Business Planning for your Bed & Breakfast
|There isn’t a one-size-fits-all formula to write a business plan but there are some key things you should consider. Our template will help you think about your bed and breakfast business and your plans for the future. As you work through the template there will be a number of suggestions for you to consider although not all will apply to your business. It is important to remember that you should revisit and update your business plan frequently - it is a work in progress and will develop as your business develops.||
- Review your vision and mission (or purpose), or write one if you don’t have one, and incorporate sustainability.
- Be clear and focused about what you want to achieve.
- Keep it short, simple and easy to understand.
- Keep your goals realistic and relevant to what is going on in the economy and in your industry. What level you wish to take your business to? Are you happy to simply take the bookings that come to you? Do you only wish to open during the peak season? Do you wish to run your business year round?
- Visit Tourism New Zealand to get useful tourism data - https://www.tourismnewzealand.com/markets-stats/
- Speak and / or visit other bed and breakfast properties to gain understanding of how your business will work.
- Do a SWOT analysis to determine your strengths, weaknesses, opportunities and threats.
- Ask your advisor or mentor to review your plan and give you feedback and suggested improvements. Our Board Members are more than happy to help you.