There are many advantages and disadvantages in running a bed and breakfast; what it comes down to is: does it fit your lifestyle and will you enjoy it?
1) To be your own boss. You are in control of your schedule. You decide if you are going to close down and for how long. You decide what you are going to offer. You cannot be grey haired out, down sized or basically let go.
2) Earn extra money. People run a bed and breakfast for the money. It is not normally the only reason, but it is a consideration. How much money you want to make will be a big consideration in what and where you purchase.
3) Tax advantage. When people look at the money they will make the next part is the tax advantage. A bed and breakfast has the advantage that you can write off a good portion of your house expenses.
4) Work at home. No commuting time, no heavy traffic. More time around the family if at home.
5) Maintain other interests. By being at home you have the ability to work your schedule to continue your other interests, for example artists, gardeners, or other job that also works from home.
6) Meet new people and or relieve loneliness. Running a bed and breakfast keeps you in contact with a large range of people, for an older single person it can be an important part of their social life. Return guests become wonderful friends.
7) Work with your spouse/partner.
8) Take advantage of a love to cook, entertain, or creative. How many times during the year do you really get to set the table up with decorations and prepare new recipes? Your guests will enjoy the effort.
1) Limited income. People who buy a bed and breakfast who think they will make a good income are very disappointed when they hear reality. Remember if you have 3 bedrooms per night and the season is short.
2) Less Family Privacy. When you use your home as your work space you will need to allow your guests to use your home and hence separating family from business is difficult. The family needs to support your decision.
3) Manual labour. Cleaning house once a week may have been something you have always done, cleaning house and changing linens every day is something very different. In addition the yard must also be maintained at a higher standard.
4) Menial, repetitive task. Cleaning the bathrooms almost every day, giving directions, talking about the local attractions, making the same breakfasts can become repetitive, you have to remember the guests does not see it that way.