Plan to spend as much as $40,000 for the renovation of each room if you own your own home and are opening an inn there. This expense depends on how elaborate you want to make your renovated rooms and the expense of the furnishings. Renovations usually can't be done below $10,000 for each room.
Set aside at least $70,000 for each room if you plan to buy a home and convert it into an inn. It'll depend on construction prices where you live and how much renovation needs to be done in your new home.
Hire reliable replacements to work your inn in the event you get sick or want some vacation time. Expect to pay them at least minimum wage if not more since they'll have to fill in your duties at inopportune times.
Interview at least a few other potential employees who should work in your inn. These should be cooks, room cleaners and even a gofer if you want to go that far. They're all necessary to keep up with demanding customers staying in your inn. Don't try to handle these all yourself.
Make sure your inn is near a thriving vacation spot or popular tourist attraction. It gives you the advantage in tourists seeking out your inn over another that might be in a far-off place. Inns can't be opened just anywhere.
Open your inn with at least four rooms to accommodate as many tourists as possible. According to the Professional Association of Innkeepers, you can't really be profitable without at least four rooms. Eleven rooms are the largest average nationally, and six rooms are the national average.
Charge approximately $150 for a room per night, though that can be slightly lowered, depending on your amenities. Most of the best inns provide many complementary amenities to please customers, so $150 a night would be fair.
Offer tours of the local area to the tourists staying in your inn. Especially for international tourists, going out of your way to show them around town on your own time will leave an indelible mark on your business.
Filter your capital into offering typical inn amenities, such as in-room Internet access, magazines, complementary snacks, fireplaces, jetted tubs and TVs. Other extras can include a daily newspaper, board games, robes and high-quality toiletries. Luxury beds and linens are a must.
Market your inn by first advertising through the simpler process of listing in the Yellow Pages, your local newspaper or via a local travel agency. Be prepared to pay at least 25 percent of the bill to advertise with a travel agency.
Advertise in more extensive places like travel magazines or other travel publications. You can query specific ones to request advertising rates. Consider, also, getting your inn mentioned on local TV shows if not national shows. However, if you go out of your way to please your customers, word of mouth will guarantee more business.
