Need help deciding

[eyevea]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

For us, financially viable meant that we wouldn't need to have other jobs. In the areas where we were looking, outside employment wouldn't have been an option and ultimately, the reason we decided to withdraw our offer was just what you said...what would happen if it didn't work out or one of us got injured or sick (or worse). We couldn't have sold it as a house and we couldn't have lived in it as a house.
Anyway, it seems we're plotting a new course now and things could work out even better.

 

[Innkeeper To Go]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely.

LB most folks would consider your inn to be financially viable, even as a small inn.
There are lots of formulas used but I tend to rely on the most simple of those.
Many consider an inn financially viable if the price is 5 times the revenue; most would consider it viable if the price is 4 times revenue. Yours is right in there.

 

[Morticia]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

For us, financially viable meant that we wouldn't need to have other jobs. In the areas where we were looking, outside employment wouldn't have been an option and ultimately, the reason we decided to withdraw our offer was just what you said...what would happen if it didn't work out or one of us got injured or sick (or worse). We couldn't have sold it as a house and we couldn't have lived in it as a house.
Anyway, it seems we're plotting a new course now and things could work out even better.
.

Our plan was also a self-sufficient B&B. We didn't want one of us to have to be the sole person doing all the B&B work. It can breed resentment when one person is doing all the heavy lifting, no mater which person/which job that is. The other person never 'gets' what you're going thru (no matter which person that is). It's easier when you're both 'in it together'.
So far that plan has worked for us. However, it does get scary when the business slows down but all the bills are still coming in. Or, one of you ends up in the hospital and you're not making any money to cover those bills.

 

[eyevea]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely.

LB most folks would consider your inn to be financially viable, even as a small inn.
There are lots of formulas used but I tend to rely on the most simple of those.
Many consider an inn financially viable if the price is 5 times the revenue; most would consider it viable if the price is 4 times revenue. Yours is right in there.
.

If you apply that formula, you would know whether the business was a good investent, but not necessarily a living wage. We needed to know that we would be earning a living wage for the two of us...so, perhaps viable was the wrong word to use.
We wanted the business to support us (not extravantly), but enough to warrant giving up the reasonably decent jobs that we currently have.

 

[JBloggs]

Don't leave your day jobs! Please!

 

[Innkeeper To Go]

Don't leave your day jobs! Please!.

Don't leave your day jobs! Please!

Ditto.
Extra please.

 

[Morticia]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely.

LB most folks would consider your inn to be financially viable, even as a small inn.
There are lots of formulas used but I tend to rely on the most simple of those.
Many consider an inn financially viable if the price is 5 times the revenue; most would consider it viable if the price is 4 times revenue. Yours is right in there.
.

If you apply that formula, you would know whether the business was a good investent, but not necessarily a living wage. We needed to know that we would be earning a living wage for the two of us...so, perhaps viable was the wrong word to use.
We wanted the business to support us (not extravantly), but enough to warrant giving up the reasonably decent jobs that we currently have.
.

Again, we did not face this soul searching. Our day jobs left us. High and dry. We had to sell our house anyway as we could not afford the payments. Sooooo, we decided to take a chance on us. We'd had it with other people being in charge of our existance.
Sure, our existance is still controlled by our guests, but we have some control over that. We didn't see the ax until the day it fell. One day making $100,000/year, next day on unemployment at $350/week. Lots of stuff goes by the wayside at that point.
You're either ready or not. And only you can make that decision. NONE of our family 'got' it. Everyone was wondering how we could survive. Well, when you're down to pretty much minimum wage, anything is an improvement!

 

[Marianne]

We're off baking muffins and sipping lemonade...Let's see you can do all the restorative work when you have a houseful of guests, so THAT is what you do off-season should you have one.
You need to do more homework. You are the one with cold feet, we are the ones with the blisters. You asked seasoned innkeepers for info and you got it, but not the answers you wanted. It is the same same with the rose colored glasses, it is hard work, no it is not FUN. We make it look like fun to our guests because THEY ARE THE ONES ON VACATION, NOT US.
We don't need to make it look like fun on a forum for innkeepers, this is where the rubber hits the road, this is where we share guest stories and other innside innformation. .

You asked seasoned innkeepers for info and you got it, but not the answers you wanted.

Which is a scenario that just keeps repeating itself with more and more frequency and less and less likelihood that the questions are any more than a means to tap into interesting stories.
Call me a cynic but something's afoot here.
.

We started out as a B&B only about 14 years
ago, we are not in a hi tourist area, so we tweeked our business to create a destination
getaway. Since we only do spa getaways
we were able to raise our prices and do less work.
B&B is a lot of work, especially when you have rooms checking out and more people checking in with a timeframe of about 4 hrs max to do the rooms etc, and look refreshed.
We always had housekeeping help, and I do not think I could have done it without help.
some B&B owners do all the work themselves
and they are usually the ones with a short season.
We do not have a season, busier in the summer but pretty steady all year round.
Our business change, more day spas,
overnight getaways we take only when we feel like it.
I am too old now to take guests back to back
do rooms, keep the guest areas spotless and be up to greet and make conversation with guests. My husband is great he makes breakfast, cleans rooms, does outside work
You need two very involved people to run a B&B much harder work then most think
Bravo to all that do it, but I see why some burn out after 5 years

 

[gillumhouse]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

For us, financially viable meant that we wouldn't need to have other jobs. In the areas where we were looking, outside employment wouldn't have been an option and ultimately, the reason we decided to withdraw our offer was just what you said...what would happen if it didn't work out or one of us got injured or sick (or worse). We couldn't have sold it as a house and we couldn't have lived in it as a house.
Anyway, it seems we're plotting a new course now and things could work out even better.
.

For us, financially viable meant that we wouldn't need to have other jobs.
This also means different things for different people. I can live quite happily on a lot less than many other people. DH was worried what would I do if he dies and I no longer have his SS check. I can live on MY SS check and my pension IF I do not have HIS expenses. But neither of us drink nor smoke, we did our traveling, and are quite happy living in Podunk. Our big problem is staying out of book stores.........
If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B. The income will not be viable because taxes, insurance, marketing, broken plumbing, a snow storm, a broken car - whatever will be there just waiting to suck up that extra money you thought you were going to have from a bonus reservation!

 

[muirford]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

For us, financially viable meant that we wouldn't need to have other jobs. In the areas where we were looking, outside employment wouldn't have been an option and ultimately, the reason we decided to withdraw our offer was just what you said...what would happen if it didn't work out or one of us got injured or sick (or worse). We couldn't have sold it as a house and we couldn't have lived in it as a house.
Anyway, it seems we're plotting a new course now and things could work out even better.
.

For us, financially viable meant that we wouldn't need to have other jobs.
This also means different things for different people. I can live quite happily on a lot less than many other people. DH was worried what would I do if he dies and I no longer have his SS check. I can live on MY SS check and my pension IF I do not have HIS expenses. But neither of us drink nor smoke, we did our traveling, and are quite happy living in Podunk. Our big problem is staying out of book stores.........
If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B. The income will not be viable because taxes, insurance, marketing, broken plumbing, a snow storm, a broken car - whatever will be there just waiting to suck up that extra money you thought you were going to have from a bonus reservation!
.

If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B.

Or, you can have a B&B that makes enough money for you to do those things - well, some of them anyway. I do. Cars aren't particularly important to me. I enjoy eating out - often lunch, which is less expensive, or at the restaurant that appreciates our referrals with a 30% discount - and I can see pretty good theater for cheap or free in this town if I volunteer to usher. We bought a viable property in a good location. We won't get rich doing this, and I'm happy not to have to send anyone to college, but we have lived pretty comfortably on the income from our inn. In the last year we've had extra as DH has gotten back into software consulting to prepare to transition out of the business, but it all goes straight to savings for when we're ready to move. It's not impossible to have a financially viable B&B business.

 

[gillumhouse]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

For us, financially viable meant that we wouldn't need to have other jobs. In the areas where we were looking, outside employment wouldn't have been an option and ultimately, the reason we decided to withdraw our offer was just what you said...what would happen if it didn't work out or one of us got injured or sick (or worse). We couldn't have sold it as a house and we couldn't have lived in it as a house.
Anyway, it seems we're plotting a new course now and things could work out even better.
.

For us, financially viable meant that we wouldn't need to have other jobs.
This also means different things for different people. I can live quite happily on a lot less than many other people. DH was worried what would I do if he dies and I no longer have his SS check. I can live on MY SS check and my pension IF I do not have HIS expenses. But neither of us drink nor smoke, we did our traveling, and are quite happy living in Podunk. Our big problem is staying out of book stores.........
If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B. The income will not be viable because taxes, insurance, marketing, broken plumbing, a snow storm, a broken car - whatever will be there just waiting to suck up that extra money you thought you were going to have from a bonus reservation!
.

If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B.

Or, you can have a B&B that makes enough money for you to do those things - well, some of them anyway. I do. Cars aren't particularly important to me. I enjoy eating out - often lunch, which is less expensive, or at the restaurant that appreciates our referrals with a 30% discount - and I can see pretty good theater for cheap or free in this town if I volunteer to usher. We bought a viable property in a good location. We won't get rich doing this, and I'm happy not to have to send anyone to college, but we have lived pretty comfortably on the income from our inn. In the last year we've had extra as DH has gotten back into software consulting to prepare to transition out of the business, but it all goes straight to savings for when we're ready to move. It's not impossible to have a financially viable B&B business.
.

You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.
Enough to live on is relative is what I was saying. I knew a guy from Wheeling that was offered a job in Illinois at a salary of $18K a year. He thought he was in hog heaven. Then he got to Illinois and found out it would cost him as much for rent as he had been making a month in WV - he may be making $18 K but it would cost him $18.5 to live. THAT is what I was trying to say. Please do not think I do not believe it can be done to make enough with an inn to live on. I know it can - depending on the people involved.

 

[muirford]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

For us, financially viable meant that we wouldn't need to have other jobs. In the areas where we were looking, outside employment wouldn't have been an option and ultimately, the reason we decided to withdraw our offer was just what you said...what would happen if it didn't work out or one of us got injured or sick (or worse). We couldn't have sold it as a house and we couldn't have lived in it as a house.
Anyway, it seems we're plotting a new course now and things could work out even better.
.

For us, financially viable meant that we wouldn't need to have other jobs.
This also means different things for different people. I can live quite happily on a lot less than many other people. DH was worried what would I do if he dies and I no longer have his SS check. I can live on MY SS check and my pension IF I do not have HIS expenses. But neither of us drink nor smoke, we did our traveling, and are quite happy living in Podunk. Our big problem is staying out of book stores.........
If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B. The income will not be viable because taxes, insurance, marketing, broken plumbing, a snow storm, a broken car - whatever will be there just waiting to suck up that extra money you thought you were going to have from a bonus reservation!
.

If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B.

Or, you can have a B&B that makes enough money for you to do those things - well, some of them anyway. I do. Cars aren't particularly important to me. I enjoy eating out - often lunch, which is less expensive, or at the restaurant that appreciates our referrals with a 30% discount - and I can see pretty good theater for cheap or free in this town if I volunteer to usher. We bought a viable property in a good location. We won't get rich doing this, and I'm happy not to have to send anyone to college, but we have lived pretty comfortably on the income from our inn. In the last year we've had extra as DH has gotten back into software consulting to prepare to transition out of the business, but it all goes straight to savings for when we're ready to move. It's not impossible to have a financially viable B&B business.
.

You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.
Enough to live on is relative is what I was saying. I knew a guy from Wheeling that was offered a job in Illinois at a salary of $18K a year. He thought he was in hog heaven. Then he got to Illinois and found out it would cost him as much for rent as he had been making a month in WV - he may be making $18 K but it would cost him $18.5 to live. THAT is what I was trying to say. Please do not think I do not believe it can be done to make enough with an inn to live on. I know it can - depending on the people involved.
.

You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.

I got your point, actually, and agreed with the first paragraph of your post. What is a viable living to some is not a viable living to others. Your second paragraph went on to list all the reasons why a B&B will 'suck up all your extra money' and will barely cover operating expenses (taxes, insurance) or an emergency - and that's not accurate. Many, many B&Bs do cover those expenses and still provide enough for living, even if at a lower level of personal expenses.

 

[Morticia]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely.

LB most folks would consider your inn to be financially viable, even as a small inn.
There are lots of formulas used but I tend to rely on the most simple of those.
Many consider an inn financially viable if the price is 5 times the revenue; most would consider it viable if the price is 4 times revenue. Yours is right in there.
.

If you apply that formula, you would know whether the business was a good investent, but not necessarily a living wage. We needed to know that we would be earning a living wage for the two of us...so, perhaps viable was the wrong word to use.
We wanted the business to support us (not extravantly), but enough to warrant giving up the reasonably decent jobs that we currently have.
.

So, while mine is a sob story, I actually know a fair number of B&B owners who 'have a life' and travel extensively, wine & dine when and where they want, have had surgery and recovered while running the biz, are not tied down to the property 24x7, attend family events, etc.
That's the kind of property you are looking for. So, as part of your 'due diligence' you should be asking the owners how they operate the biz. Do they find there is time to go on vacation? Time to take classes or go out for dinner?
Some will tell you the whole truth and some won't. But you can ask.

 

[wendydk]

And, let us not forget that if viable means that neither of you have to work, you will need an Inn large enough and busy enough to allow that to happen...which may also mean employees...a whole 'nother kettle of fish.

 

[JBloggs]

Insurance and taxes aren't my biggest worry here at all. In fact cost of living is terrific where we are. Old houses needing major reno's is the biggest cost. If you don't upkeep your place or do reno's then you can make even more cashola!

 

[eyevea]

Insurance and taxes aren't my biggest worry here at all. In fact cost of living is terrific where we are. Old houses needing major reno's is the biggest cost. If you don't upkeep your place or do reno's then you can make even more cashola!.

Do you have to pay for your own health insurance? I don't know where you are and I know that many inkeepers on here are from Europe where there is universal health care.

 

[EmptyNest]

Insurance and taxes aren't my biggest worry here at all. In fact cost of living is terrific where we are. Old houses needing major reno's is the biggest cost. If you don't upkeep your place or do reno's then you can make even more cashola!.

Do you have to pay for your own health insurance? I don't know where you are and I know that many inkeepers on here are from Europe where there is universal health care.
.

YES! Most have to pay their own health care, or have spouses who are still working in the outside world who have coverage for the family, or like me...had a great retirement and health care benefits when I retired from University.

 

[Joey Camb]

woo hoo got to love the NHS!

 

[Morticia]

Insurance and taxes aren't my biggest worry here at all. In fact cost of living is terrific where we are. Old houses needing major reno's is the biggest cost. If you don't upkeep your place or do reno's then you can make even more cashola!.

Do you have to pay for your own health insurance? I don't know where you are and I know that many inkeepers on here are from Europe where there is universal health care.
.

Do you have to pay for your own health insurance? I don't know where you are and I know that many inkeepers on here are from Europe where there is universal health care.

Health care will probably be your biggest expense, bigger even than property taxes. If you can't get in with a chamber health care plan it will run around $1200/month for 2 with no health issues. But, the price goes up as you hit milestone b'days. Your best bet is to scout around for it now. Find out what groups you can join to get group insurance. Buying a stand alone policy is cost prohibitive for any biz owner. The deductibles run around $5000-$10,000 so they are really more for catastrophe than 'casual' sickness or health screenings.

 

[Breakfast Diva]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

For us, financially viable meant that we wouldn't need to have other jobs. In the areas where we were looking, outside employment wouldn't have been an option and ultimately, the reason we decided to withdraw our offer was just what you said...what would happen if it didn't work out or one of us got injured or sick (or worse). We couldn't have sold it as a house and we couldn't have lived in it as a house.
Anyway, it seems we're plotting a new course now and things could work out even better.
.

For us, financially viable meant that we wouldn't need to have other jobs.
This also means different things for different people. I can live quite happily on a lot less than many other people. DH was worried what would I do if he dies and I no longer have his SS check. I can live on MY SS check and my pension IF I do not have HIS expenses. But neither of us drink nor smoke, we did our traveling, and are quite happy living in Podunk. Our big problem is staying out of book stores.........
If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B. The income will not be viable because taxes, insurance, marketing, broken plumbing, a snow storm, a broken car - whatever will be there just waiting to suck up that extra money you thought you were going to have from a bonus reservation!
.

If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B.

Or, you can have a B&B that makes enough money for you to do those things - well, some of them anyway. I do. Cars aren't particularly important to me. I enjoy eating out - often lunch, which is less expensive, or at the restaurant that appreciates our referrals with a 30% discount - and I can see pretty good theater for cheap or free in this town if I volunteer to usher. We bought a viable property in a good location. We won't get rich doing this, and I'm happy not to have to send anyone to college, but we have lived pretty comfortably on the income from our inn. In the last year we've had extra as DH has gotten back into software consulting to prepare to transition out of the business, but it all goes straight to savings for when we're ready to move. It's not impossible to have a financially viable B&B business.
.

You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.
Enough to live on is relative is what I was saying. I knew a guy from Wheeling that was offered a job in Illinois at a salary of $18K a year. He thought he was in hog heaven. Then he got to Illinois and found out it would cost him as much for rent as he had been making a month in WV - he may be making $18 K but it would cost him $18.5 to live. THAT is what I was trying to say. Please do not think I do not believe it can be done to make enough with an inn to live on. I know it can - depending on the people involved.
.

You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.

I got your point, actually, and agreed with the first paragraph of your post. What is a viable living to some is not a viable living to others. Your second paragraph went on to list all the reasons why a B&B will 'suck up all your extra money' and will barely cover operating expenses (taxes, insurance) or an emergency - and that's not accurate. Many, many B&Bs do cover those expenses and still provide enough for living, even if at a lower level of personal expenses.
.

You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.

I got your point, actually, and agreed with the first paragraph of your post. What is a viable living to some is not a viable living to others. Your second paragraph went on to list all the reasons why a B&B will 'suck up all your extra money' and will barely cover operating expenses (taxes, insurance) or an emergency - and that's not accurate. Many, many B&Bs do cover those expenses and still provide enough for living, even if at a lower level of personal expenses.

I agree with you Muirford. So often the posts here emphasize that if you own your own b&b, you will barely have enough money to pay your bills. Yes, there are definitely innkeepers out there who are experiencing this, especially in this economy, but we have to remember that it's not the case for everyone. For those folks who have a good down payment so that they're not so under pressure with a huge mortgage payment, you can find an underperforming b&b and even in this economy, with careful planning and marketing you can set yourself up to own a b&b, and have a nice income. For us, it's not the lack of money we're making, it's the time we don't have. Many of us are doing much better than just paying the bills, but I've been slammed on here before for making those type of statements in the past.