the website of the inn you are considering. Check the reservations availability calendar. Then check the calendar of those who are in locations closer to the town, beach or other amusements in the area you are looking.
Remember, also, that in some New England areas they are only open during the "season" and you may need to do something else to generate income during the "off season".
Be very careful when you purchase your inn. I would recommend bringing a video camera and taking video of everything in every room. Have them write in detail all that will come with the inn. Some have bought and found all rugs removed, and antiques replaced with cheap furniture (it said "bed" not the "antique brass bed" on the list), some have found even the light bulbs removed!! Some have found that the inn had sold many gift certificates and had no record of them - that would be income that you will lose -make sure those are noted on your side in the purchase price.
This is not to say that everyone selling an inn is not honest, but you need to be sure what you are receiving in your purchase!
RIki