Small couple-run country house hotel

Couples and friends on short breaks, walkers and visitors to the area, wedding and party hosts, and small businesses booking meetings or away days.

Room rates per night, plus food and drink sales, and fees for events such as weddings, afternoon teas and private dining. Direct bookings through your own website keep more of each sale than booking platforms.

• Welcoming guests and good service
• Managing staff, rotas and budgets
• Food and drink knowledge or a good head chef
• Marketing, photos and online bookings

• Upfront costs usually include a lease premium or deposit, legal and survey fees, refurbishment and fit-out, stock, and several months of working capital; buying the freehold would cost far more than the range shown
• Alcohol and late-night entertainment licensing: check whether you need a personal licence and a premises licence from the local council
• Register your food business with the local council, and check food hygiene training and allergen rules
• Fire risk assessment, health and safety and guest safety duties, which apply to all accommodation
• Older and listed buildings can be costly to repair or change; check listed building status and planning rules before committing
• Employer's liability and public liability insurance, plus buildings and business interruption cover
• Business rates, VAT registration once over the threshold, and the cost of a long lease or mortgage
• Trade is often seasonal, so plan cash for quiet months

Estimates are typically around £150,000 to £600,000, depending on the property, lease premium or deposit, refurbishment, stock and working capital. Buying the freehold would cost far more than this range, so check the full upfront costs before committing.

Monthly revenue is typically estimated at around £15,000 to £60,000, depending on room numbers, food and events. Trade is often seasonal, so plan cash for quiet months. Revenue is not profit, so allow for running costs.

Things to check include alcohol licensing (whether you need a personal licence and a premises licence from the council), food business registration, fire risk assessment, health and safety duties, and listed building status and planning rules for older buildings.