I have just paid a visit to one of our clients in Beaufort, SC. They decided to do a startup B&B and not buy an existing business.
If you have ever heard our founder Bill Oates (“the guru of the Inn business”) speak about this topic, you will know that he is usually not in favor of doing a startup. There are just too many pitfalls and obstacles to manage, and I agree: Is the area market viable, what is the competition, is the business seasonal? In short, viability is projected with few concrete facts to work on. Financing is more complicated, with a higher percentage of cash needed than when purchasing an established property...
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Source: Inn Consulting Partners