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 9:30

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

¨      Market trends

9:30 to 11:00

Acquiring your B&B

¨      Defining goals

¨      Buy or build?

¨      Turnkey VS modified turnkey

¨      Purchase price analysis and ratios

¨      Financing options

11:00 to 12:30

Group Assignment

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

12:30 to 2:00

Start-up and operations

¨      Decorating and design

¨      Furnishings and supplies needed

¨      Breakfast options

¨      Corporate guests

¨      Lunch and dinner options

¨      Café, tea room and restaurant

¨      Kitchen set-up

2:00 to 3:00

Team challenge 2 – Setting guest policies

3:00 to 6:00

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 10:00

Legal and regulations

Business structure

¨      Corporate, C and sub chapter S

¨      LLC

¨      Proprietorship and partnership

10:00 to 12:00

Marketing

¨      Definition of marketing

¨      The “four Ps”

¨      Advertising, what works and what doesn’t

¨      Keys to great website design

¨      Competitor analysis

12:00 to 1:00

Lunch

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

2:00 to 3:00

Staffing and front office

¨      Identifying and finding staff

¨      What is an independent contractor?

¨      Registration of guests

¨      Credit card processing

¨      Check-in and check-out

¨      Telephone tips

3:00 to 5:00

Income and expense

¨      Sources of income other than rooms

¨      Expense projections

¨      Industry averages and costs to expect

¨      Preparing the income statement

¨      Preparing the budget

5:00 to 5:30

Wrap-up

Session summary

Evaluations

Q&A