Hello and welcome. I’m Yvonne Halling, and I run a B&B just like you. And until a few short years ago, I was struggling to attract the right guests and make enough money, and maybe that’s you too. In my time as a B&B owner myself over the last 12 years, and more recently as a mentor to other B&B owners, I’ve identified at least 11 reasons why B&B businesses don’t make enough money and today in this video, I’d like to share some of them with you.
Not defining a niche. Many owners I speak to, simply set up their B&Bs, spend lots of money on furnishings and remodelling, having no idea who they want to attract to their B&B and why. It’s like opening a shop, putting some nice items in the window and hoping that passers by will walk in. It’s too random and too risky, especially when you’ve spent a lot of money setting it up. Far better then to think about why people come to your area or your town, finding out what they need and then positioning yourself as the “go to” person. This means that you’ll no longer feel threatened by discounts that others are making. You’ll no longer be at the mercy of any economy. In fact you’ll have your own tribe of raving fans who love everything you do, buy everything you have and come back for more. And this brings me on to the second reason…
Not having a database that you legally in touch with on a regular basis. You may have heard the expression that the money’s in the list, and it is. If we don’t have the names, addresses and contact details of everyone who’s ever stayed with us, then how can we let them know about our latest offering, our newly decorated rooms, our additional services we’re adding because they asked for them? The answer is we can’t, and so we’ve lost a great opportunity. Having a growing database of your guests details and keeping in touch with them on a regular basis will add great value to their experience with you, and add more revenue to your business. You won’t ever have to think about discounting your prices again. In fact, you’ll be more concerned with how high you can raise them. Remember, it’s never about the price, it’s about the value we deliver. So be valuable to your guests. Which brings me to my next point…
Not having any products to offer. When we’re only offering rooms and perhaps evening meals, it limits our income. When we add some more products into the mix, so that guests can buy a bit more of you, then we can really start to increase revenues. Making ourselves as valuable as we can to everyone who comes into contact with us is a great way to position ourselves as the “go to” people in our areas, which is where we need to be if we’re going to create a 6 figure B&B business. When we’ve defined who we want to serve, rather than taking random people at any price, and why – because we enjoy serving those people, then we can start to offer other products that they would find valuable, such as a guide to the local area. It doesn’t matter if someone else has already written a guide, this is your guide with your particular take on things. We can offer products by local crafts people, or other service providers, such as tour guides. Teaming up with other businesses is a great way to add value, and make more money.
So how are we going to find time to this type of important work? Well the next reason why B&B businesses struggle is that they have NO TEAM, they’re doing everything themselves because they believe they can’t afford to hire help. When we’re doing everything ourselves, we first of all reach exhaustion very quickly and secondly, there’s no time to think about the important things we’ve just discussed. Its false economy to think we can do everything ourselves, build a 6 figure business and remain sane.
In the next video, coming in a couple of days, I’ll be sharing 4 more reasons why B&B Businesses are struggling, so keep an eye on your inbox. In the meantime, I hope you found this useful, and if you’re serious about doubling your B&B income in 2013, then now is a great time to be putting in place the strategies and processes that we’ve used to create a 6 figure B&B business. We’re running a Workshop in November here in Champagne for a very small group of serious B&B owners, where we’ll be sharing everything we’ve done and are still doing to run and maintain a 6 figure B&B business.
Simply CLICK HERE to find out more, and I’ll talk to you again soon. Thanks for watching. Bye