LBNB E-BOOK || CHAPTER 2A
GETTING STARTED IN HOLIDAY RENTALS
Chapter 2A
BUSINESS PLANS The first section will provide you with all the advice you need to create an effective business plan. This will include all the important points you will need to consider, and we have even provided you with a handy example. INFORMATION FROM MATT BRYANT AT ZIGZAG ACCOUNTANTS Creating a business plan •
For each issue in 2021, we will be serialising a section of our Luxury BnB E-Book for those looking to set up their own hospitality business. By Abbey Warne and Dominic Johnson
Welcome to Chapter 2A of our new ebook which will provide you with everything you need to know about setting up your own rental property. We once again have some fantastic content to help you on your way. This chapter will take you step-by-step through the process of creating a business plan, and the legal entities you will need to consider.
Contents:
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As with any funding, you will need to provide a detailed, robust business plan. It includes your estimated incomings and outgoings, optimistic as well as conservative.
If you are looking at buying an established Holiday Rental, a lot of the groundwork will have been done for you and revenue stream information should be immediately accessible for you. However, there’s a vast amount of information you will need to look for and understand. You will need to consider the following: • The cash flow for the business • Capital investment: IT systems, refurbishment costs • What the operating costs of the business are • The key systems that are already in place to run the business • The suppliers that have already been sourced • If there will be training/support after the sale • The legal requirements for running the business Note: If you are taking over an existing business, then you will still need to do more background research to find these out.
1A: Intro to holiday rentals Hiring an Accountant 1B: Intro to financial considerations
2B: Further financial considerations
For the financial part of the business plan it is recommended that you seek advice and support from an accountant who has experience in preparing a business plan and in helping businesses raise finance.
3A: Interior - furnishings and tech
Why you should seek advice from an accountant:
3B: Operations - provisions, access & storage
In the first few months, any time not directly spent growing the company is time lost.
>> 2A: BUSINESS PLANS & LEGAL ENTITY
4A: Booking operations • 4B: Management - staff & planning 5: Checklists
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By hiring an accountant, you save time and have peace of mind knowing that your books are being handled by someone you can trust. Accountants are business advisors too and serve as an invaluable resource as your company continues to develop.
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