The Victoria Bed & Breakfast business plan contains lots of helpful information for those interested in opening a hospitality service business. Testimonials are a good addition to any business plan, specifically regarding the business itself the product or the owners. The Letter of Support found at the end of this plan is an example of an effective testimonial.
Victoria Bed & Breakfast is a limited liability company seeking a $160, 000 portfolio mortgage loan to finance the purchase of the residence located at 825 N. Watson, Munising, Michigan. This house, currently a duplex, will be converted to a single family residential structure and bed and breakfast establishment. The owners will be contributing $100, 000 of their own money as a down payment toward the purchase price of $260, 000 and will be paying closing costs. The house will serve as collateral for the mortgage.
In addition, James and Alexandria Wolfsted will be seeking a $85, 000 construction draw to cover start-up costs of the bed and breakfast conversion. The owners have already invested $6, 670 in start-up costs.
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The owners have formed a Limited Liability Company named Victoria Bed & Breakfast to operate a bed and breakfast home. The home will be converted from a 6 bedroom duplex to 4 bedrooms with private baths and working fireplaces. Victoria will be the owners' private residence and take in guests 365 days a year commencing in August of 1996.
This business is unique in that the business expenses include the owners' mortgage, property taxes, home insurance, and household expenses. For that reason James and Alexandria's income are included in the cash flow chart. James will continue working at the Michigan Department of Environmental Quality and Alexandria will continue to work part-time until the inn-keeping business reaches 40% occupancy. Not shown is additional annual income of $26, 000 in benefits such as medical, dental, and life insurance, vacation time, deferred compensation and pension received from James' primary occupation.
The Victoria Bed & Breakfast is located near downtown Munising in the heart of the historic district at 825 N. Watson. As hosts, Alexandria and James Wolfsted offer warm hospitality, friendship and a knowledge of the area, along with detailed maps of waterfalls and other local scenery.
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Victoria is surrounded by other historic homes and buildings. Taking a stroll east down the hill, guests will see the Maritime Museum, the beach and bike path at McCarty's Cove. Walk a few blocks west to find the Munising Historic Museum, Tom Peters Public Library, the downtown shopping area or village shopping area. Within walking distance are two fine restaurants, the Cradle Saloon and Cappucino Cafe. Both the university and hospital are just a mile away.
Victoria will be furnished in an eclectic style from the stained glass windows and original shutters and wood floors to the personal tastes of the owners which include historic and modern art. Well-known Munising artist, Carol Smith, will assist in the interior design of the house. But most important will be the efforts towards comfort and non-intimidating surroundings. Breakfast will be served around an antique round oak table in front of one of the house's seven fireplaces. For those guests wanting privacy, there is a southern exposure breakfast nook off the kitchen, encased in glass overlooking the lower harbor. An early breakfast in the nook will include a spectacular view of the sunrise and the early morning fishermen and women piloting their boats away from the lower harbor and marina. On weekdays, breakfast will be between 7:00 to 9:00 AM, consisting of homemade breads, orange juice, fruit smoothies (strawberries, banana and yogurt blended), cereals, and granola. Weekend breakfast will be served between 8:00 and 10:00 AM and consist of the weekday menu plus breakfast casseroles, French toast, and pancakes using locally made bread, syrup and sausage.
In the late afternoon guests are invited to the common room for socializing with refreshments of gourmet flavored coffee, ice tea, cheese, fruit and homemade breads before going out to dinner. The bookcases on each side of the fireplace hold an extensive library collection handed down through the Wolfsted family for guests to browse through. Current magazines such as Michigan Natural Resources and Martha Stewart Living are also available to read either in the common room or in the guest rooms. The never-ending 1, 000 piece puzzle on the corner table and a bridge table for chess, cribbage or even bridge are set-up for those occasional rainy days. We provide old movie videos and video store passes for viewing with others or in the privacy of guest rooms.
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Quiet and relaxation can also be found on the back porch off of the kitchen. In the summer guests could watch the Wednesday evening regattas on the Superior Harbor. Or they might choose to sit in a rocking chair on the front porch looking over a well-kept garden of flowers and herbs.
There will be four guest rooms to choose from on the second floor, two facing the lake and two with quaint alcove nooks. An elevator is available that goes from the basement to the second floor. Each room is in its own corner of the house far from the next room, assuring privacy and quiet. Television/VCR, CD player and telephones will be available upon request for each room. Prices range from $85.00 a night to $125.00. The Lakeside room is inspired by local carpenter Jack Kozlowski, who will be making the bed and cedar chest of Lakeside pine and will be equipped with a modem for the business traveler.
We hope to give people, for their short stay here, a sense of a few of Munising's jewels — its beautiful lake, its history and the people. On the first floor in our formal dining room with its beautiful wood floor, elegant wood mantle fireplace and large bay windows, we will be exhibiting the work of well-known local artists as well as university students. In the second year of operation, this room will be converted into a handicap accessible guest room.
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According to a 1994 national survey and a 1988 Michigan survey of B&B guests, the typical inn guest is, …the business-person's dream customer: affluent, well-educated, a stable member of the community, still young enough to be a guest for many years to come…
Our luxury room rates compare with local hotels, such as Stay Rest Inn, Cottage Inn and the Lakeland Inn. More important, as noted in the marketing statistics, people stay in B&Bs for the personal touch. As long as we have a high-tech world we will have a need for the quiet, relaxing, down to earth setting a bed and breakfast offers. Two B&Bs are operating now in the Munising area and a new inn is planned.
The Harbor Place is located on a busy highway in a commercial district with high visibility. It has 4 guest rooms; 2 being shared baths. This is the owners' second home. They live in town and hire an innkeeper. They are in their first year of operation. Victoria also has high visibility, being located in the historic district where bus, carriage and walking tours are frequent in the summer.
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Applewood B&B is a contemporary 60's home located in a subdivision in Sands township without restaurants or shopping nearby. They have 4 guest rooms and have recently renovated for each to have private baths. Being outside of town, they may appeal to guests for snowmobiling and skiing more than Victoria, which would cater to those wanting the feel of the city and being close to restaurants, shopping and events.
It is too early to assess competition from Evelyn's Place. The location is great, but it is still a high rise, high industry operation.
We have heard from Upper Peninsula innkeepers that, when guests ask about staying in a B&B in Munising they have had nowhere to refer them to. The Munising Chamber of Commerce reports they often get calls asking for a bed and breakfast located in the city. Now they will have one with a perfect location, overlooking the harbor, in the middle of the historic district. Our guests will be within walking distance of restaurants, shopping, the beach, the Maritime Museum, the new marina, the historic museum and renting a tandem bicycle to ride the bike path. Besides our great location, guests will get great hospitality with special amenities of homemade knit slippers, a fireplace and home-style breakfast with home-style people.
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We've targeted this market because it is a situation that we very much enjoy — to welcome people into our community, and show it off and because the city has badly needed a Bed & Breakfast for a long time. We routinely do this now for friends and James' coworkers. This is a new market in Munising because of the strict zoning ordinance, which may leave us as the lone B&B in Munising, although the industry could definitely handle more.
The bed and breakfast will receive the same thoroughness and professionalism demonstrated in the business plan written by the Wolfsted's. Alexandria will be in charge of marketing, managing the office, rooms, and customer service.
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