Make no mistake about it, if you are living in Ontario and you want to make money passively, one of the best ways to do this is to turn your home into a bed and breakfast.
Now, for the longest time, this was very hard to do because you have to know people. At the very least, you have to know people who know people who know people. In other words, you have to be plugged into the greater tourism industry for this idea to even make sense.
Well, fast forward to today and you no longer have to know anybody. In fact, you can be a complete and total stranger and still make money through your own bed and breakfast.
How does this work? Well, you can buy a small space in Ontario. Make sure that it looks good. Make sure that it has the proper accommodations and features. Once you’ve done this, you can then take out an ad with Airbnb.
People from all over the world beat a path to Ontario all day, every day. Ontario is one of the hottest tourist spots in all of Canada. I know it looks pretty plain at some level or another, but it is actually quite popular with the travel set.
Now, not all people want to stay in 4-star or 5-star hotels. Not all people would want to stay at hostels either.
A lot of people would prefer something that looks and feels like home. A lot of people would rather deal with something that seems familiar to them. This is where bed and breakfasts come in.
Sounds good so far, right? In fact, if you play your cards right, you bed and breakfast can be a self liquidating asset.
Yes, you heard that correctly. When you take out a loan and you pay, let’s say 2,000 Canadian dollars every month, when you set up your bed and breakfast correctly, not only will the unit pay for itself in terms of rentals, but you might have a few extra Canadian dollars left over. What’s not to love, right?
Well, I know you’re excited right now. I know you’re probably thinking of jumping in with both feet and getting into this, but the problem is, if you do that, you might do things the wrong way.
You see, the way to properly open an Ontario bed and breakfast is to first get a clear understanding of what the customer would be looking for. That’s the bottom line.
Because you’re operating in a market. You’re giving out a service. And whenever there’s competition, the market will prefer things that are cheaper and better.
I’m not talking about cheaper or better. These are joined at the hip. It has to be cheap and good.
I know that sounds crazy. In fact, it might even seem unreasonable and unrealistic, but that’s how market dynamics work.
And until and unless you figure out how to give the best creature comforts to your potential tenants, your idea is probably dead in the water. This is why it’s a good idea to really get into the mind of the typical bed and breakfast renter in the greater Ontario area.
Here’s a clue. A lot of people do not like taking cold showers. This is enough of a hassle if you live in Hawaii and other warm places like Southern California and Florida, much less frigid places like Ontario. Forget about freezing showers.
Unfortunately, a lot of bed and breakfast operators are completely blind to this. This has totally escaped them and that’s why they did not do their homework and offer the very best Ecosmart tankless water heaters in the their rented units.
What do you think happens? Well, it only takes one really harsh cold shower for your renter to get the idea in his or her head that they’re not going to rent from you again.
It seems like it’s pretty basic, but unfortunately, a lot of people are blind to this and they continue to struggle. Little do they know that doing basic homework as far as their customer base is concerned could have saved their business.
So do yourself a big favor, if you’re really serious about putting up your own bed and breakfast, get into the shoes of your prospective tenants. Understand what they’re looking for. Understand what they’re in the market for. Understand what they think that they deserve so you can give them the experience they’re looking for.
If you’re able to do this, not only would these people come back again and again, but they probably will tell their friends and family members regarding how awesome and cheap your bed and breakfast is. That’s how the game is played.