A bed-and-breakfast business can be a profitable enterprise but there are some important decisions to make and things to do to ensure that your new venture is on the road to success. It is a good idea to learn more about any licenses and permits and furniture and equipment you will need, etc. Obviously, if you need a business loan, it is important to have a detailed business plan.

Things to Consider

Think of details such as security and safety, shared or private baths, guest rooms, etc. For guest rooms, there is plenty of choice when it comes to types of beds, including waterbeds, king, queen, double, and single beds. It all depends on capacity, size, potential customers, location, and other factors. Check whether the floor is warm enough and make sure you have enough linen for periods when your B&B is at full capacity.

Permits and Licenses

The types of permits and licenses you need vary from one location to another. In Vancouver, for example, bed-and-breakfast businesses pay a Development and Building permit fee. You are also limited to a maximum of 4 guests and 2 bedrooms.

Equipment and Supplies

As a B&B businesses, you will need equipment, utensils, and supplies such as linen, towels, lighting, furniture, safe deposit boxes, coffee kettles, etc. The list of equipment and supplies also includes things like hair dryers, trash cans, disposable hotel amenities, laundry supplies, kitchen appliances and cookware sets, and so on.

Choice of Location and Factors That Play a Role

Location is very important for your bed-and-breakfast business. Consider factors such as foot traffic, subway and road accessibility, road and public service infrastructure, and access to tourism sites, landmarks, and places of interest. Other factors to take into account include permits, land costs, construction materials, competitors in the area, and where visitors come from.

Business Plan

Whether applying for a government-sponsored loan or a loan from a private provider, it always pays to have a detailed business plan. This is a way to convince financial institutions that you really want to make things work and put every effort to this end. A business plan normally consists of different sections on your company structure, products or services, competitors, market, and so on. The section on potential customers (customer analysis), for example, includes details such as behavioral analysis and socio-economic, demographic, and geographic factors. It is also a good idea to include competitive and industry analysis, including current market and industry trends, competitors’ market share, weaknesses, and strengths. Basically, what you offer is a SWAT analysis. You may want to include a section with your strategic plan and details such as revenue management, distribution, and marketing. Your operations plan covers things like staff experience and background, responsibilities and job descriptions, suppliers, service standards, and so on.

Types of Financing

With a good business plan on your hands, it is time to look for financing with affordable rates. The Canada Small Business Financing Program is always a good place to start your search, and many finance companies, credit unions, and banks participate in the program. The list is long and includes major players such as Scotiabank, Gulf and Fraser Fishermen’s Credit Union, Bank of Montreal, Vancity Capital, and many others. Financing under the program comes with lower than average rates. A second option is to apply for a secured or unsecured business loan through a local or big bank or another financial establishment. A secured loan, for example, is a better option if you need a larger loan with a long repayment period and a lower interest rate. To this, banks require that borrowers pledge a valuable asset, which can be equipment, land, or anything else. Financial institutions also offer mortgage loans and in this case, your bed-and-breakfast place can serve as collateral. Other products to look into include business lines of credit, credit cards, start-up loans, and more.

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Hospitality and tourism services in British Columbia offer entertainment and recreation, food and beverages, accommodation, and plenty more.

Accommodation

There are different types of hotels and hostels in British Columbia, depending on level, function, location, and size. Visitors can choose from condominium and timeshare hotels, suite, resort, and extended-stay hotels, boutique and business hotels, and convention and conference centres. Bed and breakfast places also offer accommodation. Hotels offer different amenities, including tennis, spa, golf, childcare, shuttle service, and others.

Founded back in 1917, The BC Hotel Association has close to 200 associate members and 600 hotel members. The association works with the regulatory authorities, provincial governments, and federal government to support members. Focus areas include consumer services, employment, marketing, tourism, and taxation.

Food and Beverages

A host of food and beverage services operate in British Columbia, including quick-service restaurants, catering and drinking establishments, casual and fine dining restaurants, and others. Quick-service restaurants, for example, offer fast food and are often found in high-traffic locations. Fast-food restaurants include places such as Tim Hortons, Five Guys, Hungry Guys Kitchen, Meat & Bread, and many others. Chain operators are represented by names such as The Old Spaghetti Company, Boston Pizza, Ricky’s All Day Grill, and White Spot. There are also ethnic restaurants, including French, Middle Eastern, Danish, Mediterranean, and many others. Some offer modified food while others feature authentic food and cuisine.

The catering sector is well-developed in British Columbia and includes festival food coordinators, conference hotels and centres, catering companies, and others. Drinking establishments also abound, including pubs, nightclubs, cabarets, wine bars, and bars. Establishments that sell alcohol are required to obtain a license, including places such as theatres, stadiums, and bars. The BC Liquor Control and Licensing Act was enacted to minimize health hazards and ensure public safety.

Entertainment and Recreation

The entertainment and recreation sector encompasses businesses that offer boat tours, scuba diving, wildlife viewing, sea kayaking, river rafting, and more. Different associations operate in British Columbia, including the BC River Outfitters Association, Dive Industry Association, Commercial Bear Viewing Association, and others.

Entertainment services focus on special and major events, conventions and meetings, festivals, and local events such as barbeques, celebrations, and fundraising events. They operate in different locations and venues, including non-traditional and traditional. Venues include galleries, museums, aquariums, beach locations, resorts and hotels, and others. Tourism operators cater to domestic and international travelers and offer trips and tours to different places of interest and attractions. Amusement attractions, for example, include places such as water, theme, and amusement parks. Many operators offer trips to heritage attractions, including conservation areas, nature parks, botanical gardens, natural wonders, and others. The performing arts sector is also well-developed in British Columbia and encompasses musical groups, dance companies, theatres, etc. The majority of performing arts companies in BC are companies with up to 3 – 4 employees. Other operators specialize in wine tourism, culinary tourism, sports events, agri-tourism, adventure tours, etc.

The travel industry encompasses players such as tour operators, online travel agencies, and travel agencies. They specialize in different types of travel – cruise, rail, outdoor adventures, and others. Sightseeing tours are offered by different operators in British Columbia, among which Whistler Adventure Passport, Revelstoke Horse Backyard Adventures, Canadian Craft Tours, and many others. Operators offer flightseeing adventures, cruise vacations and packages, motorcoach tours, wildlife tours, whale watching, and plenty more.

HelloBC

HelloBC is British Columbia’s official travel service and website to find information on transportation, entertainment, tours and sightseeing, and culture, history, and arts. Visitors are offered information about BC’s geography, weather and climate, history, and culture.