Denver is popularly known as "The Mile-High City," "Queen City of the Plains," and "Capital of the Rocky Mountain Empire.
".
Energy, mining, and telecommunication industries are major sources of its economy.
A bed and breakfast business is hard work, with workdays turning out to be 14 to 16 hours doing menial chores.
The occupancy rate of rooms ranges between 10% and 15% during the first year.
But with hard work and good management, a bed and breakfast business in Denver could have a great return on investment.
How to Start a Bed And Breakfast Business: The hospitality business can be exhaustive and physically tiring.
It is therefore crucial to estimate and analyze if you are a good candidate to operate a bed and breakfast.
It will be necessary to decide if you will operate a B&B Home stay, which is primarily a private residence which has 4 to 5 bedrooms for guests, or a B&B Inn, which offers 4 to 20 bedrooms for guests.
Select an ideal location and lease the home after consulting your attorney.
Hire his services to guide you regarding the licenses and permits that are necessary.
Apply for adequate insurance coverage after comparing prices offered by different agents.
Develop a business plan and carefully implement it.
It will help make clear your target goals and the strategies you will use to achieve them within a timeframe.
Make sure you estimate start-up costs accurately and have arranged for the finances.
It will be necessary to name your bed and breakfast and develop brand identity as well as a logo to be used in all equipments and supplies.
Carefully estimate the guest turnover as well as the room occupancy rate.
Use cash flow forecasts.
Decide on the services you will offer, such as room service, laundry, guided tours, transportation, and catering extra meals for those who desire it.
Analyze the competition and fix your charges based on what they charge.
If you offer better services, be sure to charge extra.
Buy the equipment, supplies, materials, tools, and furniture after comparing prices from different vendors.
Make sure they are aesthetic and attractive, making the stay in your B&B an enjoyable experience and making them want to return.
Hire necessary help as deemed fit and make sure their uniform is appropriate.
Check their credentials, as you will not want to regret hiring without verifying their details at some point in the future.
Treat your customers right, smile, and be patient.
Nothing beats word-of-mouth publicity.
Work out deals with the local tour operators and make sure your brochure is available with tourist offices and tour operators.
Be organized and keep accounts carefully.
If required, you could use the services and products available to help new entrepreneurs succeed.
A B&B can be a very rewarding business if it is managed well.