Working for a vacation rental company has been very eye opening.
Questions I didn’t even think about have come to the forefront. (yay! My goal to move to Alaska and learn and get a feel for what running a B&B would really be like is working!)
One thing I remember talking to my dad about when I was first exploring this idea of running a Bed & Breakfast was my concern over not being able to do all the things I would need to. The finance side came up very specifically. I don’t have the background or passion for bookkeeping needed to take care of all that side of running a business. My dad reminded me that there are plenty of people I could hire to do that for me.
The host I stayed with outside of Minneapolis told me the same thing about cleaning: You don’t get into the business of running a B&B to clean toilets. Hire someone else to do that, but know there will be days when you will need to clean the toilets for one reason or another.
One aspect I didn’t even consider before working for a vacation rental company is the marketing and booking side.
Questions to consider:
- Do I want to have my own website? Or use existing companies/ platforms? Or both?
- What percentage of my time do I want to devote to marketing and booking?
- How much control do I want over my calendar and marketing?
- How much profit am I willing to share for marketing/ booking services?
Speaking of the finances, here are a few things that have come up in discussions with my boss:
- Postage to send confirmation and trip information to guests and hosts adds up quickly
- Fees for processing credit card payments are high – and most deposits are run during the slow time of year = significant expense during a time of little revenue
- How often you eat the cost of mistakes such as double bookings; unhappy customers; cleaning and damage expenses
- Planning for the “unexpected” expenses of replacing broken beds or appliances blown out in electrical surges
