I have to admit I've often looked online at real estate and wondered if it would be possible to jump on the income property bandwagon. In this episode, Beth hits the nail on the head when she says often times people want to be the "hostess with the mostess." I love having people over to our house, I love making appetizers and finding in-season plates, napkins and cutlery to match. The issue is, my bestie lives 765 miles from me and outside of her, I have no friends. But back to the Bed and Breakfast.
I was really excited for this interview because as I said I find the industry intriguing. I have clients who are real estate agents and hard money lenders so I'm well-versed in the buying, selling and financing processes but haven't ever talked with a bed and breakfast owner. The three things that surprised me the most and maybe they surprised you too, were:
1. How far the top sheet on the bed is turned down is actually mandated. I kind of want to take a tape measure with me to the next hotel or short term rental I visit just to see how many people actually comply with this!
2. This line of work can actually be isolating. Guests show up and whether they are there to relax or have a full agenda, neither likely include making friends with the host.
3. Even priests swear.
As a business owner myself some of the things that didn't surprise me and that I hope people listeners are just starting out or, want to own a business some day, prepare for are: (You'll hear me talk a lot about repeating themes as my interviews go on and many of these are just those.)
Owning a business:
Can be vulnerable - you're putting yourself out there for the world to critique you
Means you wear a lot of different hats and spend more time on things unrelated to the reasons you started the business in the first place
Takes time to generate customers and revenue
Usually has an eb and flow or, seasons of high sales and low sales, especially for those businesses who live in an area where climate may impact their industry
Lastly, Beth and the next at least two guests, will give much credit to having a great mentor. I currently have my eyes and ears open for one myself!
I hope you enjoyed episode 4. In episode 5, I interview an inspiring, former Reality show produce, turned entrepreneur, also named Beth! Stay tuned.