I have never considered of starting a B&B business. If someone is interested in starting a new business and explore the worlds of tourism and hospitality, they should consider starting a bed and breakfast business. (B&B)
The Bed and Breakfast Association reckons the UK’s bed and breakfasts (B&Bs) generate some £2 billion a year in revenue, helping the B&B industry to overtake budget hotels in terms of income.
Tourism is one of the UK’s healthiest and most lucrative commercial industries. According to Visit Britain , the UK’s tourism sector will be worth over £257 billion by 2025 – which is just under 10% of the UK’s total income and will support almost 3.8 million jobs across the country. But you don’t need to join a multinational hotel chain or set up an amusement park to capitalise on the UK’s booming tourist footfall. All it takes is a couple of spare rooms.
So, why are B&Bs making more money when compared with established hotels? Simply put, customers prefer them. According to researchers at TripAdvisor, UK B&Bs are rated 8.8% higher for quality than hotels and bearing in mind that bed and breakfasts tend to provide a far more basic range of services, B&B owners stand to gain a far higher profit margin. After running costs, B&B owners say it’s fairly easy to make a profit margin of up to 60%.