Running a Business in Business School

When I first started my search for a place to live in South Bend, I was amazed at the rental rates.  I come from Toronto, where a 1 bedroom appartment costs you about $1500/month.  Unless you decide to live in the Foundry (highly priced, but very chique and well located housing), the rates here are very affordable.  The second thing I noticed was that the hotel rooms were very expensive during the football season.  That got me thinking…  So my wife and I rented a 4 bedroom house for $800 a month and started a Bed and Breakfast!  We called it Canadian Bacon  B&B and went ahead with a website www.ourcanadianbacon.com and a listing on airbnb.com.  The football season was a big success, with each gameday covering nearly a months rent.  On top of the financial help, my wife and I (especially my wife) loved hosting people.  In fact, we hope to own and run a B&B again wherever we end up.  We are now trying to figure out how to attract business in the off-season, which is proving difficult.  There is abundance of hotel rooms due to the high in-season demand, and a severe lack of customers.  The rates have all been cut 75%, so rooms are plentiful and cheap.  On gamedays, people searched us out on airbnb, yelp and craigslist, but they no longer need to.  We need a new target and a new strategy, just what business school is all about!  The most obvious target are incoming students, as they seem to be coming to South Bend in a continual stream and would appreciate the inside info we could provide.  Reaching them is another story though, so if you have any ideas, please comment!

Mike Donald