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So I decided to look at how a hostel would do in my town in the UK, where we have growth in tourism, and I did a little research, found ( 10 year old, tourism is higher now ) monthly occupancy statistics. I did some vague estimates on room prices, based on being a few quid LOWER than same rates as existing hostels in the town. Some even vaguer estimates on ancillary spending per guest per night. Estimated staff costs, energy costs, insurance costs ( This one I had no idea about I found one figure of £500/month, no idea if that's realistic ) mortgage costs ( on a very large mortgage, far higher than would probably be necessary ), etc etc. What I consider to be all the costs, although maybe I missed some out. Factored in the business rates of a similarly sized hostel, VAT and corporation tax, as well as NI on staff.
Then I extrapolated the occupancy statistics ( which for 2017 I'd say are quite conservative ) onto an arbitrary arrangement of dorms, beds and prices so I could get an estimated turnover. - Costs, and I get a quite positive number. In spreadsheet land it would be quite profitable! So I'm wondering, how the hell do I start a business, and how the hell do I get money in order to buy premises?
So general tips on starting a business from scratch, 0 money, getting investment, building a plan, hospitality gennerally, etc.
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ive thought about opening a hostel in gibraltar because theres like only one other hostel
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Why don't you simply invest the money you are planning on investing into starting the hostel business in golem? You will quadruple your investment in a few weeks/months, become a millionaire and live off the interest, or get into that hostel business and still have something in the bank
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>>2023692
Golem?
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>>2023708
Yes, it's a cryptocurrency
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>>2023725
>But if I were to do this I'd do it in my local area.
I understand
>I did a little research
Were you successful? I was wondering how to go about something like this. You'd have to look into a lot of things, most of which you already mentioned. It's of course easier to do near you than in a completely different country with a language you don't master like in my case with Gibraltar
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>>2023740
So the research I did was finding monthly occupancy statistics over 2007 ( very old, but only numbers I could find, also should be noted, tourism in my town is much higher than it was 10 years ago ), for my town. Then extrapolating these onto a model spreadsheet hostel; staff, business rates, tax, energy, internet etc etc etc included, I used a 60 bed hostel for example. And I found that it was quite profitable at the 2007 occupancy rates, and even just profitable 1 standard deviation below those rates, and of course very profitable above.
I have no idea in terms of funding, investment etc, but it's clear that it's a profitable proposition.
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>>2023887
Sounds reasonable
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