Winter in cold weather on Manhattan's streets at 17pm 00 at 5 pm. 00 Bed & Breakfast ("B & B") is running. The fact is that it can be real work. Let me taste what you like in the typical B & B owner's life.
Imagine it's Friday, at 20:00. 00 at your favorite B & B. You just finished dining room where your guests recently invested in some kitchen and drinks. Are you tired? It was a long time ago. You are going to do dishes that will take you an hour or more and your phone hangs. This is John Smith, a late-arriving guest who needs to check at 9 o'clock. He tells us there will be no later than 10.
Today at 9 o'clock. 00, you have finished the dishes and now you drain dirty towel in the laundry and collect new towels to replace old ones in the bathroom. This takes another hour. Check your watch. That's 10PM, no John Smith. "Where could he be?" Are you surprised? Check the phone for any message, none. At 22: The phone hangs on 30th. It's John Smith. He is in the garden of the park at 117. It should be about ½ hours. At 11:00 John Smith finally arrives. You check him, show him his room and at 23:00. Hurry up to 20 in your bedroom to hit the sack because you promised early maturing, Julie Murphy, for her new coffee and continental breakfast at 6 pm. If you are happy, at 23:00. 45 goes out of armor and squeezes within just five hours.
Welcome to Bed & Breakfast in the quiet world! Your typical day, but you get an idea. My point is that B & B management is not as easy as you think. It may be all that you think it will be as long as your thoughts are anchored in reality.
Together with your B & B location, your detailed attention can be your B & B's real success or real nightmare. During your B & B's busy season (mainly in May-September, North-East), you always go. Your hours are dictated by your guests' hours. The arrival time may keep you late, and the early awakening may require you to wake up at 5 o'clock.
Frequently asked questions
What does the B & B mean? Overall, the Inn is more than 5 rooms, and the B & B is a bit of a thing.
How do you know if your B & B succeeds? 100 nights a year, with a full capacity, a good year.
Can Live With a Living B & B? In most cases, you need about six rooms to live in. Everything is a little, just an extra income. If the host wants to live in the B & B, they must open the hotel.
What are the biggest B & B hosts issues? Usually it draws attention to the detailed B & B and the last few minutes to cancel or simply show guests.
You should mention your B & B with the Booking Service Agency ("RSA"). If this is your first B & B and you just start up, the answer is the ultimate yes. That is why: Good RSA provides a number of valuable services. First of all, they can do business on your B & B. Many RSAs have provided brochures to the welfare centers in the republic. Some RSAs work with local businesses and special event coordinators. When a potential guest accepts one of these brochures and names RSA, they will present the perspectives of B & Bs that fit their geographical and personal needs. Other advantages to joining the RSA include valuable tips on how to drive B & B. Most RSAs usually come to your B & B to see if it has the right location to accommodate guests.
They usually bring a checklist and pass the test type. Soon you will find the strengths and weaknesses of your B & B. Often this service is provided free of charge as preliminary advice, RSA will do so as to determine if your B & B complies with the minimum standards. This check helps your body with the typical B & B issues. If you pass the test, RSA will be interested in your home listing. Typical operating services that the RSA provides are listed after it includes phones, e-mails / mail requests, displays, and guest-hosted guests. They will send confirmations to the guests who make reservations. Some even send regular informants to guests and help hosts who keep accounting and tax preparation. All these services are certainly worth the price. In general, the RSA's commission will consist of 20-25% of rental income.
How much should they spend one night in one room? Most B & Bs pay a price of at least $ 100 per night. Depending on your geographical location, this amount may be significantly higher or lower.
What kind of expenses / expenses can you expect in your B & B? B & B costs include food, drinks, coffee filters, soap, shampoo, face / toilet tissues, cleaning materials, cleaning aid, washing, new sheets, paint, repair, linen, bedding, towels, fresh flowers, new mattresses, advertising / advertising materials, office supplies, pay / subscriptions, business cards, reading lamps, phone, internet access, your RSA commission, membership fees to local business organizations (ie Chamber of Commerce) utility bills, accounting fees, tax, real estate tax and mortgage rates.
Well run B & B, what kind of bookkeeping or accounting system is needed? B & B can not be complicated for accounting purposes. Your options are hand-held or computer-based. Handheld system can be as simple as checkbook, accordion file and some envelopes. The accordion file should have twelve cups every month. Fill in the envelopes for each of your main expenses in each compartment and place your expenses in each cost envelope. For the costs that do not fit into any category, they include a "different" envelope. At the end of the year, you will organize your expenses on the control sheet that lists the left-hand side costs and columns for each month of support. The amount of one month's account at the expense of your monthly invoices and you will know how much money you have made or how much you have lost. The computer system should be one that is simple to use. I recommend QuickBooks as it is one of the easiest accounting software to learn and use on the market. For a few hours with your accountant, learning QuickBooks can save you more hours of trial and error, without mentioning stress and stress. If you feel that even paying attention to a careful accounting system, use your checkbook as an accounting system. Make sure that each of you is spent on your checkbook or a certain credit card is used only for business purchases if you have not received a good receipt.
I need to organize my B & B as a Private Entrepreneurship, Partnership, Corporation or LLC.
It is not an easy question to answer. Before you reach that answer, let me touch how the B & B belongs. I would recommend that the B & B personally belong. The reason is that there are tax benefits that are personally owned by the "B & B". A large tax privilege is the exclusion of personalized earnings of $ 500,000 ($ 250,000 per taxpayer) in your personal B & B residence. Another reason is that this direct ownership benefits the B & B's sales tax advantage by using such good exchange that allows the seller to sell B & B sales to any tax on profit until such kind property (real estate) is acquired within six months of the date of sale of the B & B. With the immediate owner's structure, you can rent a B & B to a legal entity that will engage in business. In no event will I run the B & B business as the sole owner because the only owner has an unlimited liability.
My first choice will be the corporation where a choice has been made. S Corporation offers the best limited liability protection, even better than the LLC or partnership. That is why: Your liability in a limited liability company is limited to a case of negligence, but only if you have not personally caused negligence or injury (ie the employee is responsible for negligence or injury and you have not corrected the employee to do so action). If you have something in the act of immorality, you and all your personal assets can be jeopardized. As a partner in the partnership, you can personally account for any negligence or injury, even if the employee is responsible. Corporations only risk the corporate assets. Your personal assets are safe. Corporate responsibility personal responsibility requires "piercing the corporate veil", which is very difficult to do, given the long history of the rule of law in the corporate situation. S's net income or net loss and certain other taxable items will be sent to your personal income tax return, as S Corporation is a transitional organization.