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#Post#: 693--------------------------------------------------
New Members Introduction
By: TheBehrs Date: October 28, 2024, 6:33 pm
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Hello everyone!
We’re a couple from Ontario, both approaching 40, child-free,
both with over a decade of management experience in the
restaurant industry. After years of city life and managing other
people’s businesses, we’re ready for a change and are
considering opening our own inn or BnB, which was always a dream
of ours.
We’re eager to tap into the collective wisdom of this community
and would love to hear from anyone who has made a similar
transition. We’re particularly interested in advice on planning,
funding, and any insights into the Canadian market.
Looking forward to connecting with fellow members and sharing
this exciting journey!
#Post#: 694--------------------------------------------------
Re: New Members Introduction
By: Thebeachhouse Date: October 29, 2024, 7:45 am
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Nice to meet you and best of luck to you!
We are retiring in 5 days after 11 years of running a B&B. We
have a small apartment in the back of a 9 bedroom large home in
New England. We rent 5 rooms. It supports our house and
modest lifestyle.
Advice? Buy an existing inn if possible. Have private space
where guests never go. No one wants to share a bathroom!
Details matter. People notice. Schedule vacation time.
Enjoy the forum. Let us know when your plans begin to come
together.
#Post#: 695--------------------------------------------------
Re: New Members Introduction
By: JimBoone Date: October 29, 2024, 9:46 am
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Welcome, I'm the odd kid here, 8 room motel, get to enjoy the
guests without the hassle of cooking. We started in our late
40's. Background in managing movie theatres and other people
type business, none in lodging, learned as we went. 80's now,
why would I retire, still like the people.
For me, planning was a desire to make a change and live in our
vacation area. Funding, borrowed about 40% against property we
owned, sold a house for about 20% of the purchase cost, financed
the other 40% with the owner of the motel. The little motel was,
let's say tired, it took a while to create our vision.
Everyone's goals are different, my goal was to make a life
living in our vacation area, not rich, but happy. I held an
outside job until after retirement age. These days our daughter
and husband do most of the physical work, I still get to enjoy
the guests.
#Post#: 696--------------------------------------------------
Re: New Members Introduction
By: Generic Date: October 29, 2024, 11:29 am
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Welcome
One word of advice, tax wise... the first $30K is GST/HST free,
but you can figure out what your price will be... tax-in and
charge that rate and make a little extra for that first year.
You can change the rate to tax extra the next year, after you
pass that mark. We thought we would get away with it in the
first year... by October, we were cooked and had to start
collecting and remitting all taxes.
Frozen concentrated OJ is now only made by one company, in
Canada. Find out who has it cheapest and buy a bunch so you
don't have to run out buying it all the time. For us, it was
Blablah's Wholesale Club... and we buy NOTHING else from them,
because the Cost Warehouse Business centre is cheaper for almost
everything else. For eggs, check your flyers. Bagged yogurt is a
wonder. If you are small, consider a Saeco commercial Fully
Automatic Espresso maker. The low end unit is about $1.5K and
will take beans and make cappuccino, coffee, and hot water. If
you are larger, consider making pots of coffee or French Press.
#Post#: 697--------------------------------------------------
Re: New Members Introduction
By: gillumhouse Date: October 29, 2024, 6:38 pm
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Since I am in USA I have nothing to contribute re Canadian. But
I do say WELCOME!
#Post#: 698--------------------------------------------------
Re: New Members Introduction
By: Arks Date: October 29, 2024, 6:39 pm
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[quote author=TheBehrs link=topic=119.msg693#msg693
date=1730158439]
We’re eager to tap into the collective wisdom of this
community...
[/quote]
Welcome, and ask away! There are hundreds of years of collective
experience here!
#Post#: 702--------------------------------------------------
Re: New Members Introduction
By: judy.bickford Date: October 31, 2024, 7:52 am
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Welcome!
We’re ex-Ontarians living in Newfoundland now and operating a
four room B&B on the Avalon peninsula. We’re coming to the close
of season 11 and next year will be our last. This forum has been
invaluable for advice when we first opened and I’m glad to have
found the group again. Federal tax laws apply across the board
but provinces have their own regulations so try to find a local
tourism group that can give you some advice on that. But, I’d be
happy to help if you have any questions.
#Post#: 708--------------------------------------------------
Re: New Members Introduction
By: judy.bickford Date: November 2, 2024, 4:43 pm
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And find an accountant that has dealt with B&B’s before. We
found a good one five years ago and I wish we had him from the
start. He made so much of a difference with our taxes. Plus, he
was an auditor for our regional business development group when
it came to government grants and loans. So he made sure
everything was on the up and up in our filings. He told us he
didn’t see any grey areas only black or white. We have always
appreciated his honesty and it’s a good feeling to be able to
sleep at night.
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