Friday

3:00 to 6:00

Check-in

6:00 to 7:00

Welcome reception

Saturday

8:00 to 9:00

Breakfast

9:00 to 9:45

Introduction, conduct of the session

¨      An analysis of the B&B market today

¨      Differences between a B&B and Inn

¨      Where most B&Bs are located and why

¨      The Midwest market

¨      Income and job opportunities

¨      B&Bs a bright future

9:45 to 11:00

Acquiring your dream B&B

¨      Defining your goals

¨      Buy or build?

¨      Turnkey VS modified turnkey

¨      Purchase price analysis and ratios

¨      Financing options

Business structure

¨      Corporate, C and sub chapter S

¨      LLC

¨      Proprietorship and partnership

Legal issues and regulation

12:00 to 1:30

Lunch

Team challenge 1 - Do you have what it takes to run a B&B?

¨      Taking the B&B personality test

¨      Grading the test and team presentations of findings

1:30 to 3:00

Start-up and operations

¨      The keys to decorating and design

¨      Furnishings and supplies needed

¨      Creative breakfast options

¨      Corporate guests and services

¨      Lunch and dinner opportunities

¨      Café, tea room and restaurant

¨      The efficient kitchen

3:00 to 3:45

Team challenge 2 – Setting guest policies

3:45 to 5:00

Staffing and front office

¨      Identifying and finding staff

¨      The importance of independent contractors

¨      3 Step guest registration

¨      Credit card processing

¨      Check-in and check-out

¨      Telephone tips

Business plan basics

¨      Components of a business plan

¨      Resources

¨      Market analysis  

6:30 to --

Group dinner, networking and Q&A

Sunday

8:00 to 9:00

Breakfast

9:00 to 12:00

Marketing

¨      Definition of marketing

¨      The “four Ps”

¨      Advertising, what works and what doesn’t

¨      Keys to a great website design

¨      Preparing your competitor analysis

12:00 to 2:00

Lunch

Team challenge 3 – Create your image/logo and describe how it will be incorporated into your overall marketing program

2:00 to 4:00

Income and expense

¨      Sources of income other than rooms

¨      Expense projections

¨      Industry averages and costs to expect

¨      Preparing the income statement

¨      Preparing the budget

4:00 to 5:00

Wrap-up

Session summary

Evaluations

Q&A