Full-Time B&B or small inn

Couples on getaways, tourists, wedding and event guests, hikers and leisure travelers in scenic or historic areas.

Nightly room rates including breakfast, plus extras such as event stays, romantic packages, gift certificates and small retail items.

• Hospitality and guest service
• Cooking for groups
• Budgeting and bookkeeping
• Marketing and managing online reviews
• Basic property maintenance

• The startup estimate covers upfront cash (a down payment or lease deposit, furnishing and fit-out, licenses, insurance and a cash reserve). If you buy, the full property price can be much higher and is usually financed, so get lender quotes early
• Lodging license, zoning approval, health department permit and fire safety inspections vary by location, so check each one
• Commercial lodging insurance and general liability cover are usually needed, so get quotes early
• Occupancy taxes and sales tax registration may apply, so check with your state
• Accessibility requirements (such as the ADA) may apply to some properties, so check with an advisor
• Income is seasonal and the property needs constant upkeep, so plan a cash reserve
• Workers' compensation insurance is usually required once you hire cleaners or kitchen staff, so check your state's rules

Upfront cash is typically around $150,000 to $600,000, covering a down payment or lease deposit, fit-out, licenses, insurance and a reserve. If you buy, the full property price can be much higher and is usually financed.

Monthly revenue is typically around $6,000 to $30,000, depending on the number of rooms, your rates and how full you are. Income is seasonal and the property needs constant upkeep, so plan a cash reserve.

Check your lodging license, zoning approval, health department permit and fire safety inspections, which vary by location. Also check commercial lodging insurance, occupancy and sales taxes, ADA accessibility requirements, and workers' compensation once you hire staff.