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Business Plan Outline

A well-researched and well-documented

bed and breakfast business plan

is an important element in securing financing for your inn. Even if you are not in need of financing, developing a business plan will help you determine the feasibility of financial success of your inn, identify your market and develop a marketing strategy, map out financial goals, and analyze your competition. Below you will find a basic outline for a bed and breakfast business plan to get you started.
  1. Cover letter
    concept/objectives/conclusion of feasibility study/proposed plan of action. Request for review and financing.

  2. Business description
    proposed or existing/how will the inn be differentiated from other lodging?/why would anyone stay with me?/Sunday-Thursday/targeted market segments.

  3. Market analysis
    where do you want to put it?/collect area historical economic data/present/future, what is its health?

  4. Size analysis
    determine size that fits your economic and lifestyle goals.

  5. Competitive analysis
    refine #3 to focus on your competitors/determine number of competitive rooms/rates/occupancies/contribution of market segments.

  6. Supply & Demand analysis
    calculate area wide occupancy & average daily rate/determine market segments & objectives/forecast future room requirements/market effect of adding new rooms/estimate your inn's occupancy & average daily rate for 1st, 2nd, & 3rd years.

  7. Proforma Operating Statement
    produce sample for stable 3rd year with percentages as reference.

  8. 3 - 5 Year Proforma
    show conservative, intermediate, and optimistic projections of your inn's revenue and expenses.

  9. Proforma Cash Flow
    calculate the initial 24 months of operations (or until the inn breaks even) by month to reflect cash flow requirements.

  10. Marketing Plan
    develop marketing positioning, strategy, and tactics for pre-opening and start up years/determine budget and include in cash flow requirements.

  11. Management Background Data
    resume of each owner.

  12. Loan request
    define needs/terms required.

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