It is also important to know your margins on accommodation for example if you pay a cleaner £6.00 per hour and it takes them half an hour to clean a room, plus £1.00 worth of cleaning products and cost of shampoo and shower gel etc it will cost you about £10.00 per room before you make a profit on that room. Therefore make sure you know your costs.

I also find that a lot of people are a bit vague as to even if they are making a profit you have to keep on top of how much you are paying out in bills and how much you have coming in. This is also vital for those of you who are in seasonal areas as you have to be aware that certain months will be lean and you will have to have money saved ready as the gas must still be paid for.