Hospitality Property School

Have you ever dreamed of owning a bed and breakfast or small inn and opening the doors to the world but are not sure where to start?

Here is your buying a bed and breakfast checklist.

How to find the right location for buying a bed and breakfast is a question I am often asked.

Choosing the right property can make a huge difference in whether you are going to be successful or not. So, it is extremely important, when you are in the initial planning stages, to seriously consider where you are going to invest.

For this reason, I have put together a buying a bed and breakfast checklist to follow. This checklist has also been used for those looking at other types of vacation rentals to purchase.

Something I have seen over and over again is aspiring bed and breakfast owners looking at their current property or finding one and are crazy about it. They invest a fortune in renovations and interior design and then list it on OTAs wishing for the best.

For many, they might have a little initial success but more often than not the success is fleeting.

I don’t want to discourage you so before you buy, I want to give you a chance to succeed.

Continue reading, watching, listening and I will share the buying a bed and breakfast checklist...

⇒ TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:
https://keystonehpd.com/the-authoritative-bed-and-breakfast-business-plan-part-2-302

“The Guide to Owning & Operating a Hospitality Property – Successfully” course.
https://KeystoneHPD.com/Course

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-propertys-success

Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips

Join one of your private groups
https://keystonehpd.com/private-groups

Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development

Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/nqHnMTJbMR0


A Division of Keystone Hospitality Property Development

In today’s episode, I’m going to continue giving you the guideline you need to write a bed and breakfast business plan for your property’s growth and development.

In episode #310, I shared the first three sections you need to follow when writing a Bed and Breakfast Business Plan. In today’s episode, I will share the last six sections.

This guideline is to be used as an example. Customize it to fit your requirements, and the numbers I will be using as examples are fictitious.

I will be reading the guideline for you, please note there will be sections you will have to fill in the blanks. To make it easier to follow visit keystonehpd.com and search for episode #302.

Continue reading, watching or listening and I will complete the last six sections of a bed and breakfast business plan…

⇒ TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:
https://keystonehpd.com/the-authoritative-bed-and-breakfast-business-plan-part-2-302

“The Guide to Owning & Operating a Hospitality Property – Successfully” course.
https://KeystoneHPD.com/Course

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-properties-success

Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips

Join one of your private groups
https://keystonehpd.com/private-groups

Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development

Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/GH_vSoW8oGs


A Division of Keystone Hospitality Property Development

A bed and breakfast business plan is an all-embracing road map for your small business's growth and development.

I’m going to give you the guideline you need to write yours.

Why create a bed and breakfast business plan

Every new company should really think about writing a business plan and this is especially true for bed and breakfasts. If you want to take out a loan to start your business or raise money from other investors, you will probably need one.

Many get nervous about the thought of starting a business plan or don‘t know where to start. You don‘t have to get bogged down in the process. Following the guideline I am laying out for you is an excellent way to get your thought juices flowing.

If you don’t need to seek funding, it is still a good idea to write a bed and breakfast business plan as it can be used as a tool to strategically manage your business as it gets up and running and starts to grow.

Continue reading or watching and I will share a guideline for a bed and breakfast business plan, right after a word from our sponsor.

⇒ TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:

https://keystonehpd.com/the-authoritative-bed-and-breakfast-business-plan-301

“The Guide to Owning & Operating a Hospitality Property – Successfully” course.
https://KeystoneHPD.com/Course

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-properties-success

Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips

Join one of your private groups
https://keystonehpd.com/private-groups

Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development

Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/C72LBelG2zM


A Division of Keystone Hospitality Property Development

Welcome to the 10th anniversary of Keystone Hospitality Property

Development and the 300th episode of the Hospitality Property School and for all of you here with me now, your timing is impeccable. We are celebrating and if you stay until the end, I’ll tell you how you’re going to benefit.

If you are new to us, let me give you an idea of what Keystone HPD and the Hospitality Property School are all about.

As our mission statement states…
“We want to help, with patience and care, develop a strategic vision for every independent hotel, resort, inn, bed and breakfast etc. wishing to create a happy and fulfilling experience for their guests and employees.”

And after the last couple of years we have had as an industry, this statement could not be more important.

Continue listening or reading and I'll tell you a little about myself, the company and the anniversary gifts we have for you...


⇒ TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:

https://keystonehpd.com/hospitality-property-school-10th-anniversary-300th-episode-celebration-ep-300

Option #2
Sign up for the “Guide to Owning & Operating a Hospitality Property – Successfully” course and SAVE over 75% until Sunday, July 10th.

The regular price is $497.00
Your price during our celebration special is only $120.

https://courses.keystonehospitalitydevelopment.com/course/guide-to-owning-operating-a-hospitality-property-successfully-post-covid-19-300-special/

Option #2
Join the New Hospitality Property School Group Membership Site
And SAVE 50%

Regular monthly price for membership is $49
Yours is $24
https://member.keystonehpd.com/300-anniversary-special/

or

Annual payment
The regular annual price is $490.00
Yours is $245
until midnight Sunday, July 10th Eastern Daylight Time

https://member.keystonehpd.com/300-anniversary-special/

I’m often asked, “What are the benefits of owning a bed and breakfast?”. Stay with me and I’ll share 17 benefits you need to know.

A bed and breakfast is a short-term lodging that offers guests the opportunity to enjoy a home-like setting with a morning breakfast included.

This type of business is normally private family homes, most of which also have their hosts residing on site. Most properties will accommodate guests with a private bedroom and bathroom, while common areas serve coffee, tea, and breakfast.

If you’re thinking about getting involved with this type of business, here are a few benefits of owning a bed and breakfast to check out.

Continue listening or reading and I will list the 17 benefits of owning a bed and breakfast


⇒ TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:
https://keystonehpd.com/17-benefits-of-owning-a-bed-and-breakfast-299

“The Guide to Owning & Operating a Hospitality Property – Successfully” course.
https://KeystoneHPD.com/Course

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-properties-success

Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips

Join one of your private groups
https://keystonehpd.com/private-groups

Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development

Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/ORM-Hu9613I


A Division of Keystone Hospitality Property Development

What does it take to start a bed and breakfast and do you have the necessary traits to be successful?

In this episode, I’ll look at what you need to succeed.

Today's episode is going to be the first in a series over the next few weeks about starting a bed and breakfast.

Most people associate a bed and breakfast with a gentle host or hostess serving guests coffee while they chat about the nearby nature trails.

That’s a wonderful image but, running a bed & breakfast is often hard work, but it can also be rewarding. Owners have to do many things around the property to keep it running smoothly. These range from simple tasks like cleaning rooms and welcoming guests, to more intensive jobs like fitting out one of the rooms with furnishings or preparing a special meal.

Do you have to be an entrepreneur to be a successful bed and breakfast owner?

What is an Entrepreneur?

Entrepreneurs are so much more than business owners, they're the ones who spot a gap in society and come up with ingenious ways of making it right.

A lot of people think an entrepreneur is just someone who really likes starting a business, but in reality, it’s about having an idea that could change the world around you. Entrepreneurs are persistent in their pursuits to fill the needs they see around them. They want to make things better than they are.

Continue listening or reading and I will go over some of the most important personality traits of a bed and breakfast owner...

⇒ TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:

https://keystonehpd.com/starting-a-bed-and-breakfast-2022-298


“The Guide to Owning & Operating a Hospitality Property – Successfully” course.
https://KeystoneHPD.com/Course

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-properties-success


Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips


Join one of your private groups
https://keystonehpd.com/private-groups


Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development


Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/YHma-XU3DGw

A Division of Keystone Hospitality Property Development

Today we have a special treat for you, a great interview with Travis Talbot, a food & beverage specialist, and his right hand Jess Frate.

You don’t want to miss this!

Travis has been on the hospitality industry front lines for decades and crafted a lifestyle allowing him to be the boots on the ground. He observes things others don’t see, connects concepts people don’t think about, and understands nuances others don’t notice.

If you are looking for some fun stories, great observations, and amazing insights you can take and use at your property, you’ll want to listen to this interview.

All that being said, let’s jump into this...

⇒ TO READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:

https://keystonehpd.com/travis-talbot-food-beverage-specialist-interview-297

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-properties-success


Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips


Join one of your private groups
https://keystonehpd.com/private-groups


Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development


Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/f5PpzJfPAD4

A Division of Keystone Hospitality Property Development

It is always exciting to start new things that provide income and you can enjoy doing. If you are ready to meet new people and learn new things starting a vacation rental business can be a way to go and this episode will show you how.

Today’s episode is going to be a little different. It is a guest post written by Courtney Rosenfeld of Gig Spark.

"Courtney started Gig Spark to be a resource and the first step for people who are looking to join the gig economy, either to supplement their income or as a way to fulfill their dreams of becoming an entrepreneur."

Renting out vacation homes to travellers has become an incredibly lucrative business venture in recent years. Since the arrival of websites like Airbnb, homeowners and real estate investors are seeing the value in renting out second homes to people looking for comfortable alternatives to traditional hotel stays. Many entrepreneurs have turned this passive side hustle into a full-time business, and you can too! Here’s what you need to know about starting a vacation rental business of your own.

Continue reading and I will review some key elements to consider before starting a vacation rental business...

⇒ TO READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:

https://keystonehpd.com/starting-a-vacation-rental-business-your-101-guide-296

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-properties-success


Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips


Join one of your private groups
https://keystonehpd.com/private-groups


Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development


Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/ng3NdFLeUXM

A Division of Keystone Hospitality Property Development

Some people preferred to buy an existing bed & breakfast so they could open immediately, others wanted to design their own from scratch.

What’s the best way to go? I’ll discuss the pros & cons.

Whether it is better to buy an existing bed & breakfast or start new is a question I’m often asked. “What are the pros and cons of buying an established B&B versus setting one up from scratch?”

In this episode, I'll cover the pros and cons of both.

Your first consideration has to come down to your personal situation:

• Which will be more expensive?

• What is your time frame?

• Can you afford to wait to start making an income?

• Do you want your own personal take on your property?

• Are you alright taking some risks?

Continue reading and I will go over some of the most important pros and cons of buying an existing bed & breakfast vs. starting one from new...

Continue reading and I will share the results of the survey and how you can benefit...

⇒ TO READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:

https://keystonehpd.com/is-it-better-to-buy-an-existing-bed-breakfast-or-start-it-new-295

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-properties-success


Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips


Join one of your private groups
https://keystonehpd.com/private-groups


Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development


Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/zWPtEZNMY70

A Division of Keystone Hospitality Property Development

For many hospitality properties, room service sales have been a lucrative revenue stream for decades but recent events and competition have cut those profits dramatically.

Here are some facts you need to know.

The development of room service sales

Room service has been a key feature of high-end service since the Waldorf Astoria, in New York, first opened its doors in 1931.

Giving guests the opportunity to order food in their own room was a smart move, but it also had other benefits, such as lower costs and improved room expectations. Since then, room service has become an established service that is available at many hospitality properties worldwide.

In its prime, room service was considered an extravagance, but times have changed, and the quality of room service has been on somewhat of a downward trend since the early 2000s. The rise of app-based delivery services and travellers’ demands for authentic cuisine has normalized the luxury of eating what you want, where you want and when you want. That compared with typically high prices and limited menu offerings attached to in-room dining, this is no surprise.

Properties now have an array of new competitors to contend with who already specialize in food orders. Luxury resorts in remote locations may be more immune as there is less choice for eating out, but as more and more high-end restaurants enter the delivery market, this will also change.

The hospitality property industry has been blindsided by these developments and is struggling to keep pace with the rise of digital technology and the modernization of in-room dining.

Some are adapting by signing deals with delivery services to provide food delivery but what about properties that don’t want to outsource their in-room dining? What can they do to reinvigorate the stale reputation of room service? Let’s look at some data that has been collected by a SuitePad survey (https://www.suitepad.de/en/) and see if the data can help turn your service around.

Continue reading and I will share the results of the survey and how you can benefit...

⇒ TO READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:

https://keystonehpd.com/how-to-enhance-your-room-service-sales-294

Get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
https://keystonehpd.com/how-to-improve-your-hospitality-properties-success


Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips


Join one of your private groups
https://keystonehpd.com/private-groups


Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD

Twitter: https://twitter.com/KeystoneHPD

LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development


Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts


YouTube
https://youtu.be/UA8hlGE4TrY

A Division of Keystone Hospitality Property Development