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Show Me The Money! -- Great Expectations
Other Income Ideas
You should be able to have 4-6% of sales be from the sale of goods (gifts, food products, books). I know one innkeeper who created the equivalent income of one more guestroom from her gift shop. I call that easy money!
Be sure to track income by "department" so you have a clear picture of each business aspect. Analysis is easier and more precise if income is separated (room sales, gift sales, events, rentals). When you are ready to sell your B&B Inn, having your income separated by "department" greatly helps not only your Inn Broker establish a price for you but it also helps a buyer evaluate your inn more carefully. One point I do want to address here is the concept of spreading yourself too thin and of not focusing on your market niche. You want to manage the business, not have it mange you. [This concept is addressed more fully and from different angles in two other e-books -- Marketing -- Standing Out From The Competition and Daily Operations -- The 8-Ring Circus.] What is your primary reason for business? My first thought is it's offering a comfortable overnight stay to your guests. If you are doing too many things, especially if they are labor intensive and not supporting the guest experience, you will exhaust yourself and probably not tend to your guests as well as you "should" -- should in the sense of satisfying their needs so they will return and send their friends and associates. If you don't stay focused on your market niche then you will be sending varied messages, maybe even mixed messages, that will dilute the image of who you are and what guest experience you are offering. [I address this in more detail in my e-book Building A Good Foundation -- So You Don't Find Yourself In A Hole.] A diluted image translates to diluted income, and that's contrary to what you are trying to accomplish here.
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